HomeMy WebLinkAboutA016 - Irrevocable Standby Letter of Credit No. 1202 dated October 4, 2002 z ank.
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405 Main Street
Ames, IA 50010
515 232-8200
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October 4 2002
BENEFICIARY: APPLICIANT:
CITY OF AMES IOWA STATE UNIVERSITY RESEARCH PARK
515 CLARK AVE 105 S. 16TH STREET
AMES, IOWA 50010 AMES, IOWA 50010
OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. 1202
GENTLEMEN/MADAM:
WE HEREBY ESTABLISH IN YOUR FAVOR, OUR IRREVOCABLE STANDBY LETTER
OF CREDIT FOR ACCOUNT OF THE APPLICANT BY ORDER OF U.S. BANK,N.A., 405
MAIN STREET, AMES, IOWA 50010 NOT EXCEEDING A TOTAL AMOUNT OF $117,000
(ONE HUNDRED SEVENTEEN THOUSAND AND NO/100).
PAYMENT UNDER THIS LETTER OF CREDIT IS AVAILABLE BY YOUR DRAFT(S) AT
SIGHT ON U.S. BANK, N.A., AMES, IOWA TO BE ACCOMPANIED BY THE
FOLLOWING DOCUMENTS:
1) 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 NO BEING CREATED
WITHIN THREE YEARS OF THE COMPLETION OF THE RISE FUNDED
PROJECT."
PARTIAL DRAWINGS ARE PERMITTED.
IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE
AUTOMATICALLY EXTENDED, WITHOUT AMENDMENT, FOR A PERIOD OF ONE
YEAR FROM THE PRESENT OR ANY FUTURE EXPIRATION DATE UNLES SIXTY (60)
DAYS PRIOR TO THE EXPIRATION DATE WE SHALL NOTIFY YOU VIA CERTIFIED
MAIL OR COURIER SERVICE THAT WE ELECT NOT TO EXTEND THE VALIDITY.
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 U.S. BANK, N.A. STANDBY LETER OF CREDIT NUMBER
1202 DATED OCTOBER 4, 2002".
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 U.S. BANK,
N.A., 405 MAIN STREET, AMES, IOWA 50010 ATTN: JOHN T. RUSSELL IF DRAWN
AND PRESENTED AT THIS OFFICE ON OR BEFORE DECEMBER 31, 2002.
THIS CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR
DOCUMENTARY CREDITS (1993 REVISION), INTERNATIONAL CHAMBER OF
COMMERCE PUBLICATIN NO. 500 (THE "UPC"), OR THE SUCCESSOR VERSION IN
EFFECT AT THE TIME OF ANY DRAWS.
VERY TRULY YOURS,
JaA
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JOHN T. RUSSELL SARA LEHMAN
MARKET PRESIDENT ASSISTANT VICE PRESIDENT