HomeMy WebLinkAboutA016 - Letter from First National Bank dated October 6, 1998 regarding Irrevocable letter of credit #9814 STFIRST
NATIONAL
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BANK AMES
Locally owned...working for you since 1903.
October 6, 1998 '" Q
IRREVOCABLE LETTER OF CREDIT#9814
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[If OCT - 71998
CITY OF AMES CITY CLERK
515 Clark CITY OF ANTES,IOWA
Ames,IA 50010
RE: Eastgate Development,Inc.
218 6th Avenue, Suite 500
--Des Moines, iA-50309 - - -
Gentlemen:
We hereby open our Irrevocable Letter of Credit#9814 in favor of:
CITY OF AMES
515 Clark
Ames, IA 50010
For the account of:
EASTGATE DEVELOPMENT, INC.
218 6TH Avenue, Suite 500
Des Moines, IA 50309
in the amount of$284,400.00 U.S. Dollars. Irrevocable Letter of Credit #9814 will expire on
,ctober 6,,1�`9�9
Drafts for payment must be accompanied by the following:
1. Copies of all invoices which have remained unpaid for 60 days from invoice date.
2. Beneficiary's signed statement indicating that the invoices are unpaid.
_3. Copy of this Irrevocable Letter of Credit#9814.
Partial payments are permitted.
We hereby agree that drafts drawn under and in compliance with the terms of this Letter of
Credit will be duly honored.
This letter of credit is subject to the Uniform Customs and Practices for Commercial
Documentary Credits (1983) Revision,International Chamber of Commerce Publication#400.
Sincerely, ,J
Michael J. F
v -
Vice President
MAIN OFFICE UNIVERSITY OFFICE CUB FOODS OFFICE NORTH GRAND OFFICE
5th&Burnett PO Box 607 Ames,IA 50010 2330 Lincoln Way Ames,IA 50014 3121 Grand Ames,IA 50010 2406 Grand Ames,IA 50010
515-232-5561 FAX 515-232-5778 515-292-6157 515-233-3363 515-233-2400