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F � � rtDEV, LI N <br /> 30849 FIRST STREET <br /> P.O.Box 298 <br /> PAUL J.SANDELIN PEQuoT LAKES,MrNNEsoTA 5(472 TELEPHONE(218)568-8481 <br /> ATTORNEY AT LAw FAX(218)568-8444 <br /> www.L-tkesareakw.com <br /> April 24,2006 <br /> Pat Smith <br /> American National Bank <br /> 31279 Brunes Street <br /> P.O. Box 147 <br /> Pequot Lakes, MN 56472 <br /> PYRE: Al Berens/Keen Addition Plat C (D <br /> Our File No. 25107.002 <br /> Dear Pat: <br /> I understand that Al Berens has requested from American National Bank an Irrevocable`Letter of <br /> Credit for the improvements to be installed by Mr. Berens in the plat entitled Keen Addition in <br /> the City of Pequot Lakes. The cost estimates which I received from the City are attached to my <br /> letter. I understand Mr. Berens will be working with Harold Rudlang and RJS Paving to <br /> complete the project. Mr. Berens is required to enter into a Development Agreement with the <br /> City for the road improvement work. The City requires an Irrevocable Letter of Credit in the <br /> amount of 125% of the total estimated cost for the road improvement project. The estimated <br /> costs are as follows: <br /> • Harold Rudlang $3,250.00 <br /> • RJS Paving, Inc. $3,732.00 <br /> Total $6,982.00 <br /> The required amount of the Letter of Credit in this case is $8,727.50. The Letter of Credit will j <br /> need to reference that it is issued under the Development Agreement between Mr. Berens and the <br /> City. Please forward a copy of the proposed Letter of Credit for my review. If you have any <br /> questions let me know. Thank you. <br /> L <br /> s <br />