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HomeMy WebLinkAboutLetter of CreditBANK OF TEXAS IRREVOCABLE STANDBY LETTER OF CREDIT BOK06SDPO1629 ISSUED IN TULSA, OKLAHOMA ON 12/21/06 BENEFICIARY: CITY OF COLLEGE STATION, ATTN: DIRECTOR OF DEVELOPMENT SERVICES, 1101 TEXAS AVENUE COLLEGE STATION, TEXAS 77840 APPLICANT: LONE STAR - COLLEGE STATION GOLF ACADEMY, LTD 8 GREENWAY PLAZA, STE 702 HOUSTON, TX 77048 DATE AND PLACE OF EXPIRY: 12/21/07 TULSA AMOUNT: 370,471.00 USD USD three hundred seventy thousand four hundred seventy one and no cents THIS LETTER OF CREDIT IS ISSUED IN REFERENCE TO SUBDIVISION/PROJECT LOCATION LOT 2C, HORSE HAVEN ESTATES, AS DEPICTED ON THE VACATING AND FINAL PLAT, EXHIBIT 'A' OF THE PURCHASE AND SALE AGREEMENT. WE HEREBY ISSUE IN YOUR FAVOR THIS IRREVOCABLE STANDBY LETTER OF CREDIT AVAILABLE BY YOUR SIGHT DRAFT(S) ON BANK OF TEXAS, N.A., ACCOMPANIED BY THE FOLLOWING: BENEFICIARY'S WRITTEN STATEMENT, PURPORTEDLY SIGNED BY AN AUTHORIZED REPRESENTATIVE OF <BENEFICIARY>, READING AS FOLLOWS: 'I, ....... THE UNDERSIGNED, AN AUTHORIZED REPRESENTATIVE OF <BENEFICIARY>, DO HEREBY CERTIFY THAT <APPLICANT> HAS DEFAULTED AND FAILED TO COMPLETE THE DESIGN, PERFORMANCE AND CONSTRUCTION OF THE WATER, SANITARY SEWER, STORM SEWER, STREET IMPROVEMENTS, AND OTHER REQUIRED INFRASTURCTURE IN LOT2C HORSE HAVEN ESTATES, IN ACCORDANCE WITH CHAPTER 9 OF THE CODE OF ORDINANCES OF THE CITY OF COLLEGE STATION, TEXAS; AND THE PROCEEDS FROM THIS LETTER OF CREDIT WILL BE UTILIZED BY THE CITY OF COLLEGE STATION, TEXAS TO COMPLETE SUCH CONSTRUCTION.' SPECIAL CONDITIONS: THIS LETTER OF CREDIT EXPIRES AT 4:00 P.M., ON THE STATED EXPIRATION DATE, AT THE OFFICE OF BANK OF TEXAS, N.A., INTERNATIONAL BANKING CENTER, LOCATED AT BANK OF OKLAHOMA, N.A., ONE WILLIAMS CENTER, 15TH FLOOR SOUTH, TULSA, OKLAHOMA, 74172. PARTIAL AND MULTIPLE DRAWINGS ARE PERMITTED. DRAFT(S) DRAWN AND NEGOTIATED UNDER THIS LETTER OF CREDIT MUST BE ENDORSED HEREON AND BEAR THE CLAUSE 'DRAWN UNDER BANK OF TEXAS, N.A., LETTER OF CREDIT NUMBER <ABOVE> DATED_<ABOVE>.' THIS ORIGINAL LETTER OF CREDIT AND ALL AMENDMENTS THERETO MUST BE SUBMITTED TO US TOGETHER WITH ANY DRAWINGS HEREUNDER FOR OUR ENDORSEMENT OF ANY PAYMENTS EFFECTED BY US. BANK OF TEXAS EXCEPT SO FAR AS OTHERWISE EXPRESSLY STATED, THIS LETTER OF CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS (1993 REVISION) ICC PUBLICATION NO. 500. WE HEREBY ENGAGE WITH YOU THAT DRAFTS AND DOCUMENTS DRAWN STRICTLY IN COMPLIANCE WITH THE TERMS OF THIS CREDIT AND AMENDMENTS SHALL MEET WITH DUE HONOR UPON PRESENTATION TO US. PRO D ASPiIGNATURE SUED THORIZED BANK OF TEXASID INTERNATIONAL BANKING CENTER ONE WILLIAMS CENTER, 15TH FLOOR TULSA, OK 74172 USA 12/21/06 BENEFICIARY: CITY OF COLLEGE STATION, ATTN: DIRECTOR OF DEVELOPMENT SERVICES, 1101 TEXAS AVENUE COLLEGE STATION, TEXAS 77840 LETTER OF CREDIT NUMBER: BOK06SDPO1629 APPLICANT: LONE STAR - COLLEGE STATION GOLF AMOUNT: 370,471.00 USD EXPIRATION: 12/21/07 AT THE REQUEST OF THE APPLICANT WE HAVE ISSUED OUR IRREVOCABLE STANDBY LETTER OF CREDIT REFERENCED ABOVE; THE ORIGINAL IS HEREBY ATTACHED. IF THE TERMS OF THE LETTER OF CREDIT ARE UNSATISFACTORY, WE SUGGEST YOU IMMEDIATELY COMMUNICATE WITH THE APPLICANT AND REQUEST THE APPROPRIATE AMENDMENT. INQUIRIES DIRECTED TO OUR OFFICE MAY BE MADE TO TELEPHONE +1 (918) 588-6601 OR TO FAX +1 (918) 588-6026. PLEASE SEND ALL CORRESPONDENCE DIRECTED TO OUR OFFICE TO THE ABOVE MENTIONED ADDRESS. IF PRIOR TO THE EXPIRATION DATE, THE APPLICANT'S OBLIGATION WITH YOU HAS BEEN COMPLETED AND YOU NO LONGER AVAIL YOURSELF OF OUR LETTER OF CREDIT, WE KINDLY ASK YOU TO RETURN THE ORIGINAL LETTER OF CREDIT AND ALL AMENDMENTS ALONG WITH A LETTER GIVING US YOUR CONSENT TO CLOSE THE LETTER OF CREDIT SO THAT THE APPLICANT'S LIABILITY WITH THE BANK IS RELEASED.