HomeMy WebLinkAboutA029 - Release of Irrevocable Letter of Credit No. 32 in the amount of $70,000 dated May 4, 2012 515 Clark Avenue,P. O.Box 811
Caring Prop- Ames IA 50010
Quality Programs ,
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Fax: 515-239-5142
May 4, 2012
Hunziker & Associates
105 S. 16t' Street
Ames, Iowa 50010
Attention Chuck Winkleblack
RE: Northridge Heights Subdivision, 14'Addition
Dear Chuck:
At its meeting of April 24, 2012, the City Council accepted completion of the public
improvements for Northridge Heights Subdivision, 14'Addition, and released the security being
held therefor.
Enclosed is the released Irrevocable Letter of Credit No. 32 in the amount of$70,000.
If you have questions, please call.
Sincerely,
Diane Voss
City Clerk
/dry
Enclosure
IRREVOCABLE STANDBY LETTER OF CREDIT
ISSUER:AMES COMMUNITY BANK
104 CHESTNUT ST.,P.O.BOX 1766
AMES,IA 50010
Date of Issue:07.21-2011 Letter of Credit Number: 32
Amount: U.S. $ 70,000.00
( SEVENTY THOUSAND AND NO1100 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 AVE AMES Ut 50010 105 S 16TH ST
L� �' 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.--.Beneftciar-y_-may-draw--on-this Letter-of-Credit with-a-Draft-(or-Draftsif-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.
M 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 onIssuer.
N A signed statement by Beneficiary including the following statement: DRAWN UNDER IRREVOCABLE STANDBY LETTER OF CREDIT f32 DATED JULY 21,
2011 AND MODIFIED DECEMBER 12,2011 FOR THE ACCOUNT OF HUNZIKER LAND
❑ Other documents: DEVELOPMENT COMPANY,LLC.
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:
Irrevocable Standby Letter of credit, LC-STANDBY 9111/2009
VMP®Bankers SystemsTN VMPC612 109091.00
Wolters Kluwer Financial Services 0 2001,2009 Page 1 of 2
" t
EXPIRATION DATE. This Letter of Credit expires at the close of business at Issuer's address at 3:00 P.M. (Time)
on 07.21.2012 (Date). Issuer agrees to honor ail 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 foil 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 5 non-transferable.
APPLICABLE LAW. This Letter of Credit shall be governed by:
® the Uniform Customs and Practice for Documentary Credits, 2007 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 N")
n �
By
(Signature) (Date)
CHRIS BRINKMEYER,EVP•COMMERCIAL BANKING MANAGER
(Signer Name and Title)
LC-STANDBY 9/11/2009
Irrevocable Standby Loner of Credit VMPC612 (09091.00
VMP®Bankers SystemsTM Page 2 of 2
Wolters Kluwer.Financial Services®2001,2009