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Home My WebLink AboutA012 - Irrevocable Letter of Credit No. 19 dated May 4, 2009 - $10,000 4%w a�� P 107 Main Street A Fx 1515.956.4343 515.956.4344 Ames,Iowa 50010 Community Bank 104 Chestnut Street 4510 Mortensen Road Ames,Iowa 50010 Ames,Iowa 50014 IRREVOCABLE STANDBY LETTER OF CREDIT #19 Date of Issue: May4,2009 Issuer: Ames Community-Bank Applicant Name and Address: Beneficiary Name and Address: Southern dills West,L.P City of Ames,Iowa 1220 Southern Hills Dr. 515 Clark Ave. Ames,Iowa 50010 Ames,Iowa 50010 LETTER OF CREDIT The undersigned,Ames CommunityBank of 104 Chestnut St.,P.O.Box 1766,Ames,Iowa 50010, (hereinafter referred to as issuer),hereby establishes this Irrevocable Standby Letter of Credit (Letter of Credit) in favor of Beneficiary in an amount not to exceed the aggregate sum of Ten Thousand Dollars ($10,000.00). Beneficiary may draw on this Letter of Credit as detailed below. DRAWINGS Beneficiary may draw on this Letter of Credit by submitting to issuer a Draft (or draw request) along with copies of all invoices to be paid under the Draft request. Each Draft shall be signed on behalf of the Beneficiary and be marked"Drawn under Ames Community Bank Letter of Credit#19 dated May4,2009". Drafts must be presented at Issuer's address shown above on or before the Expiration Date of the Letter of Credit. The presentation of any Draft will reduce the Amount available under this Letter of Credit by the amount of the Draft. 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 identity or authority of the person presenting the draft and such documentation. EXPIRATION DATE This Letter of Credit expires at the close of business at Issuer's address at 3:00 PM on November 4, 2009. Issuer agrees to honor all Drafts presented in strict compliance with the provisions of this Letter of Credit on or before the Expiration Date. This Letter of Credit is Non-Transferable. 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 maybe related. APPLICABLE LAW This Letter of Credit is subject to the Uniform Customs and Practice for Documentary Credits (19 Revision),International Chamber of Commerce Publication No. 500 (UCP),or any later 'on or www.amesbank.com Member FDIC amendment. This Letter of Credit shall also be governed bythe laws of the State of Iowa,the United States of America,so long as such laws are not inconsistent with the UCP. The Issuer hereby undertakes that all Drafts drawn and presented with the required documentation as specified above will be duly honored bythe Issuer. SIGNED AND DATED this day of--:J�11 2009. Ames CommunityBank (Issuer) t Signature) Senior Vice President (Title) The above irrevocable letter of credit is accepted and approved as to form. Execution of the approval shall not be construed to affect the date upon which this irrevocable letter of credit is effective. Signed at Ames,Iowa this day of )A ,2009. Cit5of Ames,Iowa (Beneficiary APPR�tD 0 TO BY tA V DOUGLAS R. PVIAREIC (Signature) CITY ATTORNEY (Title) C.K=j (F\U,-I 1-N IRREVOCABLE STANDBY LETTER OF CREDIT ISSUER:AMES COMMUNITY BANK 104 CHESTNUT ST.,P.O.BOX 1766 AMES,IA 50010 Date of Issue:05.04.2009 Letter of Credit Number: 19 Amount: U.S. $ 10,000.00 ( TEN THOUSAND AND NO1100 U.S. DOLLARS) For Benefit Of: For Account Of: Beneficiary Name and Address Applicant Name and Address THE CITY OF AMES SOUTHERN HILLS WEST,L.P. 515 CLARK AVE AMES IOWA 50010 1220 SOUTHERN HILLS DR AMES,IA 50010 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. IM 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 DOCUMENTS. Each Draft must be accompanied by the following, an original and two copies except as stated: ❑ The original Letter of Credit, together with any amendments. A sight draft drawn by Beneficiary on Issuer. N A signed statement by Beneficiary including the following statement: DRAWN UNDER AMES COMMUNITY BANK,104 CHESTNUT,AMES,IOWA 50010, LETTER OF CREDIT DATED 0510412009 AND LETTER OF CREDIT N19 ❑ Other documents: 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 identity or authority of the person presenting the draft and such documentation. SPECIAL INSTRUCTIONS:THE AMOUNT COVERED BY THE DRAFT MUST HAVE BEEN DUE NO LESS THAN FIFTEEN DAYS PRIOR TO THE PRESENTMENT OF THE DRAFT BEFORE YOU MAY EXERCISE THIS STANDBY LETTER OF CREDIT. ACCORDINGLY,YOUR DRAFT MUST BE ACCOMPANIED BY A STATEMENT INDICATING THE ACCOUNT IS PAST DUE,ALONG WITH A COPY OF THE PAST DUE INVOICE(S). Irrevocable Standby Letter of Credit LC-STANDBY 6/21/2007 VMPO Bankers SystemsTM VMPC612 (0706).00 Wolters Kluwer Financial Services©2001,2007 Initials: Page 1 of 2 EXPIRATION DATE. This Letter of Credit expires at the close of business at Issuer's address at 3:00 P.M. (Time) on 08.04.2009 (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. TRANSFERABILITY. This Letter of Credit is ❑ transferable ® non-transferable. APPLICABLE LAW. This Letter of Credit shall be governed by: ® the Uniform Customs and Practice for Documentary Credits, 2006 Revision, International Chamber of Commerce Publication No. 600(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 Name) By r 2C�f Si e) (Date) KURT KUTA.PRESIDENT (Signer Name and Title) Irrevocable Standby Letter of Credit LC-STANDBY 6/21/2007 VMP®Bankers SystemsTM VMPC612 (0706).00 Wolters Kluwer Financial Services©2001,2007 Initials: Page 2 of 2 BOND KNOW ALL PERSONS BY THIS STRUMENT that we, the undersigned, as principal, and 0o TIA,z� , as surety under the Standby Letter of Credit, a true and c rrect copy of which is attached hereto as Exhibit A, are held and firmly bound unto the City of Ames, Iowa, in the sum of Ten Thousand and no/100 Dollars ($10,000), for which payment we do firmly bind ourselves. We further state that the City of Ames, Iowa has required this Bond to assure payment for the cost of removal of certain improvements and installation of landscaping (described on the attached Exhibit B) from following described real estate, located in Story County,Iowa; Outlot A, Southern Hills West,Ames,Iowa The condition of this obligation is this: that if the undersigned fail to perform the work described on Exhibit B by AL4 Q ,� �:zj t/-\ , 2009, then this Bond and the surety(to the extent of the Standby Letter of Credit) shall stand for payment of the cost of the removal. Upon the removal then this Bond shall be discharged. IzLgi:,444 46- ue ' e Sevde arin e The Richard H. Sevde Trust R y evde by �.u�ii , Aargu6rit,dSevde,Trustees