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HomeMy WebLinkAboutLetter of Credit ^ I 10. w 41 44. PROSPERITY BANK' IRREVOCABLE LETTER OF CREDIT DATE: 08/20/2015 TO BENEFICIARY: City of College Station Attention: Director of Development Services 1101 Texas Avenue College Station, Texas 77840 IRREVOCABLE LETTER OF CREDIT NO.:2028 ISSUE DATE: 12:00 Noon Central Standard Time,08/20/2015 ISSUING BANK: Prosperity Bank,4631 NW 23`d St.,Oklahoma City,OK 73127 EXPIRATION DATE: 12:00 Noon Central Standard Time,08/18/2016,or upon the completion and final payment to all contractors,whichever occurs first. LOCATION OF PROJECT: 2200 Cottage Ln,College Station,TX 77801 AMOUNT: Eight Hundred Eighty Eight Thousand Nine Hundred Ninety and 00/100 U.S. DOLLARS(US$888,990.00) ACCOUNT OF: Holleman-College Station, LP,(herein"DEVELOPER") 15151 Surveyor Blvd.Suite A Addison,TX 75001 GENERAL TERMS&CONDITIONS: The Issuing Bank set out above hereby issues its IRREVOCABLE LETTER OF CREDIT NO.2028 in favor of the CITY OF COLLEGE STATION,TEXAS, in accordance with CHAPTER 5,V.T.C.A.TEXAS BUSINESS AND COMMERCE CODE as varied y and pursuant to the CITY OF COLLEGE STATION UNIFIED DEVELOPMENT ORDINANCE for the Account of DEVELOPER for an aggregate amount of up to Eight Hundred Eighty Eight Thousand Nine Hundred Ninety and 00/100 U.S. DOLLARS(US$888,990.00). This amount is available by your draft(s)payable at sight when accompanied by the following: I. Sworn Statement by a duly authorized representative of the City of College Station,Texas,stating that Developer(s)has/have defaulted and failed to complete the performance and construction of the improvements described below in accordance with the UNIFIED DEVELOPMENT ORDINANCE of the CITY OF COLLEGE STATION,Texas,and that the proceeds from this Letter of Credit will either be utilized by the City of College Station,Texas,to complete such construction or will be returned by the City of College Station to the Issuing Bank. List of Improvements to be performed A. Market at Holleman Drive Intersection Improvements B. FM2818 at Holleman Drive Intersection Southside Improvements C. FM281 8 at Holleman Drive Intersection Northside Improvements 23rd StreM csbl(t BunkiVOO"l@tizr • 4631 N.W.23rd Street • Oklahoma City,Oklahoma 73127 • 405-943-8411 • Fax:405-945-8121 Member FDIC website:www.prosperitybankusa.com email:23rdst-okcbankingcenter@prosperitybankusa.com I R SPECIAL TERMS&CONDITIONS: I. MI banking fees/expenses/charges incurred are for the account of Developer. The City of College Station is not responsible for any charges in connection with a drawing under this Letter of Credit. This Letter of Credit is issued in conjunction with the development of Developer in the City of College Station,Texas,specifically for the following: To guarantee the payment and performance of the proposed construction improvements to provide Traffic Mitigation Design Services for Holleman Village (formerly known as the CRED Community Apartments) project located at 2200 Cottage Ln. College Station, TX, a proposed subdivision in the City of College Station, Texas, for a period not to exceed one (1) year from the date hereof. 2, Disbursements pursuant to this Letter of Credit will never exceed the above-stated amount,less any amount released by the City of College Station,Texas, The amount of credit under this Letter of Credit may be reduced upon approval and acceptance by the City of College Station of completed improvements, which reduction may only be made with the written authorization of the Director of Planning and Development Services of the City of College Station. 3; In accordance with SECTION 5.106 of the TEXAS BUSINESS AND COMMERCE CODE, this Letter of Credit may be modified, upon the execution and delivery to Issuer of a sworn statement giving consent to modification by the Director of Planning and Development Services of the City of College Station. 