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Home My WebLink AboutA007 - Irrevocable Letter of Credit No. 10058178 dated July 2, 2002 - $285,500 , Moir FIRST BANK City of Ames, Iowa 515 Clark Avenue Ames, IA 50010 IRREVOCABLE CREDIT NO: 10058178 Date: July 2, 2002 Amount: $285,500.00 Expiry: July 2, 2003 We hereby establish our IRREVOCABLE STANDBY LETTER OF CREDIT in your favor. For Account of The Reserve, L.C., whose address is 904 Walnut Street, Suite 900, Des Moines, IA 50309 prior to August 5, 2002 and whose address is 6900 Westown Parkway, West Des Moines, Iowa 50266 from and after Aujzust 5,2002. Not exceeding a total of Two Hundred Eighty Five Thousand Five Hundred and no/100 US Dollars. Available with First American Bank by payment of your drafts AT SIGHT drawn on First American Bank, Clive, IA 50325. To be accompanied by: Your signed statement, purportedly signed by a duly authorized representative of the beneficiary, certifying that the "The Reserve, L.C. has not completed the following installation of improvements, or any portion of such improvements, as required by the City of Ames, in a subdivision known as the The Reverve, and payment is due to us in the amount of the accompanying draft." Street paving $250,000 Bike path $5,500 Streetlights $30,000 All drafts drawn under this credit must bear the clause, "Drawn under First American Bank, Clive, IA Irrevocable Letter of Credit No. , dated July 2, 2002". Drawings hereunder must be accompanied by the original of this credit and the original (s) of any amendments thereto. (End of Page One of Two) FIRST KnAMERICAN BANK (Page Two of Two) IRREVOCABLE Standby Letter of Credit No. 10058178 Drafts must be presented to the First American Bank, Attn: Commercial Loan Operations, 12333 University Avenue, Clive, IA 50325 during our regular banking hours, not later than July 2, 2003. We hereby agree with you that drafts drawn under and in compliance with the terms of this credit shall be duly honored upon presentation of drafts and required document(s). We also agree that if you grant a partial release of obligation amount of this Irrevocable Standby Letter of Credit during the term hereof, we will then furnish you with an Amendment to this Irrevocable Standby Letter of Credit. The then remaining balance of the Irrevocable Standby Letter of Credit will equal the amount of the obligation of The Reserve, L. C. for completion of the outstanding improvements for the remainder of the term hereof. Except as otherwise expressly stated, this credit is subject to Uniform Customs and Practices for Documentary Credits, 1993 Revision, ICC Publication No. 500. Yours truly, First American Bank By: Dean L. Peyton Senior Vice President City Clerk's Office 515 Clark Avenue,P.O. Box 811 calina P-* Ames,IA 50010 EwepdP'°8�"onW Phone: 515-239-5105 Fax: 515-239-5142 July 8, 2002 TO WHOM IT MAY CONCERN: I, Diane R. Voss, hereby certify that I have this date received from Michael Hayes an Irrevocable Standby Letter of Credit in the amount of$285,500. Said instrument has been placed on file in the Ames City Clerk's Office, 515 Clark Avenue, for the development of the public improvements: Street Paving ($250,000), Bike Path($5,500), and Street Lights ($30,000) in The Reserve Subdivision to the City of Ames, Iowa. By: _, �1 iL, Diane R. Voss Title: City Clerk - M John C Joiner To: Diane R Voss/COA@COA 07/09/2002 03:25 PM cc: i F Subject: Re:The Reserve- Bond Amounts Diane, Sorry. I meant to copy you on this. John nnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnn John C. Joiner, P.E. City of Ames Public Works Dept. 515 Clark Avenue Ames, Iowa 50010 Desk 515-239-5165 Fax 515-239-5404 -----Forwarded by John C Joiner/COA on 07/09/2002 03:23 PM----- John C Joiner To: "Scott Renaud"<srenaud@foxeng.com> 06/28/2002 02:50 PM cc: "Brad Kuehl"<bkuehl@foxeng.com>, lori.nicholas@HubbellRealty.com, Michael.Hayes@HubbellRealty.com Subject: Re:The Reserve-Bond Amounts[ Scott, just reviewed Manatt's quote, as provided by Mr. Hayes of Hubbell Realty. I also spoke with our inspector and the foreman for McAninch. All utilities should be completed by the week of July 8th, so bonding ( letter of credit )should be as follows: Street paving $250,000 Bike path 5,500 Street lights 30,000 Total : $285,500 Please let me know if you have questions. Thanks, John nnnnnnnnnnnnnnnnnnnnnnnnnnnnAnnnnnnnnnnnnnnnnnnnnnnn John C. Joiner, P.E. City of Ames Public Works Dept. 515 Clark Avenue Ames, Iowa 50010 Desk 515-239-5165 Fax 515-239-5404 "Scott Renaud" <srenaud@foxeng.com> "Scott Renaud" To: <JJoiner@city.ames.ia.us> <srenaud@foxeng.com cc: "Brad Kuehl"<bkuehl@foxeng.com>, > <lori.nicholas@HubbellRealty.com>, <Michael.Hayes@HubbelIRealty.com> 06/28/2002 11:11 AM Subject: The Reserve-Bond Amounts MCAninch and Manatts will be providing a performance bond for the paving work only. We assume the water and sanitary sewer will be completed and tested by that the Final Plat submittal date of July 8th. Please let me know Monday if this is not acceptable. Thanks. Scott Renaud, P.E. Project Manager FOX Engineering Associates Suite 103 1601 Golden Aspen Drive Ames, Iowa 50010 Phone 515-233-0000 or 1-800-433-3469 FAX 515-233-0103 email srenaud@foxeng.com