HomeMy WebLinkAboutA017 - Letter dated February 12, 2014 regarding release of financial security - $148,618 Office
515 Clark Avenue,P.0.Box 811
Qring People Ames IA 50010
Qunliry Programs ,
Excepfionnl service Phone: 515-239-5105
Fax: 515-239-5142
February 12, 2014
U S Bank
405 Main Street
Ames, Iowa 50010
Attention Doug Ragaller
RE: Four Seasons Subdivision (Flummerfelt's Shady Grove)
Dear Mr. Ragaller:
At its meeting of February 11, 2014, the Ames City Council released the financial security on file
for the above-named Subdivision. Enclosed is the Irrevocable Letter of Credit in the amount of
$148,618.
If you have any questions,please contact me.
Sincerely,
Diane Voss
City Clerk
/dry
Enclosure
Qrbank. All ofus serving you-
405 Main Street ✓ ?Ci�%�~
P.O.Box 828
Ames,IA 50010-0828
515.232.8200
515.239.3616 fax
9/16/2014
IRREVOCABLE LETTER OF CREDIT
BENEFICIARY:
City of Ames
C/o City'Clerk
515 Clark Avenue
Ames,Iowa 50010
RE: Michael Flummerfelt/Flummerfelt's Shady Grove MHC,LLC aka Four Seasons
We hereby authorize you to draw on US Bank,405 Main St,Ames IA 50010,for account of
Flummerfelt's Shady Grove MHC,LLC aka Four Seasons up to the aggregate amount of$148,618
available by your draft on sight at US Bank,to be accompanied by:
I. 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
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.
The expiration date of this Letter of Credit is3/15/2014. It is a condition of this Letter of Credit that it
will be automatically extended without amendment in one-year increments until one of the following
occurs: (a) 60 days prior to the then expiration date,we notify Beneficiary at the above address of our
election not to extend this Letter of Credit for an additional one-year period; or, (b)a deposit for an
equivalent amount is made with the City of Ames. Upon receipt of the 60-day notice,the Beneficiary
may draw on this Letter of Credit.
This Letter of Credit is subject to the Uniform Customs and Practice of Documentary Credit(1993)
Revision,International Chamber of Commerce Publications No. 500, or current revision in place.
Sincerely,
Doug Ragaller
Market President
APPROVED AS TO FORM
BY 1V4,4b4,Z41__11_1
MARK O. LAMBERT
ASSISTANT CITY ATTORNEY
usbank.com