HomeMy WebLinkAbout1225 W Prospect Rd - Correspondence/Landscape Escrow - 08/21/1997Main Office
®
First
205 West Oak Street
National
� IRREvOCABLE LETTER OF CREDIT
P.O. Box 578
I Fort _C cn lins, CO so5.. _og78-
Bank No. 865
97o,,}8z,4g�,
Boardwalk Office
155 East Boardwalk
Date:
August 21, 1997
P.O. Box 272500
Fort Collins, CO 80527-2500
970.z25.6000
City
of Fort Collins
P.O.
Box 580
Fort
Collins CO 80522
RE: Completion of Landscaping at Northfield Condos
Dear Sirs:
We hereby establish, at the request and for the account of 1225
Prospect, L.L.C., a Colorado Limited Liability Company, in your
favor, our Irrevocable Letter of Credit #0865 in the amount of
Twenty -Five Thousand Nine Hundred Thirty -One Dollars and 95/100ths
($25,931.95) (as more fully described below), effective
immediately and expiring at the close of banking business on
November 1, 1997 ("Expiration Date"), at our office at First
National Bank, 205 West Oak Street, Fort Collins, Colorado 80521.
Funds under this Letter of Credit are available to you for one or
more drawings prior to the close of business on November 1, 1997,
against sight drafts in an aggregate cumulative amount not to
exceed $25,931.95 dated the date of presentment, drawn on our
office referred to above, referring thereon to the number of the
Letter of Credit and accompanied by your written certificate
signed by you and acknowledged as therein provided in the form of
Exhibit 1 hereto.
Presentation of such draft and certificate shall be made at our
office referred to above.
Upon the earlier of (i) our honoring your draft(s) totaling
$25,931.95 in the aggregate presented on or before this Letter of
Credit expires pursuant to the terms herein, or (ii) the surrender
to us by you of this Letter of Credit for cancellation, the Letter
of Credit shall automatically terminate.
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City of Fort Collins
Letter of Credit #865
For 1225 Prospect, L.L.C.
Page 2
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; and any such reference shall not be deemed t-_
incorporate herein by reference any document, instrument or
agreement except for such certificate and draft(s).
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.
Very truly yours,
FIRS RTIONABAN
son
Vice President
Real Estate Department
1225 Prospect, L.L.C., a Colorado Limited Liability Company
By: n/a
Title: n/a