HomeMy WebLinkAbout242 Conifer St - Correspondence/Landscape Escrow - 01/12/2009,)fl �- I �)
First National Bank
0
tY
January 12, 2009
City of Fort Collins
Zoning Dept. Peter Barnes
281 N. College Ave.
Fort Collins, Colorado 80524
Dear Sirs:
ORIGINAL
-ta Co Fer
Global Banking Group
1620 Dodge Street
Omaha NE 68197-1096
402.341.0500
SWIFT: FNBOUS44
itv or—t-C-0J-Y,
?'lye required landscaping has been inspected and
approved. We hereby surrender this letter of credit.
We hereby establish, at the request and for the account of United Way of Larimer County., 424 Pine
#102, Fort Collins, CO 80524 in your favor as beneficiary, our Irrevocable Letter of Credit No.
STB09200031, in the amount of Thirty Three Thousand Four Hundred Twenty Five Dollars and No
Cents ($33,425.00) (as more fully described below), effective immediately and expiring at the close
of banking business on October 15, 2009, at our office at located at 1620 Dodge Street, Omaha, NE
68197-1096..
This Letter of Credit is intended for the funding required for the
United Way of Larimer County Inc.- Housing Services Day Center Development Project
("Development Project") for the assurance of the completion of the required landscape
improvements in connection with the aforesaid development project. Funds under this Letter of
Credit are available to you for one or more drawings prior to the close of business on October 15,
2009 against sight drafts in an aggregate cumulative amount not to exceed $33,425.00, dated the date
of presentment, drawn on our office referred to above, referring thereon to the number of this 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 $33,425.00 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, this Letter of Credit shall automatically terminate.
It is understood that the amount of this Letter of Credit may be reduced as landscape improvements
are constructed and accepted by the City. As components of the landscaping are satisfactorily
completed in accordance with approved landscape plans, the value of the completed landscaping may
be established from a written estimate from the landscape contractor, whereupon the amount of this
letter of credit may be reduced by the value of the completed component(s), upon execution of a
"Request for Amendment to Letter of Credit" in the form attached hereto as Exhibit 2 .
P10116 0707
First National Bank
'a) �i41
ORIG1
Global Banking Group
1620 Dodge Street
Omaha NE 68197-1096
402.341.0500
SWIFT: FNBOUS44
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, 2007 revision, ICC
publication number 600.
This Letter of Credit will be automatically extended without amendments for one year from the
present, and each future, expiration date thereof, unless Issuer delivers written notice at least sixty
(60) days prior to any such expiration date to the City of Fort Collins of its intent not to renew this
Letter of Credit. Any such notice shall be in writing and shall be delivered with an acknowledged
receipt, either in hand or by certified mail. Any amendments to this Letter of Credit shall be made in
the form of Exhibit 2 hereto.
The City may at any time request that the Bank amend this Letter of Credit by submitting to the Bank
a fully executed certificate in the form of Exhibit 2. The Bank may thereafter promptly issue an
amendment to the Letter of Credit corresponding to the change or changes requested in such
certificate.
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).
Issuing company name: First National Bank, Attention International Trade Services
Address: 1620 Dodge Street, Omaha, NE 68197-1111
Phone Number: 402-633-3312 Fax Number: 402-633-3554
ystfF ins
The re ui.icd iarldscaping has been inspected and
reby surrender this letter of credit.
approved. We he
P10116 0707