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HomeMy WebLinkAboutA007 - Irrevocable letter of Credit No. 14 dated August 21, 2006 - $741,008 VIN IRREVOCABLE STANDBY LETTER OF CREDIT ISSUER:AMES COMMUNITY BANK 104 CHESTNUT STREET PO BOX 1766 AMES,IA 50010 Date of Issue:08.21-2006 Letter of Credit Number: 14 Amount: U.S. $ 741,008.00 ( SEVEN HUNDRED FORTY ONE THOUSAND EIGHT AND N01100 U.S. DOLLARS) For Benefit Of: For Account Of: Beneficiary Name and Address Applicant Name and Address CITY OF AMES HUNZIKER LAND DEVELOPMENT COMPANY LLC 515 CLARK AVENUE,AMES,IA 50010 105 S 16TH ST AMES,IA 50010 RE: Sunset Ridge, 2nd Addition LETTER OF CREDIT. Issuer establishes this Irrevocable Standby Letter of Credit (Letter of Credit) in favor of Beneficiary in the amount indicated above. Beneficiary may draw on this Letter of Credit with a Draft (or Drafts, if the maximum number of drawings is greater than one) together with the documents described below. Each Draft shall be signed on behalf of Beneficiary and be marked "Drawn under [Issuer name] Letter of Credit No. [Letter of Credit number] dated [Letter of Credit date]." Drafts must be presented at Issuer's address shown above on or before the Expiration Date. The presentation of any Draft shall reduce the Amount available under this Letter of Credit by the amount of the Draft. This Letter of Credit sets forth in full the terms of Issuer's obligation to Beneficiary. This obligation cannot be modified by any reference in this Letter of Credit, or any document to which this Letter of Credit may be related. This Letter of Credit expires on the Expiration Date. DRAWINGS. ❑ Partial drawings shall not be permitted under this Letter of Credit. ® Partial drawings are permitted. The maximum number of drawings that may be made is TWO(2) DOCUMENTS. Each Draft must be accompanied by the following, in original and two copies except as stated: ® The original Letter of Credit, together with any amendments. IN A sight draft drawn,by Beneficiary on Issuer. IE A si ned stat g *,,$efeflY including the following statement: DRAWN UNDER AMES COMMUNITY BANK,104 CHESTNUT,AMES,IOWA,50010, LETTER OF CREDIT DATED 8.21.2006 AND LETTER OF CREDIT NUMBER 14. ❑ Other docutl WA�U Vr,?.L0 k0,jj, Issuer shall be entitled to accept a draft and the documentation described above, as required by the terms of this Letter of Credit, from any person purporting to be an authorized officer or representative of Beneficiary without any obligation or duty on the part of Issuer to verify the identify or authority of the person presenting the draft and such documentation. SPECIAL INSTRUCTIONS: EXPIRATION DATE. This Letter of Credit expires at the close of business at Issuer's address at 3:00 P.M. (Time) on 08.21.2007 (Date). Issuer agrees to honor all Drafts presented in strict compliance with the provisions of this Letter of Credit on or before the Expiration Date. ❑ If Beneficiary has not drawn the full amount of this Letter of Credit prior to the Expiration Date, the Expiration Date shall be extended for a period of days from the Expiration Date, unless Issuer notifies Beneficiary in writing at least days prior to the Expiration Date that Issuer elects not to extend this Letter of Credit. In any event, this Letter of Credit shall expire on without any notice from Issuer to Beneficiary. E5(j5E M ©2001 Bankers Systems,Inc.,St.Cloud,MN Form LC-STANDBY 1/15/2002 (page 1 of 2) TRANSFERABILITY. This Letter of Credit is Eltransferable IT non-transferable. - 104 APPLICABLE LAW. This Letter of Credit shall be governed by: ® the Uniform Customs and Practice for Documentary Credits, 1993 Revision, International Chamber of Commerce Publication No. 500 (UCP), or any later version or amendment. ❑ the International Standby Practices 1998 (ISP98). This Letter of Credit shall also be governed by the laws of IOWA the United States of America, so long as such laws are not inconsistent with the UCP or ISP, as applicable. AMES COMMUNITY BANK (Issuer e) By 8"� -O� (Signature)V (Date) JOHN J.CODER,VICE PRESIDENT (Signer Name and Title) T �M 8Y DQLftWR.MA EK CITY ATTORNEY f5<15E M ©2001 Bankers Systems,Inc.,St.Cloud,MN Form LC-STANDBY 1/15/2002 (page 2 of 2) - City Clerk's Office 515 Clark Avenue,P. O.Box 811 Ca ng Quality p g- Ames,IA 50010 &cepiioa l Service Phone: 515-239-5105 Fax: 515-239-5142 August 15, 2007 Nyemaster Law Firm 1416 Buckeye Ames, Iowa 50010 Attention Deb Krauth RE: Sunset Ridge, 2'Addition Dear Deb: At their meeting of August 14, 2007, the City Council accepted completion of the public improvements for Sunset Ridge Subdivision, 2Id Addition, and released the security being held therefor. Enclosed is the released Irrevocable Standby Letter of Credit No. 14 in the amount of$741,008. If you have questions, please call. Thank you. Sincerely, Diane Voss City Clerk /dry Enclosure r` City Clerk's Office 515 Clark Avenue,P.O.Box 811 Ames,IA 50010 Phone: 515-239-5105 Fax: 515-239-5142 August 21, 2006 TO WHOM IT MAY CONCERN: I, Diane Voss, hereby certify that I have this date received from Hunziker Land Development Company, LLC, a Letter of Credit No. 4 in the amount of$741,008.00. Said instrument has been placed on file in the Ames City Clerk's Office, 515 Clark Avenue, for the completion of public improvements, i.e., utilities, paving, and street lights in the Sunset Ridge, 2nd Addition, for the City of Ames, Iowa. 13V: ) Diane Voss Title: City Clerk