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Exhibit 10.1
A
KeyCorp Bank
KEYBANK
NATIONAL ASSOCIATION
STANDBY
LETTER OF CREDIT SERVICES
MAIL
CODE: OH-01-51-0435
4910
TIEDEMAN ROAD
CLEVELAND,
OHIO 44144-2338
TEL
NO: 216-813-3698, -3701, -3703
FAX
NO: 216-813-3719
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Irrevocable Standby Letter of Credit No.
S312906
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Date:
September 27, 2007
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Beneficiary:
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Applicant:
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The
Biltmore Bank of Arizona
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Xedar
Corporation
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5055 N.
32'* Street
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8310
S. Valley Highway, Ste. 220
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Phoenix, AZ 85018
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Englewood,
CO 801 12
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Amount:
USD 157,000.00
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Expiry:
September 28, 2008
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We
hereby establish our lrrevocable Standby Letter of Credit No.
S312906 in your favor for account of Xedar Corporation for a
sum or sums not exceeding a total of One Hundred Fifty Seven
Thousand and 001100 United States Dollars ($157,000.00)
available by your draft($) at sight drawn on KeyBank National
Association, Cleveland, Ohio accompanied by the following
document(s):
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1.
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Beneficiary's
statement signed by an authorized individual certifying that
Landiscor, Inc., Pixxures, Inc. and LandPixx, LLC is in default of
their obligations to beneficiary under the terms of Loan
#4240002.
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2.
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This
original letter of credit and all amendments, if any.
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All
drafts
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