HomeMy WebLinkAbout0000 Catkin Drive - Landscaping - 4/9/1999 (4)FIRST SAVINGS
Vermont National Bank OF NEW HAMPSHIRE
August 2, 1999
AMENDMENT FOR IRREVOCABLE
LETTER OF CREDIT #99-2104
MBL Associates, LLC
City of South Burlington
575 Dorset St.
South Burlington, VT 05403
Gentlemen:
We hereby amend our original Letter of Credit #99-2104 in your favor
as follows:
1. Increase existing Letter of Credit from $373,458.00 to $21,168.00.
All other terms and conditions remain the same as in the original Letter
Of Credit dated April 6, 1999.
Very truly yours,
VERMONT NATIONAL BANK
r
A" 6), -
By:
S elly Hain, Manager
P.O. Box 804 • Brattleboro, VT 05302-0804 • 802.257.7151 Phone
CITY OF SOUTH BURLINGTON
DEPARTMENT OF PLANNING & ZONING
575 DORSET STREET
SOUTH BURLINGTON, VERMONT 05403
(802) 846-4106
FAX (802) 846-4101
July 26, 1999
Michael A. Gingras, V.P.
Vermont National Bank
P.O. Box 804
Brattleboro, Vermont 05302
Re: Irrevocable Letter of Credit #99-2104 MBL Associates, LLC
Dear Mr. Gingras:
Please be advised that the City of South Burlington hereby authorizes the reduction in the above referenced
letter of credit from $373,458 to $21,168. Please forward anew letter of credit for the amount of $21,168.
If you have any questions, please give me a call.
Sincer
j.Belair,
Administrative Officer
RJB/mcp
L&115
440 SHUNPIKE RD. • WILLISTON, VT 05495
(802)864-0037
Dorset Farms, South Burlington
i l tee
UNIT
UNIT PRICE
TOTAL
Clearin & Grubbing
Erosion Control
L.S.
$1,700.00
$1,700.00
Stri &Stock ile Topsoil
L.S.
L.S.
$1,600.00
$10,360.00
$1,600.00
$10,360.00
Rou h Grading
"Sanita Sewer
L.S.
$27,790.00
$27,790.00
"Sewer Services
"
2714 L.F.
22 EA.
$19.50
$560.00
$52,923.00
$12,320.00
Sewer Services
Sanita Sewer Manholes
12 EA_
13 EA.
$495.00
$1,850.00
$5,940.00
4" P. E. Storm Drain
1240 L.F.
$28.00
$24,050.00
$34,720.00
18" SDR Storm Drain
360 L.F.
$21.00
$7,560.00
15" SDR Storm Drain
960 L.F.
$18.50
$17,760.00
36" Dia. Catch Basins
11 EA.
$1,380.00
$15,180.00
8" Dia. Catch Basins
7 EA.
$1,510.00
$10,570.00
,8" Dia. Storm Manholes
4 EA.
$1,750.00
$7,000.00
Underdrain
"
5150 L.F.
$7.15
$36,822.50
Footin Drain Services
"
34 EA.
$495.00
$16,830.00
Underdrain Cleanouts
6 EA.
$135.00
$810.00
8" D. I. Water Main
"
2630 L.F.
$18.80
$49,444.00
Gate Valves
H drants wNalves
5 EA.
$545.00
$2,725.00
3/4" Water Services
5 EA.
56 EA.
$1,900.00
$480.00
$9,500.00
$26,880.00
Stabilization Fabric
10440 S.Y.
$0.55
$5,742.00
,7" Plant Mix Gravel
7310 C.Y.
$7.75
$56,652.50
T e II As halt
1 " T
8640 S.Y.
$4.45
$38,448.00
III As halt
'Concrete Sidewalk
8640 S.Y.
2540 L.F.
$2.45
$13.00
$21,168.00
Concrete Curbs
5250 L.F.
$8.50
$33,020.00
$44,625.00
Topsoil, Seed within R.O.W.
2560 L.F.
$2.75
$7,040.00
Total Estimated Cost
$579,180.00
GZ3
Vermont National Bank
City of South Burlington
575 Dorset St.
South Burlington, Vermont 05403
Re: MBL Associates, LLC
Dear Sir/Madam:
April 6, 1999
Irrevocable Letter of Credit
#99-2104
We hereby authorize you to draw on Vermont National Bank, for the account of MBL
Associates, LLC of South Burlington, Vermont to an aggregate amount of Three
Hundred Seventy-three Thousand Four Hundred Fifty-eight Dollars and 25/100ths.
