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HomeMy WebLinkAboutA021 - Letter of Credit dated March 24, 2014 - $10,000 15 ovq �o L w � IRREVOCABLE STANDBY LET ER OF C IT� ��� � rV1 toy r- ISSUER:VISIONBANK OF IOWA r 104 CHESTNUT ST AMES,IA 50010l Date of Issue:03.24.2014 Letter of Credit Number: 54 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 CITY OF AMES HUNZIKER LAND DEVELOPMENT COMPANY LLC 515 CLARK AVE,PO BOX 811,AMES,IOWA 50010 105 S 16TH ST 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. N A signed statement by Beneficiary including the following statement: DRAWN UNDER IRREVOCABLE STANDBY LETTER OF CREDIT#54 DATED MARCH 24,2014 FOR THE ACCOUNT OF HUNZIKER LAND DEVELOPMENT COMPANY,LLC. ❑ 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: Irrevocable Standby Letter of Credit LC-STANDBY (0909009 VMPC612 VMPO" Bankers System Paagege I off 2 sTM Wolters Kluwer Financial Services©2001,2009 2 APPROVED AS T�FORM BY c�.1M— J Y . PARKS CITY ATTORNEY EXPIRATION'°,DATE.. This .Letter of Credit expires at the close of business at Issuer's address at 3:00 P.M. (Time) on 03.24.20.15'" (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, 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. UISIONBANK OF IOWA (Issuer Name By (Signature) L1 (Date) CHRIS OTTO BRINKMEYER,MARKET PRESIDENT (Signer Name and Title) Irrevocable Standby Letter of Credit LC-STANDBY 9/11/2009 VMPOO BankersSystemsTM VTANDBY /11/2.09 Wolters Kluwer Financial Services©2001,2009 Page 2 of 2