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Home My WebLink About600 Buckingham St - Correspondence/Landscape Escrow - 07/18/20076 00 r�- WELLS FARGO BANK, N.A. TRADE SERVICES DIVISION, NORTHERN CALIFORNIA ONE FRONT STREET, 215T FLOOR SAN FRANCISCO, CALIFORNIA 94111 Contact Phone: 1(800) 798-2815 (Option 1) Email: sftradenaa.wellsfareo.com IRREVOCABLE LETTER OF CREDIT City of Fort Collins Zoning Department 281 N. College Ave. Fort Collins, Colorado 80524 Re: Landscaping assurance for 600 Buckingham Letter of Credit No. NZS592179 Date: March �re;�,cz aax.,'ac, t�c�Mrvc�iR•:. of Ir Irk n t- /Sc� 20� Pr ,� -ig-ov Dear Sirs: �;� a►+r+°"` We hereby establish, at the request and for the account of New Belgium Brewing Co., Inc., 500 Linden, Fort Collins, CO 80524 (the "Applicant"), in your favor as beneficiary, our Irrevocable Letter of Credit No. NZS592179, in the amount of Two Hundred Fifty Three Thousand Nine Hundred Thirteen & 90/100's U.S. Dollars (U.S. $253,913.90), effective immediately and expiring at the close of banking business on September 14, 2007, at our office at Wells Fargo Bank, N.A., Trade Services Division, Northern California, One Front Street, -?I" Floor, San Francisco, CA 94111. We have been informed by the Applicant, but do not independently verify that this Letter of Credit is issued in connection with Landscaping for 600 Buckingham, Fort Collins, Colorado. The preceding sentence is inserted in this Letter of Credit for informational purposes only and will not affect, or become a part of, the terms and conditions of this Letter of Credit. Funds under this Letter of Credit are available to you with us at our above office by payment for one or more drawings prior to the close of business on September 14, 2007, against sight drafts in an aggregate cumulative amount not to exceed U.S. $253,913.90, drawn on our office referred to above, referring thereon to the number of this Leiter of Credit and accompanied by your signed and dated certificate in the form of Exhibit 1 hereto with the instructions in brackets therein complied with. Presentation of such draft and certificate shall be made at our office referred to above. This letter of credit shall be subject to the Uniform Commercial Code as in effect in the State of Colorado, and, to the extent not inconsistent with the terms of this Letter of Credit and the Uniform Commercial Code, the Uniform Customs and Practice for Documentary Credits,1993 revision, ICC publication number 500. This Letter of Credit expires at our above office on September 14, 2007. This Letter of Credit maybe returned to us for cancellation prior to the expiration date together with your written agreement to its cancellation. Such written agreement to cancellation must specifically reference this Letter of Credit by number, clearly indicate the Letter of Credit is being returned for cancellation and be signed by a person identifying himself (or herself) as authorized to sign for the City of Fort Collins. In addition, you may request that we amend or release this Letter of Credit in accordance with your "Request for Amendment or Release of Letter of Credit No. NZS592179" in the form attached hereto as Exhibit 2 with the instructions in brackets therein complied with. In the event you request us by your "Request for Amendment or Release of Letter of Credit No. NZS592179" to reduce the amount of this Letter of Credit, or lessen the expiration date of the Letter of Credit, we shall confirm your request by issuing our amendment to the Letter of Credit corresponding to the change or changes requested in such certificate and your "Request for Amendment or Release of Letter of Credit No. NZS592179" shall be considered your consent to such amendment. In the event you request us by your "Request for Amendment or Release of Letter of Credit No. NZS592179 to release the Letter of Credit we shall cancel the Letter of Credit and your "Request for Amendment or Release of Letter of Credit No. NZS592179" shall be considered your consent to such cancellation. In the event you request us by your "Request for Amendment or Release of Letter of Credit No. NZS592179 extend the expiration date of the Letter of Credit and/or release the Letter of Credit upon receipt of a separate Letter of Credit covering maintenance, we shall effect such amendment and/or issuance upon receipt of the approval of the proper internal credit authorities within Wells Fargo Bank, N.A. This Letter of Credit is not transferable. This Letter of Credit sets forth in full our undertaking, and such undertaking shall not in any way be modified, amended, amplified or limited by reference to any document, instrument or agreement referred to herein, except only the certificate and draft(s) referred to herein; and any such reference shall not be deemed to incorporate herein by reference any document, instrument or agreement except for such certificate and draft(s). Sincerely, Wells Fargo a N.A. By: Name: Title: `v/4'DE ,'s I-SPUDENT Issuing company name: Wells Fargo Bank, N.A Address: Trade Services Division, Northern California, One Front Street, 21" Floor, San Francisco, California 94111 Phone Number: 1(800) 798-2815 (Option 1) 2 EXHIBIT 2 Request for Amendment or Release of Letter of Credit #NZS592179 The City of Fort Collins certifies that the person signing below is authorized to execute this Request for Amendment or Release of Letter of Credit on behalf of the City of Fort Collins, and further certifies with respect to the provisions contained in the Development Construction Permit dated [insert date], and/or the Development Agreement dated [insert date], between the City of Fort Collins (Beneficiary) and New Belgium Brewing Co., Inc. (Developer), the following: [Check one or more up to all of the boxes with the instructions for the checked box(s) therein complied with] ❑ The Letter of Credit is to be reduced to $[insert amount]. ❑ The expiration date of the Letter of Credit is revised to be [insert date]. ❑ The 60-day automatic one year renewal provision contained in the Letter of Credit is no longer in effect. ❑ Release Original Letter of Credit upon receipt of separate replacement Maintenance Letter of Credit in the amount of [insert amount]. (current value). Release Letter of Credit. IN WITNESS WHEREOF, the undersigned has executed this Certificate of behalf of the City of Fort Collins this [insert day] day of [insert month], [insert year]. Lt %y ) CITY OF FORT COLLINS By: [insert signature] j4b� 13 xk-� Name: [insert name] & e✓- 4arvie.S Title: [insert title] �o � 1�5 frc. v 'I^° s f`-ctio .19