($373,458.25) U.S. Currency, available by your sight draft.
This Letter of Credit is valid until April 6, 2001. All drafts must bear the following
clause: "Drawn as per contract between MBL Associates, LLC and City of South
Burlington under Vermont National Bank Letter of Credit #99-2104" for road
improvements to Catkin Drive, South Burlington, VT. The drafts presented for
payment under this Letter of Credit must be accompanied by a letter from an authorized
agent of City of South Burlington (Municipality) stating that the Municipality has given,
MBL Associates, LLC (Developer) written notice of default of its performance
requirements under an agreement between the Municipality and the Developer, and that
said notice was delivered to the Developer at least 60 days in advance of the draft(s).
Documents must be delivered to the Vermont National Bank. P.O. Box 1308,
Burlington, Vermont 05402; drafts must be drawn and negotiated no later than April 6,
2001.
Unless otherwise expressly stated, this credit is subject to the Uniform Customs &
Practices for Commercial Documentary credits fixed by the International Chamber of
Commerce (1993 Revision), ICC Publication No. 500, and is governed by the Uniform
Commercial Code of Vermont, as from time to time amended.
P.O. Box 804, Brattleboro, VT 05302 802.257.7151 � Printed on recycled Paper
Page 2
City of South Burlington
575 Dorset St.
South Burlington, Vermont 05403
#99-2104
We hereby agree with the drawers and bona fide holders of drafts under and in
compliance with the terms of this credit that such drafts will be duly honored on due
presentation of the drawee.
Vermont National Bank
Michael Al Gingras
Vice President
ST-jMDTVT S T®N
LETTER O F C RE D T T AGREEMENT
THIS AGREEMENT, executed in triplipate between of IL ���
✓' L. S'c�. i� i eS
hereinafter
referred tQ as "DEVELOPER", of
hereinafter referred to as Bank', and
o c>- ) /� % -, , hereinafter referred to as
" TCIPALITY".
W I T N E S S E T H:
WHEREAS, Developer has received final subdivision approval
from the MUNICIPALITY'S Planning Commission for the development of
a subdivision consisting of — lots with related improvements,
in a development to be known as " i - �
", as depicted on
and in accordance with the specifications as set forth on Sheet
of on the final plat plan entitled
�."
Su �i its �< / /z� dated - prepared by
as recoraeci in BOOK pages
the Land Records of the City of South Burlington;
'W-d .RE'AS, DEVELOPER is rog„aired by said approval, at sts own
expense, to complete the construction of the development site in
accordance with the plan approved by the Planning Commission; and
WHEREAS, the parties to this Agreement wish to establish a
mecha.iism to secure the obligations of the DEVELOPER for the work
as net forth above; and
WHEREAS, the BANK executes this Agreement solely in the
capacity of issuer oA a Letter of Credit hereinafter specified;
NOW, THEREFORE, the parties hereby covenant and agree as
follows:
1. DEVELOPER will, at its own expense, complete the following
construction as depicted and In accordance with the specifications
set forth in said final plat and related documents:
6 e-
2. The Developer shall complete the improvements set forth in
Paragraph 1 no later than
1
3. DEVELOPER shall replace or repair any defective or
improper work or materials which may be recognized within one year
after completion of the improvements set forth in Paragraph 1. For
the purpose of this Agreement "completion" shall be deemed to have
occurred when the MUNICIPALITY has inspected and approved the
construction of all the improvements required by this Agreement and
issued written notice to the DEVELOPER that the construction is
complete.
4. For the guarantee of DEVELOPER's performance of all
requirements hereunder set forth, DEVELOPER has caused the BANK to
issue its Irrevocable Letter of Credit in favor of the
MUNICIPALITY, the original of which is attached to the
MUNICIPALITX's copy of this Agreement, and a copy of which is
attached to the DEVELOPER's copy of this Agreement. During the
term of this Agreement- DEVELOPER shall cause the attached Letter
of Credit to be renewed at least thirty (30) days before the
maturity date thereof. Failure of DEVELOPER to deliver evidence of
such renewal to MUNICIPALITY thirty (30) days prior to the date of
expiration of said Letter of Credit shall constitute a default of
the terms of this Agreement.
