HomeMy WebLinkAboutA002 - Irrevocable Letter of Credit #9704 for $350,000 FIRST NATIONAL BANK
AMES, IOWA
Locally owned and serving Ames and Story County since 1903
June 10, 1997
IRREVOCABLE LETTER OF CREDIT#9704
CITY OF AMES
515 Clark
Ames, IA 50010 =Development)�
RE: Grand Investors, LLC (Northern Li
617 Duff Avenue
Ames, IA 50010
Gentlemen:
We hereby open our Irrevocable Letter of Credit#9704 in favor of:
CITY OF AMES
515 Clark
Ames, Iowa 50010
For the account of:
Grand Investors, LLC
617 Duff Avenue
Ames, IA 50010
in the amount of$350,000.00 U.S. Dollars. Irrevocable Letter of Credit #9704 will expire on
August 15, 1997.
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#9704.
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,
Michael J. FlV
Vice President
UNIVERSITY OFFICE MAIN OFFICE NORTH GRAND OFFICE
2330 Lincoln Way Ames,IA 50014 5th&Burnett PO Box 607 Ames,IA 50010 Cub Foods Ames,IA 50010
515-292-6157 515-232-5561 FAX 515-232-5778 515-233-3363