HomeMy WebLinkAboutA012 - Irrevocable Letter of Credit No. 6007 , Amendment # 3 - $302,745.20 AUNION
PLANTERS
BANKMARCH 16, 1999
IRREVOCABLE LETTER OF CREDIT NUMBER 6007
AMENDMENT NUMBER 03
BENEFICIARY: CITY OF AMES, IOWA
515 CLARK AVE.
AMES, IA 50010
ATT. : CITY CLERK
AMOUNT: $302 , 745 . 20
EXPIRATION DATE: DECEMBER 29, 1999
GENTLEMEN,
WE HEREBY AMEND OUR IRREVOCABLE LETTER OF CREDIT NUMBER 6007 AS
REFERENCED ABOVE FOR THE ACCOUNT OF DICKSON D. JENSEN AND LUANN C.
JENSEN, 235 ALEXANDER, AMES, IOWA 50010 AS FOLLOWS:
I. THE AMOUNT OF THIS LETTER OF CREDIT IS REDUCED BY $222,745.20
(TWO HUNDRED TWENTY TWO THOUSAND SEVEN HUNDRED FORTY FIVE AND
20/100 UNITED STATES DOLLARS) TO A NEW AGGREGATE AMOUNT OF
$80, 000 .00 (EIGHTY THOUSAND AND 00/100 UNITED STATES
DOLLARS) .
2 . BENEFICIARY' S STATEMENT SHALL NOW READ:
"THE AMOUNT OF OUR DRAFT DRAWN IN THE AMOUNT OF $50, 000 .00
DRAWN UNDER YOUR LETTER OF CREDIT REPRESENTS THE FUNDS DUE
THE CITY OF AMES, IOWA AS A RESULT OF THE FAILURE OF JENSEN
DEVELOPMENT CORPORATION, LTD. TO COMPLETE THE PUBLIC
IMPROVEMENTS CALLED FOR BY THE PUBLIC IMPROVEMENTS CONTRACT
DATED MARCH 23, 1999 FOR THE SECOND ADDITION, DAUNTLESS
SUBDIVISION BEFORE NOVEMBER 1, 1999 ."
AND/OR
THE AMOUNT OF OUR DRAFT DRAWN IN THE AMOUNT OF $30, 000 .00
DRAWN UNDER YOUR LETTER OF CREDIT REPRESENTS THE FUNDS DUE
THE CITY OF AMES, IOWA AS A RESULT OF THE FAILURE OF DICKSON
D. JENSEN AND LUANN C. JENSEN TO COMPLETE THE PUBLIC
IMPROVEMENTS CALLED FOR BY THE PUBLIC IMPROVEMENTS CONTRACT
DATED SEPTEMBER 15, 1997 FOR THE FIRST ADDITION, DAUNTLESS
SUBDIVISION BEFORE NOVEMBER 1, 1999 ."
Letters of Credit
7650 Magna Drive • Belleville, Illinois 62223-3367 • (618) 239-5761
IRREVOCABLE LETTER OF CREDIT NUMBER 6007
CITY OF AMES, IOWA
MARCH 16, 1999
PAGE TWO
AMENDMENT #03
3 . THE EXPIRATION DATE IS CHANGED TO DECEMBER 29, 1999 .
ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED.
THIS AMENDMENT IS AN INTEGRAL PART OF THE ABOVE REFERENCED LETTER
OF CREDIT AND MUST BE ATTACHED THERETO.
SINCERELY,
UNION PLANTERS BANK, N.A.
F/K/A GNA BANK, N.A.
BY:
JUL IE RIGLEY
AUTH ZED SIGNER
CC: DICKSON D. JENSEN AND LUANN C. JENSEN