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HomeMy WebLinkAbout1840 Spear Street - Landscaping - 2/7/2008r i�g ,, "Al southburhn ton PLANNING & ZONING January 3, 2011 Michelle Holgate South Main Street Development, LLC 70 South Winooski Avenue Burlington, VT 05401 Re: Escrow Release, Union Bank LOCs #112107.01 & #020708.01 Dear Ms. Holgate: Please be advised that the City of South Burlington hereby releases you from the obligation of maintaining the above referenced Irrevocable Standby Letters of Credit held by the Union Bank. Should you have any questions, please feel free to contact me. M Administrative Officer 575 Dorset Street South Burlington, VT 05403 tel 802.846.4106 fax 802.846.4101 www.sburl.com IRREVOCABLE STANDBY LETTER OF CREDIT ISSUER: UNION BANK PO BOX 667 20 LOWER MAIN STREET nAnDDIC1111 I C VT nrapi _nPa7 Date of Issue: 02-07-2008 Letter of Credit Number: 020708 01 — Amount: U.S. $ 29 100.00 ( TWENTY NINE THOUSAND ONE HUNDRED AND NO1100 U.S. DOLLARS) For Benefit Of: For Account Of: Beneficiary Name and Address Applicant Name and Address CITY OF SOUTH BURLINGTON SOUTH MAIN STREET DEVELOPMENT, LLC ATTN: RAY BELAIR, ZONING ADMINISTRATOR, 575 DORSET STREET, 70 SOUTH WINOOSKI AVENUE SOUTH BURLINGTON, VT 05403 BURLINGTON, VT 05401 LETTER OF CREDIT. Issuer establishes this Irrevocable Standby Letter of Credit (Letter of Credit) in favor of Beneficiary in the amount indicated above. Beneficiary may draw on this Letter of Credit with a Draft (or Drafts, if the maximum number of drawings is greater than one) together with the documents described below. Each Draft shall be signed on behalf of Beneficiary and be marked "Drawn under [Issuer name] Letter of Credit No. [Letter of Credit number] dated [Letter of Credit date]." Drafts must be presented at Issuer's address shown above on or before the Expiration Date. The presentation of any Draft shall reduce the Amount available under this Letter of Credit by the amount of the Draft. This Letter of Credit sets forth in full the terms of Issuer's obligation to Beneficiary. This obligation cannot be modified by any reference in this Letter of Credit, or any document to which this Letter of Credit may be related. This Letter of Credit expires on the Expiration Date. DRAWINGS. ❑ Partial drawings shall not be permitted under this Letter of Credit. ® Partial drawings are permitted. The maximum number of drawings that may be made is OPEN DOCUMENTS. Each Draft must be accompanied by the following, an original and two copies except as stated: ❑ The original Letter of Credit, together with any amendments. ® A sight draft drawn by Beneficiary on Issuer. ® A signed statement by Beneficiary including the following statement: IN THE JUDGMENT OF THE MUNICIPALITY, THE DEVELOPER IS IN DEFAULT UNDER THE TERMS OF THE EXECUTED SUBDIVISION LETTER OF ® Other documents: SUBDIVISION LETTER OF CREDIT AGREEMENT BETWEEN CREDIT AGREEMENT ATTACHEHED HERETO AND MADE A PART HEREOF. SOUTH VILLAGE COMMUNITIES, LLC (DEVELOPER), UNION BANK, AND THE CITY OF SOUTH BURLINGTON. Issuer shall be entitled to accept a draft and the documentation described above, as required by the terms of this Letter of Credit, from any person purporting to be an authorized officer or representative of Beneficiary without any obligation or duty on the part of Issuer to verify the identity or authority of the person presenting the draft and such documentation. SPECIAL INSTRUCTIONS: EACH DRAWING MUST BE MARKED "DRAWN UNDER STANDBY LETTER OF CREDIT NUMBER 020708.01 DATED FEBRUARY 7, 2008. Irrevocable Standby Letter of Credit VMP 1 Bankers SystemsT^A Wolters Kluwer Financial Services (c) 2001, 2007 LC -STANDBY 6/21/2007 VMPC612 (07061.00 Initials: Page 1 of 2 EXPIRATION DATE. This Letter of Credit expires at the close of business at Issuer's address at 5:00 P.M. (Time) on 02.07.2012 (Date). Issuer agrees to honor all Drafts presented in strict compliance with the provisions of this Letter of Credit on or before the Expiration Date. ❑ If Beneficiary has not drawn the full amount of this Letter of Credit prior to the Expiration Date, the Expiration Date shall be extended for a period of days from the Expiration Date, unless Issuer notifies Beneficiary in writing at least days prior to the Expiration Date that Issuer elects not to extend this Letter of Credit. In any event, this Letter of Credit shall expire on without any notice from Issuer to Beneficiary. TRANSFERABILITY. This Letter of Credit is ❑ transferable X non -transferable. APPLICABLE LAW. This Letter of Credit shall be governed by: X the Uniform Customs and Practice for Documentary Credits, 2006 Revision, International Chamber of Commerce Publication No. 600 (UCP), or any later version or amendment. ❑ the International Standby Practices 1998 (ISP98). This Letter of Credit shall also be governed by the laws of VERMONT the United States of America, so