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HomeMy WebLinkAboutA017 - Letter of Credit dated February 26, 2015 - $10,000 IRREVOCABLE STANDBY LETTER OF CREDIT _,ram (.VJ ate + ISSUER:VISIONBANK OF IOWA Q V I 'R 104CHESTNUTST I _�y(`�e.! aC� AMES,IA 50010 . { Jq i Date of Issue:02.26.2015 Letter of Credit Number: 54 � Amount: U.S. $ 10,000.00 ( TEN THOUSAND AND NO/100 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,PO BOX 811,AMES,IOWA 50010 105 S 16TH ST AMES,IA 50010 g f , r 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 IRREVOCABLE STANDBY LETTER OF CREDIT#54 DATED FEBRUARY 26,2015 FOR THE ACCOUNT OF HUNZIKER LAND DEVELOPMENT ❑ Other documents: 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 9/11/2009 VMPO Bankers SystemsTM VMPC612 (0909).00 Wolters Kluwer Financial Services ©2001,2009 Page 1 of 2