HomeMy WebLinkAboutWEST VINE STORAGE - FDP180019 - SUBMITTAL DOCUMENTS - ROUND 3 - (8)West Vine Storage
February 19, 2019
City of Fort Collins
Planning Development
281 N. College Ave.
Fort Collins, Colorado 80522-0580
To Whom it May Concern:
We hereby establish, at the request and for the account of West Vine Storage, LLC, in your
favor as beneficiary, our Irrevocable Standby Letter of Credit No. , in the amount of Seventy
thousand, Six hundred and seventy-three dollars ($70,673.00) (as more fully described below),
effective immediately and expiring, subject to the terms of automatic extension described
below, at the close of banking business on , , at our office at
This Letter of Credit is intended for the funding required for the West Vine Storage
Development Project (Development Project) for the assurance of the installation and the
maintenance of Natural Habitat Buffer Zone (NHBZ) as shown on the approved plans for the
aforesaid Development Project and its associated development agreement and development
construction permit. Funds under this Letter of Credit are available to you for one or more
drawings prior to the close of business on , ,
Against sight drafts in an aggregate amount not to exceed $ ,
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 our honoring your draft totaling $ 70,673.00 in aggregate presented on or
before this Letter of Credit expires pursuant to the terms herein or the surrender to us by you
of this original Letter of Credit and original amendments, if any for cancellation, this Letter of
Credit shall automatically terminate.
It is understood that the amount of this Letter of Credit may be reduced as improvements are
constructed and accepted by the City. As a components of the NHBZ establishment are
satisfactory completed in accordance with approved plans, the value of the completed
components may be established from the approved estimates in determining costs of
installation and maintenance fees, 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 or Release of Letter of Credit # in the form attached hereto as Exhibit 2.
This Letter of Credit shall be subject to the Uniform Commercial Code as in affect in the State of
Colorado, and. To the extent not inconsistent with the terms of the Letter of Credit and the
International Standby Practices ISP 98, International Chamber of Commerce Publication No.
590.
This Letter of Credit 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
of at least sixty (60) days prior to any such expiration date to the City of Fort Collins of its intent
not to extend 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 requests for
amendments to this Letter of Credit shall be made in the form of Exhibit 2 attached 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 referred to herein: and any
document, instrument or agreement except for such certificate and draft.
Sincerely;
Issuer
West Vine Storage, LLC
Address
__________________________________________________
Phone
__________________________________________________