long as such laws are not inconsistent with the UCP or ISP, as applicable. UNION BANK (Issuer Name) By (Signature) DAVID S SILVERMAN, SR VP (Signer Name and Title) (Date) 1-7—Zovjo Irrevocable Standby Letter of Credit LC -STANDBY 6/21 /2007 VMP'tD Bankers SystemsTM VMPC612 107061.00 Wolters Kluwer Financial Services © 2001, 2007 Initials: Page 2 of 2 IRREVOCABLE STANDBY LETTER OF CREDIT ISSU1~R. UNION BANK r PO BOX 667 20 LOWER MAIN STREET MORRISVILLE, VT 05661-0667 Date of Issue:11.21-2007 Letter of Credit Number: Amount: U.S. $ 181,795.00 ( ONE HUNDRED EIGHTY ONE THOUSAND SEVEN HUNDRED NINETY FIVE AND NO/ uU.S. DOLLARS) For Benefit Of: Beneficiary Name and Address For Account Of: Applicant Name and Address CITY OF SOUTH BURLINGTON SOUTH MAIN STREET DEVELOPMENT, LLC ATTN: RAY BELAIR, ZONING ADMINISTRATOR, 575 DORSET STREET, SOUTH BURLINGTON, 70 SOUTH WINOOSKI AVENUE VT 05403 BURLINGTON, VT 05401 LETTER OF CREDIT. Issuer establishes this Irrevocable Standby Letter of Credit (Letter of Credit) in favor of Beneficiary in the amount indicated above. Beneficiary may draw on this Letter of Credit with a Draft (or Drafts, if the maximum number of drawings is greater than one) together with the documents described below. Each Draft shall be signed on behalf of Beneficiary and be marked "Drawn under [Issuer name] Letter of Credit No. [Letter of Credit number] dated [Letter of Credit date]." Drafts must be presented at Issuer's address shown above on or before the Expiration Date. The presentation of any Draft shall reduce the Amount available under this Letter of Credit by the amount of the Draft. This Letter of Credit sets forth in full the terms of Issuer's obligation to Beneficiary. This obligation cannot be modified by any reference in this Letter of Credit, or any document to which this Letter of Credit may be related. This Letter of Credit expires on the Expiration Date. DRAWINGS. ❑ Partial drawings shall not be permitted under this Letter of Credit. M Partial drawings are permitted. The maximum number of drawings that may be made is OPEN DOCUMENTS. Each Draft must be accompanied by the following, an original and two copies except as stated: ❑ The original Letter of Credit, together with any amendments. M A sight draft drawn by Beneficiary on Issuer. M A signed statement by Beneficiary including the following statement: IN THE JUDGMENT OF THE MUNICIPALITY, THE DEVELOPER IS IN DEFAULT UNDER THE TERMS OF THE EXECUTED SUBDIVISION LETTER OF CREDIT AGREEMENT ATTACHEHED M Other documents: SUBDIVISION LETTER OF CREDIT AGREEMENT BETWEEN SOUTH HERETO AND MADE A PART HEREOF. VILLAGE COMMUNITIES, LLC (DEVELOPER), UNION BANK, AND THE CITY OF SOUTH BURLINGTON. Issuer shall be entitled to accept a draft and the documentation described above, as required by the terms of this Letter of Credit, from any person purporting to be an authorized officer or representative of Beneficiary without any obligation or duty on the part of Issuer to verify the identity or authority of the person presenting the draft and such documentation. SPECIAL INSTRUCTIONS: EACH DRAWING MUST BE MARKED "DRAWN UNDER STANDBY LETTER OF CREDIT NUMBER 112107.01 DATED NOVEMBER 21. 2007. Irrevocable Standby Letter of Credit VMPTI Bankers SystemsTM Wolters Kluwer Financial Services E} 2001, 2007 LC -STANDBY 6/21/2007 VMPC612 (0706).00 Initials: Page 1 of 2 4 EXPIRATION DATE. This Letter of Credit expires at the close of business at Issuer's address at 5:00 P.M. (Time) on 12-01-2011 (Date). Issuer agrees to honor all Drafts presented in strict compliance with the provisions of this Letter of Credit on or before the Expiration Date. ❑ If Beneficiary has not drawn the full amount of this Letter of Credit prior to the Expiration Date, the Expiration Date shall be extended for a period of days from the Expiration Date, unless Issuer notifies Beneficiary in writing at least days prior to the Expiration Date that Issuer elects not to extend this Letter of Credit. In any event, this Letter of Credit shall expire on without any notice from Issuer to Beneficiary. _TRANSFERABILITY. This Letter of Credit is ❑ transferable ® non -transferable. APPLICABLE LAW. This Letter of Credit shall be governed by: ® the Uniform Customs and Practice for Documentary Credits, 2006 Revision, International Chamber of Commerce Publication No. 600 (UCP), or any, later version or amendment. D the International Standby Practices 1998 (ISP98). This Letter of Credit shall also be governed by the laws of VERMONT the United States of America, so long as such laws are not inconsistent with the UCP or ISP, as applicable. UNION BANK (Issuer Name) By_ AY 9- Z- h z,-1cp (Signature) (Date) DAVID S SILVERMAN, SR VP (Signer Name and Title) Irrevocable Standby Letter of Credit VMP@ Bankers SystemsTM Wolters Kluwer Financial Services r, 2001, 2007 LC -STANDBY 6/21/2007 VMPC612 (0706).00 Initials: Page 2 of 2