Loading...
3285 Terminal Dr - Ltr 2010-03-30 Letter of Credit- Landscape EscrowIRREVOCABLE LETTER OF CREDIT NO. 421 March 30, 2010 City Clerk City of Eagan 3830 Pilot Knob Road Eagan, MN 55122 RE: Landscaping Requirements Under Conditional Use Permit for Lot 3, Block 1, Tan Me Industrial Park, Dakota County, Minnesota We hereby authorize you to draw on Minnwest Bank Metro at 1150 Yankee Doodle Road, Eagan, Minnesota 55121, the sum of Seven Thousand Five Hundred and No /100 Dollars ($7,500.00), available by your draft at sight. All drafts drawn must be marked "drawn under Letter of Credit No. 421, dated March 30, 2010." RECEIVED APR 19 2010 The purpose of this Letter of Credit is to act as a guaranty to the City of Eagan that the requirements under Condition 6 of the Conditional Use Permit for Lot 3, Block 1, Tan Me Industrial Park, Dakota County, Minnesota, issued by the City of Eagan in favor of M & L Industrial Properties, Inc., (the "Owner "), dated February 1, 2010, (the "Landscaping Requirements ") are fulfilled in their entirety and in the event of the failure of the Owner to do so, then the City of Eagan may draw against this Letter of Credit to fulfill the Landscaping Requirements. We agree that the Letter of credit shall expire no sooner than March 30, 2012, unless sooner released by the City of Eagan, but in the event that the Landscaping Requirements are not fulfilled, this Letter of Credit shall be automatically extended at its expiration date on an annual basis unless at least sixty (60) days prior to the expiration date we have notified the City Clerk by certified mail that we elect not to extend this Letter of Credit. Upon receipt of said notice, the City of Eagan shall be entitled to draw at sight, by presentment of a draft or drafts prior to the date of expiration hereof, up to the full aggregate amount as set forth herein, less any reductions. We hereby agree with the drawers, endorsers and bona fide holder of drafts drawn under and in compliance with the terms of this Letter of Credit that such drafts will be duly honored on due presentation to the drawee. MINNWEST BANK METRO,