5. Said irrevocable Letter of Credit provides that the drafts
drawn under said credit, must be accompanied by a written statement
signed by a duly authorized agent of the .-''UNTCIPALITY, that in the
judgemer.v ::f the MUNICIPALITY, the DEVELOPER is in default under
t+ he terms of this Agreement, and that the funds to be drawn by the
draft are in payment for, or in anticipation of payment for
material&, labor and services required for completion of the
improvements identified in Paragraph 1. Payment of each draft will
be made at sight when presented to the BANK by the MUNICIPALITY,
the payment I.imited only by the aggregate amounts presented in
relationship to the maximum amount of the Letter of Credit. If
DEVELOPER ;'tall be in default of the Agreement for seven (7) days
because of its failure to provide evidence of renewal of the Letter
of Credit, required in paragraph 4 above, the MUNICIPALITY shall
notify DEVELOPER by certified mail of said default. DEVELOPER
shall then within three (3) business days provide MUNICIPALITY with
evidence of said renewal of Letter of Credit or MUNICIPALITY may
notify BANK of such default and request payment under said Letter
of Credit.
6. The DEVELOPER and MUNICIPALITY hereby agree that the sum
of ($�5? S 6. 5 ) shall be sufficient
to secure DEVELOPER's obligations under this Agreement but shall
not relieve DEVELOPER from the obligation to pay any additional
costs, if actual costs exceed the above -stated cost.
7. The MUNICIPALITY will promptly submit to the DEVELOPER a
copy of any draft it submits to the BANK. The consent of the
DEVELOPER to payment of said draft byy BANK to the MUNICIPALITY
under said Leer of Credit shall not be required.
2
8.'Th.e MUNICIPALITY shall not file with the BANK a Statement
of Default until ten (10) days after notice has been sent to the
DEVELOPER, by certified mail, setting forth its intention to do so.
9. All funds drawn, on the BANK by the MUNICIPALITY pursuant
to the Letter of Credit shall be used solely by the MUNICIPALITY
for the purpose of completing construction of the improvements
identified in Paragraph 1. Any work contracted for by the
MUNICIPALITY pursuant hereto shall be let on a contractual basis,
or on a time and material basis, or shall be performed by the
Mb'NICIPA..LIITY's own work force and equipment, or shall be
accomplished in such other manner as in the judgement of the
MUNICIPALITY shall accomplish the work more expeditiously and
economically.
10. If payments are drawn on the BANK by the MUNICIPALITY
pursuant to said Letter of Credit, and it shall later develop that
a portion of the monies drawn are in excess of the MUNICIPALITY'S
needs, any such excess amount shall be refunded by the MUNICIPALITY
to the BANK, to be credited by said BANK to the DEVELOPER.
11. This Agreement and said Letter of Credit shall terminate
and shall. be of no force and effect upon completion of the one year
warranty period as described in the above Paragraph 3. If the
MJIti1t.;IPAI,ITY has not deliverea any written notice to the DEVELOPER
of any defective or improper work or materials in the construction
of the improvements within the twelve (12) month period, or if
notice has been given and the defective work or materials have been
corrected by the DEVELOPER, the MUNICIPALITY shall forthwith notify
the BANK in writing that the Letter of Credit may be canceled, and
shall return the original Letter of Credit to the BANK, and both
the DEVELOPER and the BANK shall be released from all obligations
herei.,ndcr and under said Letter of Credit.
12. Upon request of DEVELOPER, but only at the sole
discretion of the MUNICIPALITY, the IMU'NICIPALITY may agree to
reduce the amount of said Letter of Credit required hereunder if
the MUNICIPALITY believes that the full amount of said Letter of
Credit is no longer necessary to protect its interest, and shall.
notify the BANK in writing of such reduction in the amount of the
Letter of Credit.
13. The BANK may not modify the Letter of Credit without
first receiving written consent of the MUNICIPALITY.
14. DEVELOPER hereby agrees to indemnify and hold BANK
harmless from all claims, causes of action or liability of any kind
arising out of this Agreement or the issuance by BANK of this
Letter of Credit, including attorney's fees, as long as BANK
follows the terms and conditions outlined in said Letter. of Credit.
3
15. This Agreement shall be binding on all parties hereto and
their respective heirs, executors, administrators, successors and
assigns.
zll__� ted at G 55l -% Vermont, this day of
� , 199 .
IN THE PRESENCE F:
By:
Duly Authorized Agent
(DEVELOPER)
ated at ,
T , 199
IN PRE ENCE OF:
Vermont, this day of
Duly A, orized �'Agent
(BANK)
Daft d at, Vermont, this day ofl
Jr
IN PRESENC- OF:
By: — -
Duly Authorized Agent
(MUNICIPALITY)
4