HomeMy WebLinkAboutA034 - Letter of Credit dated June 26, 2013 - Revised on June 24, 2015 Issue Date: T„' 26 2013 6W-yised c 6 1 AI(Revised 6-24-15)
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Irrevocable Letter of Credit No.0408 RE: Lots 1&2, Somerset SD 1 S`Addn.,Ames
City of Ames
515 Clark
Ames, IA 50010
RE: Heartland Development, L.C.
619 E. Lincoln Way
Ames, Iowa 50010
Gentlemen,
We hereby establish our Irrevocable Letter of Credit No.0408 in favor of:
City of Ames
515 Clark
Ames,IA 50010
For the Account of:
Heartland Development,L.C.
619 E.Lincoln Way
Ames, Iowa 50010
In the amount of$520,000.00 (R a,eed t 60 c76 c2 n c _ 6 14) (Reduced to $13,275.00 on 6-24-15)
U.S. Dollars. Irrevocable Letter of Credit No. 0408 will expire on Ttfly ,20!S. (Revised to July 1, 2016)
Drafts for payment must be accompanied by the following:
1. Copies of all invoices,which have remained unpaid for 60 days from invoice date.
2. Beneficiary's signed statement indicating that the invoices are unpaid.
3. Copy of this irrevocable Letter of Credit No. 0408.
Partial Payments are permitted.
We hereby agree that drafts drawn under and in compliance with the terms of this Letter of Credit will be
duly honored.
This Letter of Credit is subject to the Uniform Customs and Practice of Documentary Credit (1993)
Revision, International Chamber of Commerce Publication#400.
Sincerely,
First National Bank of Ames
B ;• / '
Tim Tryon,Vice President