The URL can be used to link to this page

Home My WebLink About0200 Dorset Street - Infrastructure - 8/26/20139f11� MAN south ur noto ItD PLANNING & ZONING MEMORANDUM �)p"4 , Ao�wq TO: Tom Hubbard, City Treasurer FROM: Raymond J. Belair, Administrative Officer Pb DATE: September 4, 2013 SUBJECT: Establishment of Letter of Credit Account for Project # SD-13-13 LOC #1 Pursuant to the above -listed approval by the city's Development Review Board (DRB), the applicant has established a Letter of Credit account. The documents have been prepared using legal documents prepared by the City Attorney. The amount included in this Letter of Credit account has been verified and meet the requirements of the DRB decision. The amount of the surety is: $ 108,471 The surety is required to be maintained until released by the City. Please complete and sign the enclosed three -party agreement authorizing the establishment of this Letter of Credit account. 575 Dorset Street South Burlington, VT 05403 tel 802.846.4106 fax 802.846.4101 www.sburl.com 0, —ho =1 I rial t,)o "Proudly serving Vermont communities since 1851" May 1, 2017 City of South Burlington South Burlington VT 05403 Re: Patrick Malone/Malone Dorset Street Properties, LLC Community National Bank is informing you of our intent to NOT RENEW Irrevocable Letter of Credit #1303952080 dated 10-01-2014 which is due to expire on August 26, 2017. Please ensure that any and all drafts are requested on or before this date. Please contact me with any questions. Sincerely Timothv B. Bronson Senior Vice President, Commercial Loan Officer 4811 US Route 5 Newport VT 05855 (802)334-7915 IRREVOCABLE LETTER OF CREDIT Borrower: MALONE DORSET STREET PROPERTIES LLC Lender: Community National Bank 122 GALLISON HILL ROAD Montpelier Branch MONTPELIER, VT 05602 95 State Street PO Box 1437 Montpelier , VT 05602-1437 (802) 223-0598 Beneficiary: CITY OF SOUTH BURLINGTON VERMONT 575 DORSET STREET S BURLINGTON, VT 05403 NO.: 1109874080 EXPIRATION DATE. This letter of credit shall expire upon the close of business on 09-01-2014 and all drafts and accompanying statements or documents must be presented to Lender on or before that time (the "Expiration Date"). AMOUNT OF CREDIT. Lender hereby establishes at the request and for the account of Borrower, an Irrevocable Letter of Credit in favor of Beneficiary for a sum of One Hundred Eight Thousand Four Hundred Seventy-one & 00/100 Dollars ($108,471.00) (the "Letter of Credit"). These funds shall be made available to Beneficiary upon Lender's receipt from Beneficiary of sight drafts drawn on Lender at Lender's address indicated above (or other such address that Lender may provide Beneficiary in writing) during regular business hours and accompanied by the signed written statements or documents indicated below. WARNING TO BENEFICIARY: PLEASE EXAMINE THIS LETTER OF CREDIT AT ONCE. IF YOU FEEL UNABLE TO MEET ANY OF ITS REQUIREMENTS, EITHER SINGLY OR TOGETHER, YOU SHOULD CONTACT BORROWER IMMEDIATELY TO SEE IF THE LETTER OF CREDIT CAN BE AMENDED. OTHERWISE, YOU WILL RISK LOSING PAYMENT UNDER THIS LETTER OF CREDIT FOR FAILURE TO COMPLY STRICTLY WITH ITS TERMS AS WRITTEN. DRAFT TERMS AND CONDITIONS. Lender shall honor drafts submitted by Beneficiary under the following terms and conditions: Upon Lender's honor of such drafts, Lender shall be fully discharged of Lender's obligations under this Letter of Credit and shall not be obligated to make any further payments under this Letter of Credit once the full amount of credit available under this Letter of Credit has been drawn. Beneficiary shall have no recourse against Lender for any amount