HomeMy WebLinkAboutLetter of Credit - Premier Dance Academy Wells Fargo New Prague
217 West Main Street
New Prague Minnesota 56071
IRREVOCABLE LETTER OF CREDIT
No. 1207
Date: February 21, 2007
TO: City of Prior Lake
16200 Eagle Creek Avenue
Prior Lake, Minnesota 55372 -1715
Dear Sir or Madam:
We hereby issue, for the account of Deutsch Construction Inc. and in your favor, our
Irrevocable Letter of Credit in the amount of $ 37,811.00, available to you by your draft
drawn on sight on the undersigned bank.
The draft must:
a) Bear the clause, "Drawn under Letter of Credit No.1207, dated February 21,2007,
of Wells Fargo";
b) Be signed by the Mayor or City Manager of the City of Prior Lake.
c) Be presented for payment at 217 West Main Street, New Prague, Minnesota
56071, on or before 4:00 p.m. on February 21, 2008.
This Letter of Credit shall automatically renew for successive one -year terms unless,
at least forty -five (45) days prior to the next annual renewal date (which shall be February 21
of each year), the Bank delivers written notice to the Prior Lake City Manager that it intends
to modify the terms of, or cancel, this Letter of Credit. Written notice is effective if sent by
certified mail, postage prepaid, and deposited in the U.S. Mail, at least forty-five (45) days
prior to the next annual renewal date addressed as follows: Prior Lake City Manager, Prior
Lake City Hall, 16200 Eagle Creek Avenue, Prior Lake, Minnesota 55372 -1714, and is
actually received by the City Manager at least forty-five (45) days prior to the renewal date.
This Letter of Credit sets forth in full our understanding which shall not in any way be
modified, amended, amplified, or limited by reference to any document, instrument, or
agreement, whether or not referred to herein.
This Letter of Credit is not assignable. This is not a Notation Letter of Credit. More
than one draw may be made under this Letter of Credit.
This Letter of Credit shall be governed by the most recent revision of the Uniform
Customs and Practice for Documentary Credits, International Chamber of Commerce
Publication No.400.
We hereby agree that a draft drawn under and in compliance with this Letter of Credit
shall be duly honored upon presentation.
By ` A. Ek , / 6-A°11/41'
Its: , AVP