HomeMy WebLinkAboutA010 - Letter dated September 29, 1999 releasing Letter of Credit No. 6035 with copy A
City Clerk's Office
515 Clark Avenue,P.0.Box 811
Ames,IA 50010
Caring P`opk Phone: 515-239-5105
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F_vepGaeal smr« Fax: 515-239-5142
September 29, 1999
Mr. Brent Haverkamp
Haverkamp Properties
614 Billy Sunday Road
Ames, Iowa 50010
RE: South Duff Community Park Subdivision
Dear Mr. Haverkamp:
At their meeting of April 9, 2002, the Ames City Council accepted completion of the public
improvements and released the financial security held for the above-named Subdivision. The
Letter of Credit No. 6035 has been returned to Union Planters Bank, 7650 Magna Drive,
Belleville, IL.
If you have any questions, please contact me.
Sincerely,
Diane Voss
City Clerk
ldry
Copy to: Union Planters Bank
APPROVED AS TO FOkr.^
i UNION Lw
PLANTERS John Klaus
City AttornPv
BANK
SEPTEMBER 8, 1999
IRREVOCABLE LETTER OF CREDIT NUMBER 6035
BENEFICIARY: CITY OF AMES, IOWA
515 CLARK AVE.
AMES, IA 50010
ATTN: CITY CLERK
AMOUNT: $22 , 000 . 00
EXPIRATION DATE: SEPTEMBER 8 , 2000
GENTLEMEN,
WE HEREBY ISSUE IN YOUR FAVOR OUR IRREVOCABLE LETTER OF CREDIT,
NUMBER 6035, FOR THE ACCOUNT OF BRENT HAVERKAMP, 120 KELLOGG
AVENUE, AMES, IA 50010 L'P TO THE AGGREGATE AMOUNT OF
U.S . $22 , 000 . 00 (TWENTY TWO THOUSAND AND 00/100 UNITED STATES
DOLLARS) AVAILABLE BY:
1 . BENEFICIARY' S DRAFT AT SIGHT DRAWN ON UNION PLANTERS BANK;
N.A. BEARING ON ITS FACE THE CLAUSE "DRAWN UNDER UNION
PLANTERS BANK, N.A. LETTER OF CREDIT NUMBER 6035 DATED
SEPTEMBER 8 , 1999 . "
2 . THE ORIGINAL OF THIS LETTER OF CREDIT INCLUDING ANY AND ALL
ORIGINAL AMENDMENTS THERETO FOR ENDORSEMENT OF ANY PAYMENTS.
3 . BENEFICIARY' S STATEMENT PURPORTEDLY SIGNED BY ONE OF ITS
OFF ICI21LS READING AS :HOLLOWS :
"THE AMOUNT OF OUR DRAFT DRAWN UNDER YOUR LETTER OF CREDIT
REPRESENTS FUNDS DUE THE CITY OF AMES, IOWA AS A RESULT OF
THE FAILURE OF BRENT HAVERKAMP TO PAY ENGINEERING COSTS
FOR A PROJECT KNOWN AS SOUTH DUFF COMMUNITY PARK. PAYMENT
HAS BEEN DEMANDED AND NOT RECEIVED. "
DRAFTS AND DOCUMENTS MUST BE DRAWN AND NEGOTIATED AT THE OFFICE OF
OUR COMMERCIAL LOAN DEPARTMENT, 2851 86TH STREET, URBANDALE, IOWA
50322, NOT LATER THAN SEPTEMBER 8, 2_Q911--NOTWITHSTANDING ARTICLE
20, SECTION B OF THE UCP 500 , UNION PLANTERS BANK, N.A.
Letters of Credit
7650 Magna Drive • Belleville, Illinois 62223-3367 • (618) 239-5761
IRREVOCABLE LETTER OF CREDIT NUMBER 6035
CITY OF AMES, IOWA
SEPTEMBER 8, 1999
PAGE TWO
WILL NOT ACCEPT AS AN ORIGINAL DOCUMENT (S) ANY TRANSMISSION
RECEIVED IN THEIR OFFICE BY FACSIMILE .
