HomeMy WebLinkAboutA027 - Letter dated November 28, 2012 releasing Letter of Credit No. 35 with copy caring Peapk 515 Clark Avenue,P. 0.Box 811
Qualify Programs Ames I
Exceptional Service A 50010
Phone: 515-239-5105
Fax: 515-239-5142
November 28, 2012
Ames Community Bank
104 Chestnut Street
Ames, Iowa 50010
Attention John Coder
RE: Southern Hills West, L.P.
Southern Hills West Subdivision, Plat 2
Dear Mr. Coder:
At its meeting of November 27, 2012, the Ames City Council accepted completion of the public
improvements for the above-named Subdivision and released the security being held therefor.
Enclosed is the released Irrevocable Standby Letter of Credit#35 in the amount of$2,000 for your
disposal.
If you have questions, please call. Thank you.
Sincerely,
Diane Voss
City Clerk
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Enclosure
U2.
The offices of Ames Community Bankn f��� �� •Ballard Community Bank
A •City State Bank Community Bank •VsonBank,Community Bank of Boone
IRREVOCABLE STANDBY LETTER OF CREDIT 435
Date of Issue: November 8,2011 Issuer: Ames Community Bank
Applicant Name and Address: Beneficiary Name and Address:
Southern Dills West,LP 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.,Ames,Iowa 50010,(hereinafter
referred to as issuer),hereby establishes this Irrevocable StandbyLetter of Credit(Letter of Credit) in
favor of Beneficiary in an amount not to exceed the aggregate sum of Two Thousand Dollars
($2,000,00). 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#35 dated
11/8/2011". Drafts must be presented at Issuer's address shown above on or before the Expiration
Date of the Letter of Credit. The presentation of anyDraft will reduce the Amount available under
this Letter of Credit bythe amount of the Draft.
Issuer shall be entitled to accept a draft and the documentation described above,as required bythe
terms of this Letter of Credit,from anyperson purporting to be an authorized officer or
representative of Beneficiatywithout 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 7,
2012. 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 (1993
Revision),International Chamber of Commerce Publication No.500(UCP),or any later version or
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.
FDIC Q www.amesbank.com
/i� The offices of Ames Community Bank
//�� •Ballard Community Bank
®lanes W •City State Bank
Community Bank 'Community Bank of Boone
•VisionBank®
The Issuer hereby undertakes that all Drafts drawn and presented with the required documentation
as specified above will be duly honored by the Issuer.
SIGNED AND DATED this 2� day of November,2011
Ames CommunitvBank
(Issuer)
d
Signature)
Vic,'L'Presiatilt
(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 15 day of IVLIi'Uv-mfol� ,,2 /� D
City of Ames.Iowa
(Beneficiary
(Signature)
CAW C k-1 �
(Title)
M—b- Q www.amesbank.com
FDIC