HomeMy WebLinkAbout2005-04-18 S & C Bank LOC #07198216BENEFICIARY: CITY OF OAK PARK HEIGHTS
WASHINGTON COUNTY MN
STILLWATER MN 55082
IRREVOCABLE .NDBY LETTER OF CREDIT
(BOXES h.. , .:NECKED ARE INAPPLICABLE.)
S &C BANK
5795 MORNING DOVE AVENUE N
STILLWATER MN 55082
(NAME AND ADDRESS OF ISSUING BANK)
SPECIAL INSTRUCTIONS:
ALL BANKING CHARGES OTHER THAN ISSUING BANK'S ARE FOR BENEFICIARY'S ACCOUNT.
PARTIAL DRAWINGS ARE Z PERMITTED ❑ NOT PERMITTED.
LEI I ER OF CREDIT NO.: 07198216
APRIL 18, 2005 S &C BANK
DATE NAME OF BAN
BY:
R S TT OHNSON, P • - IDENT
SA-.0 Bank version 02/13/C4
WE HEREBY AUTHORIZE YOU TO DRAW ON US FOR THE ACCOUNT OF FOX HOLLOW EAST, LLC UP TO AN AGGREGATE AMOUNT
OF THREE HUNDRED SEVENTEEN THOUSAND ONE HUNDRED SEVENTY - FIVE AND NO /100 DOLLARS ($317,175.00)
AVAILABLE BY YOUR DRAFTS AT SIGHT TO BE ACCOMPANIED BY THE FOLLOWING:
DRAFTS ON US AT SIGHT MUST BE ACCOMPANIED BY A BENEFICIARY'S SIGNED STATEMENT
(PURPORTEDLY SIGNED BY AN AUTHORIZED SIGNER OF THE CITY OF OAK PARK HEIGHTS) ALONG WITH
A COPY OF THIS LETTER OF CREDIT NO. 07198216 IN ONE OF THE FOLLOWING FORMS:
1, FAILURE TO COMPLY WITH DEVELOPMENT AGREEMENT RELATED TO FOX HOLLOW EAST, LLC PLANNED
UNIT DEVELOPMENT. FOX HOLLOW EAST, LLC HAS EITHER NOT COMPLETED A PUBLIC IMPROVEMENT OR
REPAIRED DEFECTIVE PUBLIC IMPROVEMENT PURSUANT TO A DEVELOPER'S AGREEMENT WITH THE CITY
OF OAK PARK HEIGHTS OR THAT FOX HOLLOW EAST, LLC IS OTHERWISE IN DEFAULT UNDER THE TERMS
OF THAT DEVELOPER'S AGREEMENT.
ALL DRAFTS MUST BE MARKED "DRAWN UNDER LETTER OF CREDIT OF S &C BANK (ISSUING BANK) NO. 07198216 DATED APRIL 18,
2005 ".
THIS CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS (REVISION IN EFFECT AT THE
TIME OF THE ISSUANCE OF THE CREDIT), INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO 500. WE AGREE WITH YOU
TO PAY DRAFTS) DRAWN UNDER AND IN COMPLIANCE WITH THE TERMS OF THIS CREDIT IF PRESENTED AT THIS OFFICE
TOGETHER WITH THIS LETTER OF CREDIT ON OR BEFORE THE CLOSE OF OUR BUSINESS ON APRIL 18, 2006.