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HomeMy WebLinkAboutA018 - Letter to Nyemaster Law Firm releasing Letter of Credit #S104285 / 1 City Clerk's Office 515 Clark Avenue,P.O. Box 811 Caring People Ames,IA 50010 Qaality Pragra Phone: 515-239-5105 004 Fx epliatu Selvice Fax: 515-239-5142 July 26, 2000 Nyemaster Law Firm 1416 Buckeye, Suite 200 Ames, Iowa 50010 Attention Deb Krauth RE: Somerset, 2nd Addition Dear Deb: At their meeting of July 25, 2000, the Ames City Council accepted completion of the utilities and paving required for the above-referenced Subdivision and authorized the release of the security therefor. The Letter of Credit in the amount of$40,000 is enclosed herewith for your cancellation. If you have any questions, please contact me. Thank you for your assistance in this matter. Sincerely, oJa�� ,`l_ a�a� Diane Voss City Clerk /dry Enclosure Copy to: Sara Lehman, Firstar Bank g ' a ' K AA T8C ktK,�6734217 r SWIFT PV0JS44 tELEFA '(414)765 fi207 �1J riJ8 TEL EFAX(414)765-4432 Gl' , 1 Services'` pr o�. Ir uic ;Wis ts0 6=1.: U.£A" SEPTEMBER 29', 1999 BENEFICIARY. . APPLICANT: CITYOF< AMES TAYLOR LAND JOINT VENTURE ' 515 CLARK ,AVENUE 10 -'S. _16TH STREET ANTES, IA 50t110 AMES, IA50610 SOMERSET„ SUBDIVISION, , 2,ND ADDITION, OUR IRREVOCABLE -STANDBY LETTER OF CREDIT ,NO.,,S104285 GENTLEMEN/MADAM: WE HEREBY ESTABLIS3� ;,IN YOUR"rYAVOR, "UUR" IRREVOCABLE STANDBY ,,,,,,LETTEROFCREDIT FAR ACCOUN,.T'' OF.'THE APPLICANT BY ORDER OF FIRSTAR BANK IOWA,3 N•A. :: 405,t: MA3N STREET;. AMES, IA 50010 NOT EXCEEDING A TQTAL 'AMOUNT,a&OF 40,Oa0.OQ U.S. DOLLARS (FORTY THOUSAND.AND ,O O 11B q t. : =DOI•LARS) . 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 $ THE FOLLOWING ,DOCUMENTS: � -< BENEFICIARY'S STATEMENT "SIGNED QR i"URPORTING TO BE SIGNED BY OR ©N' BEHALF,,­:OF BENEF3C3ARY CERTIFY.TNG."THAT1 THE fiPUBLIC IMPROVEMENTS CALLED, FOR BY THE A,GREEN(ENT 3'Qt `PUB!LIC iNlPROVEMENTS 'DR SOMERSET SUBDIVISION, 2ND °ADDITION, E" '0 COUNTY, IOWA HAVE NOT BEEN COMPLETED BEFORE OCTOBER 1, :200`U,. PARTIAL DRAWINGS ARE PERMITTED. i 'IT IS A CONDITIONOF THIS LETTER OF 'CREDIT TRAT �I'TSHALLBE AUTOMATICALLY, EXTENDED WITHOUT AMENDMENT, FOR A PERIOD OF ONE YEAR FROM THE P NT RESE OR ANY FUTURE,' EXPIRATION DATE UNLESS 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 'ORAFT(S) ;DRAWN UNDER'THIS, GREDIT MUST BE ENDORSED ON THE REVERSE OF'THE ORIGINAL„CREDIT. ALL DRAFTS MUST BE MARKED `'DRAWW.,UNDER,- FIRSTAR BANK !lILWAUICEE, N.A. STANDBY LETTER.. OFr'CREDIT :NUMBER; S1:0,4285' ,DATEV SEPTEMBER `29, 199`9" . ****CONTINUED 0, NEXT PAGE �r$ark,i`IA T8 flC MG 6734217 �Vlil at�4tee Oparabon>. SWIFr.FWk%JS44 level TELEFAX(414)765-6207 M East WWaisin Avenue ' " TELEFAX (414)765-4432 Gl6balP.O.Box 532 "Servicre Mi re,win 5=1 ors A OUR REF. NO.':: S104285 PAGE 2 CANCELLATION .OF LETTER OF CREDIT PRIOR" T0 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 CANCELLATZ"ON " WE HEREBY AGREE. WITH YOU THAT DRAFTS DRAWN UNDER AND IN COMPLIANCE.;WITH.THE TERMS :rOF;THIS 'CREDIT WILL BE DULY HONORED ON PRESENTATION" AND:."I3ELI"YERY OF DOCUMENTS, AS , SPECIFIED, TO FLRSTAR BANK MILWAUKEE, `;"N.A.',, LETTER` OF CREDIT DEPARTMENT, P.O. BOX 532, MILWAUKEE,""WI ,53201 "OR TO FIRSTAR BANK IOWA, N.A.—AMES, 405 " MAIN STREET, AMES, IA 50010 ATTN: JOHN T. RUSSELL IF DRAWN AND PRESENTED AT THIS OFFICE`"ON OR BEFORE OCTOBER' 1, '2000, OR ANY EXTENDED DATE "AS "PREVIOUSLY INDICATED. THIS CREDIT IS-.SUBJECT TO THE" UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CIREDITS (zl993"-REVISION) , INTERNATI"ONAL CHAMBER OF COMMERCE PUBLICATION NO. " 500i (THE '"UCP"") ,' OR THE SUCCESSOR VERSION IN EFFECT AT ITHE TIME OF ANY DRAWS. VERY TRULY" YOURS, *HO UBBARD KAY B ; MSER ED 'SI"GNATURE AUTHORIZED SIGNATURE 414 765-5626 JH APFROVEO AS TO fo"Rkt �laus City Attornev FIW.IR Firstar Bank Milwaukee, N.A. TELEX MCI 6734217 777 East Wisconsin Avenue SWIFT: FWISUS44 P.O. Box 532 TELEFAX: (414) 765-6207 BANK Milwaukee, Wisconsin 53201 U.S.A. TELEFAX 1414) 765-4432 * OCTOBER 12 , 1998 BENEFICIARY: APPLICANT: CITY OF AMES TAYLOR LAND JOINT VENTURE 515 CLARK AVENUE 105 S . 