HomeMy WebLinkAboutA009 - Letter of Credit No. S103803 #- 0�7�n (�1 Firstar Bank Milwaukee, N.A. TELEX MCI 6734217
1
�T �\ 777 East Wisconsin Avenue P.O. Box 532 SWIFT: FWISUS44
BAw , Milwaukee, Wisconsin 53201 U.S.A. TELEFAX: (414) 765-6207
I\M/ TELEFAX: (414) 765-4432
I. 5
I
DECEMBER 30, 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 OFPCREDIT NO. S1038Q3
PROJECT: PUBLIC IMPROVEMENTS SOMERSET SUBDIVISION
4TH 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 73, 872 . 00 U. S . DOLLARS (SEVENTY
THREE THOUSAND EIGHT HUNDRED SEVENTY TWO 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, FOURTH ADDITION, AMES, STORY COUNTY, IOWA HAS NOT
BEEN COMPLETED.
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 S103803 DATED DECEMBER 30, 1998" .
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FavI (� Firstar Bank Milwaukee, N.A. TELEX MCI 6734217
]� 777 East Wisconsin Avenue P.O. Box 532 SWIFT: FWISUS44
���� Milwaukee, Wisconsin 53201 U.S.A. TELEFAX: (414) 765-6207
TELEFAX: (414) 765-4432
OUR REF. NO. S103646 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 UNEER 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. , 405 MAIN ST. ,
AMES , IA 50010, ATTENTION: JOHN T. RUSSELL, IF DRAWN AND
PRESENTED AT EITHER OFFICE ON OR BEFORE JANUARY 5, 2000 .
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,
I
MARGIE+ GREI1 R KAY BR MSER
AUTHORIZED SIGNATURE AUTHORIZED SIGNATURE
414 765-4203
414 765-5626
MG
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