THIS LETTER OF CREDIT SETS FORTH IN FULL THE TERMS OF OUR
UNDERTAKING, AND SUCH UNDERTAKING SHALL NOT IN ANY WAY BE MODIFIED,
AMENDED OR AMPLIFIED BY REFERENCE TO ANY DOCUMENT, INSTRUMENT, OR
AGREEMENT REFERRED TO HEREIN OR IN WHICH THIS LETTER OF CREDIT IS
REFERRED TO OR IN WHICH THIS LETTER OF CREDIT RELATES AND SUCH
REFERENCE TO ANY DOCUMENT, INSTRUMENT, OR AGREEMENT SHALL NOT BE
DEEMED TO BE INCORPORATED HEREIN BY REFERENCE .
ALL CHARGES AND COMMISSIONS OTHER THAN THOSE OF THE ISSUING BANK
ARE FOR THE ACCOUNT OF THE BENEFICIARY.
WE HEREBY ENGAGE WITH THE DRAWERS OF ALL DRAFTS DRAWN UNDER AND IN
COMPLIANCE WITH THE TERMS OF THIS CREDIT, THAT SUCH DRAFTS WILL BE
DULY HONORED UPON PRESENTATION TO THE DRAWEE ON OR BEFORE THE
EXPIRATION DATE.
IF DOCUMENTS ARE PRESENTED WITH -DISCREPANCIES, A $60 . 00 DISCREPANCY
FEE WILL BE CHARGED TO THE BENEFICIARY AT TIME OF EXAMINATION OF
DOCUMENTS .
THIS LETTER OF CREDIT IS SUBJECT TO THE "UNIFORM CUSTOMS AND
PRACTICE FOR DOCUMENTARY CREDITS (1993 REVISION) , INTERNATIONAL
CHAMBER OF COMMERCE PUBLICATION NO. 500" .
YOURS TRULY,
UNION PLANTERS BANK, N.A.
BYE:
JUL A. WRIGLEY
AUTHORIZED SIGNER
CC: BRENT HAVERKAMP
&uN ION
P LAN T E RS Union Planters
BA A i Belleville Operations Center
B1l V Letter of Credit Department
7650 Magna Drive
Belleville, IL 62223-3367
618-239-5761
SEPTEMBER 8 , 1999
TO: CITY OF AMES, IOWA
515 CLARK AVE.
AMES, IA 50010
ATTN: CITY CLERK
RE: LETTER OF CREDIT NUMBER: 6035
IN FAVOR OF: YOURSELVES
FOR THE ACCOUNT OF: BRENT HAVERKAMP
ISSUED IN THE AMOUNT OF: $22 , 000 . 00
GENTLEMEN:
WE ENCLOSE THE ORIGINAL OF THE LETTER OF CREDIT REFERENCED ABOVE.
PLEASE DELIVER THE ORIGINAL TO THE BENEFICIARY RETAINING THE
COPY FOR YOUR FILES.
X WE ARE FORWARDING THIS LETTER OF CREDIT TO YOU AT THE REQUEST
OF OUR CUSTOMER.
PLEASE SIGN AND RETURN THE ATTACHED COPY OF THIS LETTER OF
CREDIT SIGNIFYING YOUR ACCEPTANCE TO ATTN: LETTER OF CREDIT
DEPARTMENT, 7650 MAGNA DRIVE, BELLEVILLE, ILLINOIS 62223 .
X THE ORIGINAL LETTER OF CREDIT AND ALL AMENDMENTS MUST BE
PRESENTED WITH THE DOCUMENTS FOR NEGOTIATION.
X UNLESS WE ARE NOTIFIED WITHIN ONE WEEK OF THE BENEFICIARY' S
NON-ACCEPTANCE OF THIS LETTER OF CREDIT, WE WILL CONSIDER THESE
TERMS ACCEPTABLE.
IF YOU HAVE ANY QUESTIONS OR CONCERNS PLEASE DO NOT HESITATE TO
CALL THE UNDERSIGNED.
YOURS TRULY,
UNION PLANTERS BANK, N.A.