paid under this Letter of Credit once Lender has honored any draft or other document which complies strictly with this Letter of Credit, and which on its face appears otherwise in order but which is signed, issued, or presented by a party or under the name of a party purporting to act for Beneficiary, purporting to claim through Beneficiary, or posing as Beneficiary without Beneficiary's authorization. By paying an amount demanded in accordance with this Letter of Credit, Lender makes no representation as to the correctness of the amount demanded and Lender shall not be liable to Beneficiary, or any other person, for any amount paid or disbursed for any reason whatsoever, including, without limitation, any nonapplication or misapplication by Beneficiary of the proceeds of such payment. By presenting upon Lender or a confirming bank, Beneficiary certifies that Beneficiary has not and will not present upon the other, unless and until Beneficiary meets with dishonor. Beneficiary promises to return to Lender any funds received by Beneficiary in excess of the Letter of Credit's maximum drawing amount. USE RESTRICTIONS. All drafts must be marked "DRAWN UNDER Community National Bank IRREVOCABLE LETTER OF CREDIT NO. 1109874080 DATED 08-26-2013," and the amount of each draft shall be marked on the draft. Only Beneficiary or Beneficiary's transferee may complete a draft and accompanying statements or documents required by this Letter of Credit and make a draw under this Letter of Credit. This original Letter of Credit must accompany any draft drawn hereunder. Partial draws are permitted under this Letter of Credit. Lender's honor of a partial draw shall correspondingly reduce the amount of credit available under this Letter of Credit. Following a partial draw, Lender shall return this original Letter of Credit to Beneficiary with the partial draw noted hereon; in the alternative, and in its sole discretion, Lender may issue a substitute Letter of Credit to Beneficiary in the amount shown above, less any partial drawls). PERMITTED TRANSFEREES. This Letter of Credit may be transferred by Beneficiary upon prior written notice to Lender of the transfer. The transferee shall be deemed the new Beneficiary of this Letter of Credit and the documents of the transferee, including drafts required under this Letter of Credit, will be processed by Lender (or any intermediary) without the original Beneficiary's intervention and without any further obligation of Lender to the original Beneficiary. TRANSFEREES REQUIRED DOCUMENTS. When the presenter is a permitted transferee under the "Permitted Transferees" paragraph above (the "Permitted Transferee"), the documents required for a draw shall include all documents required elsewhere in this Letter of Credit, except that such documents may be in the name of and executed by either the original Beneficiary or the presenter permitted by the "Permitted Transferees" paragraph above. COMPLIANCE BURDEN. Lender is not responsible for any impossibility or other difficulty in achieving strict compliance with the requirements of this Letter of Credit precisely as written. Beneficiary understands and acknowledges: (i) that unless and until the present wording of this Letter of Credit is amended with Lender's prior written consent, the burden of complying strictly with such wording remains solely upon Beneficiary, and 60 that Lender is relying upon the lack of such amendment as constituting Beneficiary's initial and continued approval of such wording. NON-SEVERABILITY. If any aspect of this Letter of Credit is ever declared unenforceable for any reason by any court or