HomeMy WebLinkAbout4700 INNOVATION DR - CORRESPONDENCE - 7/9/1998i�?00
® First
® National
Bank
IRREVOCABLE LETTER OF CREDIT NO.3002
July 9, 1998
City of Fort Collins
Fort Collins, CO
Re: Landscaping at 4700 Innovation Drive, Bldg. D, Fort Collins, CO 80525
Gentlemen:
Main Office
2o5 West Oak Street
P.O. Box 578
Fort Collins, CO 805mm-0578
970.482.486r
You are hereby authorized to draw on us for the account of Delta Construction, Inc., up to an
aggregate amount of $16,058.75 available by your dratts at sight to be accompanied by the
original of this Letter of Credit and the following documents:
Written statement signed by the Zoning Administrator or designee of the City of Fort Collins and
stating: Delta Construction, Inc. has failed to substantially complete landscaping requirements
for the real estate project located at 4700 Innovation Drive, Bldg. D, Fort Collins, CO 80525.
The conditions of draw detailed above are governed by the following:
1. Reductions in the face amount of this credit shall occur for work secured by this
credit that is completed and accepted by the City of Fort Collins only upon written
authorization by the Zoning Administrator or his designee.
2. Draws under this credit for failure to substantially complete the preceding
landscape requirements by this credit may, in the sole discretion of the City, be
utilized to complete the construction of may be placed in an interest bearing
account and held in escrow. Upon comletion of the work by a party other than
the City, any moneys remaining in escrow, including interest, shall be returned to
Delta Construction, Inc. Any funds remaining after completion of the work by
the City shall likewise be returned to Delta Construction, Inc.
Multiple drafts may be presented.
City of Fort Collins
The required landscaping has been inspected and
approved. We hereby surrender this letter of credit.
Nle Si .We
-Drafts must be presented to drawee bank not later than August 31,1998, all drafts must state on
their face "DRAWN UNDER FIRST NATIONAL BANK IRREVOCABLE LETTER OF
CREDIT NO. 3002.
We hereby engage with you, that all drafts drawn under and in compliance with the terms of this
credit will be duly honored, if drawn and presented for payment at our office at 205 West Oak
Street, Fort Collins, CO 80521, on or before the expiration date of this credit.
Except so far as otherwise expressly stated, this Letter of Credit is subject to the Uniform
Customs and Practice for Documentary Credit (1993 Revision), International Chamber of
Commerce Publication No. 500.
Very truly yours,
/ // j41/
'Todd K. Campbell
Vice President
Commercial Loan Department
City of F rt' tlin
The required landscaping has been inspected and
approved. We hereby surrender this !otter of credit.
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