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HomeMy WebLinkAboutA029 - Letter of credit dated August 6, 2004 - $13,000 IRREVOCABLE STANDBY LETTER OF CREDIT ISSUER:PEOPLES TRUST&SAVINGS BANK P 0 BOX 98 804 GREENWOOD HILLS DRIVE ADEL,IA 50003 Date of Issue:08-06.2004 Letter of Credit Number: 660348.05 Amount: U.S. $ 13,000.00 ( THIRTEEN THOUSAND AND NO1100 U.S. DOLLARS) For Benefit Of: ;`' For Account Of: Beneficiary Name and Address Applicant Name and Address CITY OF AMES TPB PROPERTIES,INC. 515 CLARK AVE.AMES,IOWA 50010 809.8TH STREET BOONE,IA 50036 LETTER OF CREDIT. Issuer establishes this Irrevocable Standby Letter of Credit (Letter of Credit) in favor of Beneficiary in the amount indicated above. Beneficiary may draw on this Letter of Credit with a Draft (or Drafts, if the maximum number of drawings is greater than one) together with the documents described below. Each Draft shall be signed on behalf of Beneficiary and be marked "Drawn under [Issuer name] Letter of Credit No. [Letter of Credit number] dated [Letter of Credit date]." Drafts must be presented at Issuer's address shown above on or before the Expiration Date. The presentation of any Draft shall reduce the Amount available under this Letter of Credit by the amount of the Draft. This Letter of Credit sets forth in full the terms of Issuer's obligation to Beneficiary. This obligation cannot be modified by any reference in this Letter of Credit, or any document to which this Letter of Credit may be related. This Letter of Credit expires on the Expiration Date. DRAWINGS. ❑ Partial drawings shall not be permitted under this Letter of Credit. ® Partial drawings are permitted. The maximum number of drawings that may be made is 3 DOCUMENTS. Each Draft must be accompanied by the following, in original and two copies except as stated: ® The original Letter of Credit, together with any amendments. ® A sight draft drawn by Beneficiary on Issuer. IN A signed statement by Beneficiary including the following statement: A.INVOICE WITH REASON FOR THE REQUEST AND THE AMOUNTS. ❑ Other documents: Issuer shall be entitled to accept a draft and the documentation described above, as required by the terms of this Letter of Credit, from any person purporting to be an authorized officer or representative of Beneficiary without any obligation or duty on the part of Issuer to verify the identify or authority of the person_presenting the draft and such documentation. SPECIAL INSTRUCTIONS:THIS LETTER OF CREDIT SHALL BE DEEMED AUTOMATICALLY EXTENDED WITHOUT AMENDMENT FOR ONE YEAR FROM THE PRESENT OF FUTURE EXPIRATION DATE HEREOF,UNLESS AT LEASE THIRTY(30)DAYS BEFORE ANY SUCH EXPIRATION DATE,WE SHALL SEND a NOTICE TO YOU BY REGISTED MAIL THAT WE ELECT TO RENEW THIS LETTER OF CREDIT FOR SUCH ADDITIONAL PERIOD. EXPIRATION DATE. This Letter of Credit expires at,1the close of business at Issuer's address at 5:00 P.M. (Time) on 08-06.2005 (Date). Issuer agrees to honor all Drafts presented in strict compliance with the provisions of this Letter of Credit on or before the Expiration Date. ❑ If Beneficiary has not drawn the full amount of this Letter of Credit prior to the Expiration Date, the Expiration Date shall be extended for a period of days from the Expiration Date, unless Issuer notifies Beneficiary in writing at least days prior to the Expiration Date that Issuer elects not to extend this Letter of Credit. In any event, this Letter of Credit shall expire on without any notice from Issuer to Beneficiary. �o ©2001 Bankers Systems,Inc.,St.Cloud,MN Form LC-STANDBY 1/15/2002 (page 1 of 2) TRANSFERABILITY. This Letter of Credit is ❑ transferable ® non-transferable. APPLICABLE LAW. This Letter of Credit shall be governed by: ® the Uniform Customs and Practice for Documentary Credits, 1993 Revision, International Chamber of Commerce Publication No. 500 (UCP), or any later version or amendment. ❑ the International Standby Practices 1998 (ISP98). This Letter of Credit shall also be governed by the laws of IOWA the United States of America, so long as such laws are not inconsistent with the UCP or ISP, as applicable. PEOPLES TRUST&SAVINGS BANK (Issuer Name) (Signature) (Date) DEAN W.BOETTCHER EVPIMARKET PRESIDENT (Signer Name and Title) �M ©2001 Bankers Systems,Inc.,St.Cloud,MN Form LC-STANDBY 1/16/2002 (page 2 of 2)