HomeMy WebLinkAboutA008 - Irrevocable Letter of Credit dated October 2, 1990 qA-r1icCt1
UNITED BANK AND TRUST
P.O. BOX 828, 405 MAIN STREET, AMES, IOWA 50010
October 2, 1990
Irrevocable Letter of Credit #1135
City of Ames, Iowa
ATTN: Department of Planning and Housing
P.O. Box 811
Ages, Iowa 50010
Gentlemen:
We hereby authorize you to draw on United Bank and Trust, 405
Main, Ames, Iowa for the account of Gateway Center Associates, up
to the aggregate amount of USD $25,000.00 (twenty-five thousand
dollars) available by your draft (s) at sight accompanied by the
following documents:
Beneficiary's signed statement that Gateway Center
Associates has violated and continues to violate the
provisions of a zoning ordinance of the City of Ames,
Iowa, pertaining to the satisfactory performance of the
City approved provisions of the site and landscape plans.
Each draft must state that it is "Drawn under United Bank and
Trust Letter. of Credit No. 1135 dated October 2, 1990". This
credit and. all documents specified must accompany the draft(s) -
We hereby agree with you that all draft (s) drawn under and in
compliance with the terms of this credit will be duly honored on
delivery of documents as specified if presented at this office in
United Bank and Trust no later than October 1, 1991 .
Except as otherwise stated herein, this Letter of Credit is
subject to the Uniform Customs and practices for Documentar-y
Credits per I.C.C. Publications No. 290 (1974 revision) and is
subject to the provision of the Commercial Code of the State of
Iowa.
Sincerely,
UNITED BANK AND TRUST
T14�:14
Bruce D. Grefi l e : c'. R.i:. Fischer
Vice Preside Executive Vice President