16TH STREET AMES, IA 50010 AMES, IA 50010 ATTN: SANDY RYAN OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. S103646 PROJECT: PUBLIC IMPROVEMENTS - SOMERSET 2ND ADDITION 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 145,000 . 00 U. S . DOLLARS (ONE HUNDRED FORTY FIVE 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 PUBLIC IMPROVEMENTS CALLED FOR BY THE AGREEMENT FOR PUBLIC IMPROVEMENTS FOR SOMERSET SUBDIVISION, SECOND ADDITION, AMES, STORY COUNTY, IOWA HAS NOT BEEN COMPLETED. 4 I PARTIAL DRAWINGS ARE PROHIBITED. ! 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 S103646 DATED OCTOBER 12 , 1998 " . ****CONTINUED ON NEXT PAGE**** 60-2189 '11-96 _�� Fir$tar Bank Milwaukee,N.Q. TELEX MCI 6734217 IRSTAR 777 East Wisconsin Avenue SWIFT: FWISUS44 = P.O. Box 532 TELEFAX: (414)765-6207.. Milwaukee,Wisconsin 53201 U.S.A. TELEFAX:(414) 765-4432 OUR REF. NO. S103646 PAGE CANCELLATION OF LETTER OF CREDIT PRIOR TO EXPIRATION: THIS LETTER OF CREDIT (AND AMENDMENTS, IF ANY) MUST BE RETURNED TO ITS 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 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 532, MILWAUKEE, WI 5'3201, OR TO FIRSTAR BANK IOWA N.A. , 405 MAIN ST. , ' AMES, IA 50010, ATTENTION: MR., JOHN T. RUSSELL, IF DRAWN AND PRESENTED AT EITHER OFFICE ON OR BEFORE OCTOBER OCTOBER 13, 1999.. ' 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, r MARGIWGREINER KAY B MSER AUTHORIZED' SIGNATURE AUTHORIZED SIGNATURE 414 765-4203 414 765-5626 MC 30-2189 11-96 F FRSTAR 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. S102901 PAGE 2 (60) DAYS PRIOR TO SUCH DATE WE NOTIFY YOU BY CERTIFIED MAIL THAT WE ELECT NOT TO CONSIDER THIS LETTER OF CREDIT RENEWED FOR ANY SUCH ADDITIONAL PERIOD. HOWEVER, FINAL EXPIRY DATE OF THIS LETTER OF CREDIT WILL BE MARCH 1, 1999 . 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 S102901 DATED OCTOBER 13, 1997". 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 532, MILWAUKEE, WI 53201, OR TO FIRSTAR BANK IOWA, N.A.-AMES'y' 4051~ ' MAIN ST. , AMES, IA 50010, ATTENTION: MR. _ JOHN T. ,RUSSELL IF DRAWN AND PRESENTED ON OR BEFORE OCTOBER 13, 1998, OR ANY EXTENDED DATE AS PREVIOUSLY INDICATED. THIS CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS ( 1993 REVISION) , INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 500. VERY TRULY YOURS, J AUTHOR D `S� TUBE A THOR ZE IGNA 414 765-4203 MG Firstar Bank Milwaukee, N.A. TELEX TRT 191178 777 East Wisconsin Avenue SWIFT: FW ISUS44 P.O. Box 532 Milwaukee, Wisconsin 53201 U.S.A. TELEFAX: (414)765=6207 BA ` d Jew OCTOBER 13, 1997 BENEFICIARY: APPLICANT. CITY OF AMES v' TAYLOR LAND JOINT VENTURE 515 CLARK AVENUE 105 S. 16TH STREET AMES, IA 50010 AMES, IA 50010 ATTN: SANDY 'RYAN OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. S102901 PROJECT: PUBLIC IMPROVEMENTS - SOMERSET SUBDIVISION 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 1,750,000.00 U.S. DOLLARS (ONE MILLION SEVEN HUNDRED FIFTY 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. , MI'LWAUKEE, 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 PUBLIC IMPROVEMENTS CALLED FOR BY THE AGREEMENT FOR PUBLIC IMPROVEMENTS FOR SOMERSET SUBDIVISION, SECOND ADDITIONS, AMES, STORY COUNTY, IOWA HAVE NOT BEEN COMPLETED BEFORE DECEMBER 31, 1998; OR A NOTICE OF FIRSTAR BANK MILWAUKEE, N.A. , OR FIRSTAR BANK IOWA, N.A.-AMES NOT TO CONSIDER THIS LETTER OF CREDIT RENEWED. PARTIAL DRAWINGS ARE PERMITTED IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE AUTOMATICALLY EXTENDED WITHOUT AMENDMENT FOR AN ADDITIONAL THREE (3) MONTHS FROM ITS EXPIRING DATE UNLESS AT LEAST SIXTY ****CONTINUED ON NEXT PAGE****