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Home My WebLink About0000 Economou Farm Road - Landscaping - 7/17/2001r J,A 1 July 19, 2001 City of So. Burlington 575 Dorset Street So. Burlington, VT 05403 Re: Irrevocable Standby Letter of Credit 410018 Fairway Estates Development Corporation PO Box 907 Williston, VT 05403 Dear Beneficiary: We hereby establish our Irrevocable Standby Letter of Credit #10018 in favor of City of So. Burlington for the account of Fairway Estates Development Corporation up to an aggregate amount of $35,675.00 available by your draft or drafts on us at sight accompanied by: 1.) the original Letter of Credit and all amendments, if any, 2.) a written statement signed by an authorized officer of City of So. Burlington that these funds are due you under the terms of your agreement with Fairway Estates Development Corporation, accompanied by 3.) a current secretary certificate or resolution from City of So. Burlington that the officer is authorized to sign on behalf of City of So. Burlington. If your demand represents a partial drawing hereunder, we will endorse the original credit and return same to you for possible future claims. If, however, your demand represents a full drawing, or if such drawing is presented on the day of the relevant expiration date hereof, we will hold the original for our files and remove same from circulation. All drafts must be marked under Letter of Credit #10018. 1 Two Burlington Square • P.O. Box 820 • Burlington, Vermont • 05402-0820. 802-658-4000 We engage with you that all drafts drawn under and in compliance with the terms and conditions of this credit will be duly honored on delivery of documents as specified if presented at this office on or before July 18, 2004. Except so far as otherwise expressly stated, this credit is subject to the "Uniform Customs and Practice for Documentary Credits (1993 Revision), International Chamber of Commerce Publication #500." Very truly yours, Debra E. Cross Vice President 2 Two Burlington Square. P.O. Box 820• Burlington, Vermont• 05402-0820. 802-658-4000 SUBOMS1ON BOND KNOW ALL MEN BY THESE PRESENTS, T H.=,T, W=J • A • McDonald, Inc. of T,vndon Center, Vermont as Principal, and Acadia Insurance Co. of Westbrook, Maine as Surety, are jointly and severally bound unto City of South Burlington cf the State of Vermont , in the sum OtTwenty-seven thousand eight hundred and ninety------------- Doilars, for which payment well and truly to tie Mader we jointly and severally bind ourselves, our heirs, executors, administrators, sucz.,esscr s and assigns, fir-mly by these pr-esen+--. SIGNED AND SEALS THIS 17TH day of July 2001 THE CONDITION OF THIS OBLIGATION IS SUCH THAT: WHEREAS, the Prir4al herein has made application to the City of South Burlington, Vermont end hajreceived approval of a Subdivision Plat, of certain property located in thelty o South Burlington, Vermont woktk kkew") Old ,and entitledRrnnomea i Drive at Vprmnnt National Golf Course NOW, THEREFORE, if the Principal shall hereafter complete the improvements as specified on said Plat, then this obligation shall be void, otherwise to remain in full force and effec*,. Landscaping IN W'I NESS WHEREOF, the said Principal and Surety have caused these presents to be signed and their seals affixed her -aunto this 17TH :ay ;f July 2001 Witness: -- J. A. McDonald, Inc. P CIPA , A;-n e-'i Acadia Insurance Company i .S_ SUPS BY: Attorney -In -Fact 13 ==a LIMITED POWER OF ATTORNEY POA #5061-3 Acadia Insurance Company Westbrook, Maine WARNING: THIS POWER INVALID IF NOT PRINTED ON GREEN BACKGROUND WITH GREEN BORDER KNOW ALL MEN BY THESE PRESENTS: that Acadia Insurance Company, a corporation organized under the laws of the State of Maine, having its principal office in the City of Westbrook, Maine (the "Company"), does Hereby make, constitute and appoint Ernest H. Bancroft, Jr., Suzanne V. Kwiatkowski, Jonathon P. Shea and Steven M. Shea of Barre, Vermont individually, its true and lawful Attorney -in -Fact, with the power and authority hereby conferred, to sign, execute, acknowledge and deliver for and on its belialf, as surety, any and all bonds, recognizances, stipulations, and suretyship undertakings and obligations of all kinds, excluding, however, any bonds or undertakings guaranteeing payment of loans, notes or other evidences of indebtedness or the interest thereon; provided, however, that the authority granted hereunder is expressly made subject to the following limitations: Single Obligation Limit: Unlimited Types of bonds, recognizances stipulations and undertakings excluded; None Acadia Insurance Company further certifies that this Power of Attorney is granted and is executed and sealed under and by authority of the following resolutions adopted by the Board of Directors of Acadia Insurance Company at a meeting duly called and held on the Ist day of December 1993, to wit: RESOLVED: That any one of the president, executive vice president or vice president, underwriting may appoint attorneys -in -fact or agents with authority as defined or limited in the instrument evidencing the appointment in each case, for and on behalf of the Company to execute anddeliver and affix the seal of the Company to bonds, stipulations, recngnizances and suretyahip uude,lakings and obli_anons of all kinds, ts, and an} nue of said chic— may remove any such attorney -in -fact or agent and revoke any power of attorney previously granted to such person, whether or not such officer appointed the attorney -in -fact or agent. That any bond, recognizance, stipulation or suretyship, undertaking or obligation shall be valid and binding upon the Company, RESOLVED: (i) when signed by any one of the president, executive vice president or vice president, underwriting and sealed with the Company seak. or (ii) when duly executed and sealed with the Company seal by one or more attorneys -in -fact or agents pursuant to and within the limits of authority evidenced by the power of attorney issued by the Company to such person or persons; a certified copy of which power of attorney must be attached thereto in order for such obligation to be binding upon the Company. RESOLVED: That the signature of any authorized officer and the seal of the Company may be affixed by facsimile to any power of attorney or certification thereof authorizing the execution and delivery of any bond, undertaking, recognizance, or other suretyship obligations of the Company and such signature and seal then so used shall have the same farce and effect as though manually affixed. IN WITNESS WHEREOF, Acadia Insurance Company has caused its corporate seal to be hereunto affixed and these presents to be duly executed by its duty authorized offrcei-as of the 14th day of August, 2000. "` 01111111111111///p///Z Acadia Insurance Company .` SURANCF (Corporate Seal) STATE OF-MAINE CUMBERLAND COUNTY i • � 992 •. MA 10" �• 111111`` By William C. Thornton, Its President nnllnun On this day, before the undersigned, a Notary Public in and for said District, personally appeared the above named officer of Acadia Insurance Company, to nre personally known to be the individual and officer who executed the preceding instrument, arid acknowledged the execution of said instrument to be the voluntary act and deed of the Acadia Insurance Conrpanv and his voluntary act and deed as an officer of said corporation, and that the seal of said corporation was affixed to said instrument by the authority and direction of the said corporation. Witness my hand and my Notarial Seal at Westbrook; Maine, the day and year last written above. (Notary Seal) LINDA CLARK NOTARY PUBLIC, MAINE MY COMMISSION EXPIRES JULY 14, 2004 Notary Public -- CERTIFICATE The undersigned, being the Attomey-in-Fact identified in the foregoing Limited Power of Attorney does hereby certify that the original Power of Attorney, of which the foregoing is a full, true and correct copy, is in fill force and effect as of the date hereof. In witness whereof, l have hereunto subscribed my name in such capacity this 1 7TUay of July 2001 Y r [.'Z j✓ �—� � � 'r iZ Lip' �2 5-- Attorney-in-F ct 6 +1 (Corporate Seal) I-