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HomeMy WebLinkAboutA021 - Letter dated May 12, 2010 regarding Letter of Credit No. 19 with copy dated May 14, 2010 �1 Ames P 1515.956.4343 107 Main Street Community Bank Fx 515.956.4344 Ames,Iowa 50010 104 Chestnut Street 4510 Mortensen Road Ames,Iowa 50010 Ames,Iowa 50014 May 12, 2010 Ames Community Bank 104 Chestnut Street M AY 14 2010 P.O. Box 1766 Ames; LA 50010 CITY CLERK CITY OF AMES,IOWA Beneficiary: City of Ames 515 Clark Avenue Ames, IA 50010 RE: IRREVOCABLE STANDBY LETTER OF CREDIT#19 SOUTHERN HILLS WEST, LP To Whom It May Concern: The above mentioned Letter of Credit has been amended as follows: 1. Expiration date has been extended to November 14, 2010. All of the other terms and conditions of the original Letter of Credit#19 remain the same. Sincerely, Ames Community Bank (::: 44. L.,-L,— John J. Coder Vice President ` www.amesbank.com Member FDIICo� IRREVOCABLE STANDBY LETTER OF CREDIT ISSUER:AMES COMMUNITY BANK 104 CHESTNUT ST.,P.O.BOX 1766 AMES,IA 50010 Date of Issue:05.14.2010 Letter of Credit Number: 19 Amount: U.S. $ 10 000.00 ( TEN THOUSAND AND N01100 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. ® 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. ® 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#19 ❑ 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 (07/2007 VMPC612 VMP6 Bankers SystemsTM Wolters Kluwer Financial Services©2001,2007 Initials: Paagege 1 off 2 1 2 EXPIRATION DATE. This Letter of Credit expires at the close of business at Issuer's address at 3:00 P.M. (Time) on 11.14-2010 (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 (Signatur (Date) JOHN CODER,COMMERCIAL BANKER (Signer Name and Title) Irrevocable Standby Letter of Credit LC-STANDBY 6/21/2007 VMP@ Bankers SystemsTM VTANDBY /21/2.07 Wolters Kluwer Financial Services©2001,2007 Initials: Page 2 of 2 n