governmental body having jurisdiction, Lender's entire engagement under this Letter of Credit shall be deemed null and void ab initio, and both Lender and Beneficiary shall be restored to the position each would have occupied with all rights available as though this Letter of Credit had never occurred. This non-severability provision shall override all other provisions in this Letter of Credit, no matter where such provision appears within this Letter of Credit. GOVERNING LAW. This Agreement will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the State of Vermont without regard to its conflicts of law provisions, and except to the extent such laws are inconsistent with the 2007 Revision of the Uniform Customs and Practice for Documentary Credits of the International Chamber of Commerce, ICC Publication No. 600. This Agreement has been accepted by Lender in the State of Vermont. EXPIRATION. Lender hereby agrees with Beneficiary that drafts drawn under and in compliance with the terms of this Letter of Credit will be duly honored if presented to Lender on or before the Expiration Date unless otherwise provided for above. Dated: August 26, 2013 IRREVOCABLE LETTER OF CREDIT Loan No: 1109874080 (Continued) Page 2 LENDER COMMUNITY NATIONAL BANK By Officer ENDORSEMENT OF DRAFTS DRAWN: Amount Amount Date Negotiated By In Words In Figures LASER PRO Lending, V,r. 13.1.0.000 Cop,. H,r-d Fin—wl Solution,, Inc. 1997, 2013. All Ripllb R„ ,-d. - VT C:ILASERPR0ICFRLP1-IC43LOC.FC TR-29926 PR,116 Letter: of Credit Agrekment #I DrIvevay/ Roadway lmpro--w—ts LETTER OF CREDIT AGREEMENT Till-18. A."'.7REEMENT,. executed* in trip-lAcate between 14AWNE :DORSET- STREET PROPERTIES, LLC, hexeina,lErter re.ferrad: to 'as COD.24M11TY NATIOITAL, BANK, IneteinAfter r0ifer"ted. to &8. NIV', and the C-1-TY OF SOUTH BURLINGTON:, 4erein. att.er ref;erred to as. PAT-1,TY", WIT 31.%',E�S.S�ZTA: r a: 1,)lahn.ed. Un• it di�.ive'.-101D .-JAERE AS,. DEVE LOVER h�:S lilan and fii:!-.01 p3at approvai No:. date: �J, ly 17, 2013 from the. DIUNI"IPALI.TY"s. Develo ment R.evIlew. Board: for -the de-veopme-nt of a aui bdivsion t la-n and amen&nenof' d p i-ne:d- din".-J..'t .do*ve:1*()pmir-.-qw-.: by addlng two: buildln-qs dep icte-0 as %%proppsed Trad-er .rpel s - 12 :00 af Retail Foad Establialiment" and :sq6 bialilding consi:8�ting of 7,00'0. :sq. :ft:.. of tetall :restaurant use, and '?jO()O �.q:.. _Fft.. pf -gen+eral • tpo: -q,4e" withe rlated :im -rovements:o Zr;' -a de-velobullanit :�t 192,. 1-9.6j, 200, and 22:2 sttreet i-n Smith B.Lrlington., as: d 'pic..t.++ed on nd,. in, actord&n.:06 with the .8fo4:.rth 'nal plate enititle 8p0(-�!.ifitatibffs aS:- :,, curl.the f 311, cl j Pha.p`i.ng: P.la.no street: Rroperties-, FalUXI(A malone. Sheet Cl.. 10:?,' dated M-3Y 1' 2-013., , ptepAted by.' DC�Wbkl f th-4.i ri ee.*ri Atj lhto:rpqrc'�:�ed.,. and. r,(opkded: a:-t S I i. of the; 'Timild: Records: of the Clty of South 'Burl-ingiC..0h. (the 111,E*R�A8 :bEVEWPER is re.qqired by pald approvals, dt Its' owrl 0mr-d e t th& b6h._�--txti.c.tioxx. Ib the d eveLQp. ..at 'tit . acco,rdan-1148: with :th�. plarl-s approvej 3:� title DevelQpm4c"nt :Remlew Boo a. r. a, W-HER:-_-A:9 the pat4_.i.o$ :to the.. wi:'Sh to -establi-sh a .m e q - hanl;sm to :secure hp. qblig-Atlon-8:. :ol-ff. the DEVELOPER: f ot, the Work' as Set fatth bL-�-.lov'* and WREIIRMS, the BANK exemites: this. 7 gfee,0,8ftt: :8-blely i.n. the. daga-city i e.t of :.a Let: er of Cred- t hereir af t-�-r- -',,.�peblfit�d. -T'Ari., Z-'md O :heir p6r�?G-h igti��:�� f6llows: ht he NOW HERIFO ERiS5 t-b.". PA .1- D-EVpLivp2-Ek Will, at its. bw,n cb*vlet6 the piqtod on: the Pn I. V ..'at