HomeMy WebLinkAboutA013 - Irrevocable Standby Letter of Credit No. s103029 dated December 17, 1997 n Firstar Bank Milwaukee, N.A. e �� k) P r ass LEX 1 HT 191178
F1 _R 777 East Wisconsin Avenue SWIFT: FWISUS44
P.O. Box 532
BANKMilwaukee, Wisconsin 53201 U.S.A. TELEFAX: (414) 765-6207
DECEMBER 17, 1997
BENEFICIARY: APPLICANT:
CITY OF AMES IOWA STATE UNIVERSITY
515 CLARK AVENUE RESEARCH PARK CORP.
AMES, IA 50010 2501 N. LOOP DRIVE
SUITE 600
ATTN_: CITY CLERK_ AMES, IA 50010-8277
OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. S103029
GENTLEMEN/MADAM:
WE HEREBY ESTABLISH IN YOUR FAVOR, OUR IRREVOCABLE STANDBY
LETTER OF CREDIT FOR ACCOUNT OF THE APPLICANT BY ORDER OF
FIRSTAR BANK IOWA, N.A. , AMES, 405 MAIN STREET, AMES, IA 50010
NOT EXCEEDING A TOTAL AMOUNT OF 117,000 . 00 U.S. DOLLARS (ONE
HUNDRED SEVENTEEN THOUSAND 00/100 U.S. DOLLARS) .
PAYMENT UNDER THIS LETTER OF CREDIT IS AVAILABLE BY YOUR
DRAFT(S) AT SIGHT ON FIRSTAR BANK MILWAUKEE, N.A. , MILWAUKEE, WI
TO BE ACCOMPANIED BY THE FOLLOWING DOCUMENTS:
BENEFICIARY' S STATEMENT SIGNED OR PURPORTING TO BE SIGNED BY OR
ON BEHALF OF BENEFICIARY CERTIFYING THAT THE TERMS OF THE RISE
GRANT FOR THE ISU RESEARCH PARK PHASE II HAVE NOT BEEN FULFILLED
BY REASON OF 150 FULL-TIME EQUIVALENT JOBS NOT BEING CREATED
WITHIN THREE YEARS OF THE COMPLETION OF THE RISE FUNDED
PROJECT.
THIS LETTER OF CREDIT IS REPLACING CREDIT NO. 1189, DATED
OCTOBER 22, 1996 ISSUED BY FIRSTAR BANK IOWA, N.A. , AMES
WHICH IS NOW CONSIDERED NULL AND VOID AND SHOULD BE RETURNED
TO THE ISSUING BANK.
THE AMOUNT OF ANY DRAFT(S) DRAWN UNDER THIS CREDIT MUST BE
ENDORSED ON THE REVERSE OF THE ORIGINAL CREDIT. ALL DRAFTS MUST
BE MARKED "DRAWN UNDER FIRSTAR BANK MILWAUKEE, N.A. STANDBY
LETTER OF CREDIT NUMBER S103029 DATED DECEMBER 17, 1997 . "
****CONTINUED ON NEXT PAGE****
30-2189B(949)
FIR-STA-R Firstar Bank Milwaukee, N.A. TELEX TRT 191178
777 East Wisconsin Avenue SWIFT: FWISUS44
P.O. Box 532
BANKMilwaukee, Wisconsin 53201 U.S.A. TELEFAX: (414) 765-6207
OUR REF. NO. S103029 PAGE 2
CANCELLATION OF LETTER OF CREDIT PRIOR TO EXPIRATION: THIS
LETTER OF CREDIT (AND AMENDMENTS, IF ANY) MUST BE RETURNED TO US
FOR CANCELLATION WITH A STATEMENT PURPORTEDLY SIGNED BY THE
BENEFICIARY STATING THAT THE LETTER OF CREDIT IS NO LONGER
REQUIRED AND IS BEING RETURNED TO THE ISSUING BANK FOR
CANCELLATION.
WE HEREBY AGREE WITH YOU THAT DRAFTS DRAWN UNDER AND IN
COMPLIANCE WITH THE TERMS OF THIS CREDIT WILL BE DULY HONORED ON
PRESENTATION AND DELIVERY OF DOCUMENTS, AS SPECIFIED, TO FIRSTAR
BANK MILWAUKEE, N:A'.; LETTER`-OF -CREDIT--DEPARTMENT,--P-:O.-BOX -5- ,-- --
MILWAUKEE, WI 53201, OR TO FIRSTAR BANK IOWA, N.A. , AMES, 405
MAIN STREET, AMES, IA 50010, ATTENTION: MR. BRUCE GREENFIELD IF
DRAWN AND PRESENTED AT THIS OFFICE ON OR BEFORE JULY 01, 2001.
THIS CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR
DOCUMENTARY CREDITS ( 1993 REVISION) , INTERNATIONAL CHAMBER OF
COMMERCE PUBLICATION NO. 500 (THE "UCP") , OR THE SUCCESSOR
VERSION IN EFFECT AT THE TIME OF ANY DRAWS.
VERY TRULY YOURS,
MARGIE40REINERK SER
AUTHORIZED SIGNATURE AUTHORIZED SIGNATURE
414 765-4203
MG
30-2189B(949)