HomeMy WebLinkAbout0000 Cider Mill Drive - Landscaping - 1/6/2006January 6, 2006
City of South Burlington
Attn: Ray Belair
575 Dorset Street
South Burlington, VT 05403
Re: Irrevocable Standby Letter
Dorset Street Associates,
25 Pinecrest Drive
Essex Junction, VT 05452
Dear Beneficiary:
of Credit #1116312
LLC
We hereby establish our Irrevocable Standby Letter of
Credit #1116312 in favor of the City of South Burlington for the
account of Dorset Street Associates, LLC up to an aggregate
amount of $151,580.00 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
the City of South Burlington that these funds are due you
under the terms of your agreement with Dorset Street
Associates, LLC, accompanied by
3.) a current secretary certificate nr .resolut-. i on from that
the officer is authorized to sign on behalf of the City of
South 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.
Two Burlington Square P.O. Box 820 Burlington, Vermont 05402 802-658-4000 www.chittenden.com
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All drafts must be marked under Letter of Credit #11-15312.
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 January 11, 2009.
Except so far as otherwise expressly stated, this credit is
subject to the "International Standby Practices ISP 98 (1998
Revision), International Chamber of Commerce Publication #590"
Very truly yours,
Debra E. Cross
Vice President
Two Burlington Square P.O. Box 820 Burlington, Vermont 05402 802-658-4000 www.chittenden.com