4. The Issuer of this Letter of Credit has caused this Letter to be signed by the undersigned officer who has attached proof of his authorization to sign, together with attestation by Issuer's authorized attesting officer and sealed with the seal of Issuer. ISSUER: Prosperity Bank BY: (A titir34INL Aimee L. Mauk,Vice President f ,A. � Attested By �rtie STATE OF OKLAHOMA * * COUNTY OF OKLAHOMA * This instrument was acknowledged before me on August 20''', 2015, Aimee L. Mauk, Vice President, the authorized officer of Prosperity Bank, Issuer, a Texas Banking Corporation, on behalf of said Banking Corporation and in the capacity stated. % OfFICIAL SEAL �!i...,,,,5-.,,,e,w la1d1 s _ *, , JARMO HOBSON ,otary Public State of Oklahoma '' 1, NOTARY PUBLIC OKLAHOMA COMIAISSION N 11006961 f•' EI(P1RES SEPTEMBER 30,2015 '` OKLAHOMA COCOUNTY Prepared by: Klaw 8/20/2015 • 63 lis 10 v4,,`v PROSPERITY BANK® Amendment to Irrevocable Letter of Credit No. 2028 August 24, 2015 City of College Station Attn: Director of Development Services 1 101 Texas Avenue College Station, TX 77840 Gentlemen: Irrevocable Letter of Credit No. 2028 opened under date of August 20, 2015 for the account of Holleman-College Station, LP in your favor, in the amount of$888,990.00 is amended as follows: Issuing Bank Address: From: 4631 NW 23rd St.,Okla City, OK 73127 To: 2807 S.Texas Avenue,Bryan,TX 77802 All drafts presented will be honored within three(3)days of receipt. All other terms and conditions remain unchanged. Please acknowledge acceptance and return a copy of this amendment in the envelope provided. Please retain this original for your records. Sincerely, Aimee L. Mauk, Vice President Beneficiary Acknowledgment: Received by Date Authorized Representative/Title Member FDIC I r 1 PLANNING & DEVELOPMENT SERVICES CITY OF COLLEGE STA'rlON Home of7ixaii MUniversity' ROUTING FORM FOR PERFORMANCE BONDS Item Description: Letter of Credit for Traffic Mitigation Project Name: CRED Community Apartments (Holleman Village) Project Number: SPR2014-900277 Name of Contractor: Alta Construction Management ADDITIONAL INFORMATION: CRED -Crystal Real Estate Development thiti 15 da97- l2-62.e946 RECOMMENDING APPROVAL AND RETURN ORIGINALS TO: _ Alan Gibbs 5007 9/15115 &DS CONTA SIGNATURE NAME EXTENSION DATE SIGNATURES REQUIRED FOR APPROVAL: CITY ATTORNEY DATE CITY MANAGER DATE _Original(s)returned to Planning&Development on_ P&D Scanned into TRAK-it on Carol Cotter From: Randy Malazzo (116) <Randy.Malazzo@prosperitybankusa.com> Sent: Wednesday, August 26, 2015 2:16 PM To: Carol Cotter Cc: Mackenzie Tater(116);Tracey Hickey(Loan Admin - OK) Subject: RE: Amended LOC Carol they are sending a corrected amendment with the correct amount. Once you receive it I can sign it for you. I will be the contact person locally and if needed you can present the letter of credit to me for processing. Thanks, Randy Malazzo Vice President Prosperity Bank Bryan Banking Center Direct 979-821-1137 Fax 979-775-3161 Cell 979-574-0008 randy.malazzo@prosperitybankusa.com NMLS ID#584113 Voted BEST OF THE BRAZOS six years running Prosperity Bank® From:Carol Cotter[ma ilto:ccotter@cstx.gov] Sent:Wednesday,August 26, 2015 12:17 PM To: Randy Malazzo (116)<Randy.Malazzo@prosperitybankusa.com> Subject: RE: Amended LOC Hi Randy, We received the hard copy this morning, but have some concerns. How does changing the Issuing Bank to the Bryan branch help if drafts are still to be presented at Oklahoma Branch? It would also seem that there should be a signature on the amendment from the Bryan Branch. Additionally,the amount stated in the amendment is$90 less than the amount in Letter of Credit. Thanks, Carol L. Cotter, P.E. Assistant City Engineer Planning & bevelopment Services PO Box 9960 1101 Texas Avenue 5 College Station, Texas 77842 Office: (979) 764-3570 Fax: (979) 764-3496 Email: ccotter@cstx.gov City of College Station Home of Texas A&M University 1 V, 1 From: Randy Malazzo(116) [mailto:Randy.Malazzo@prosperitybankusa.com] Sent: Monday,August 24,2015 12:55 PM To:Carol Cotter<ccotter@cstx.gov> Cc: Mackenzie Tater(116)<mackenzie.tater@prosperitvbankusa.com> Subject:Amended LOC Carol here is the amended LOC.The original is being sent overnight. Let me know if you need anything else. Thanks, Randy Malazzo Vice President Prosperity Bank Bryan Banking Center Direct 979-821-1137 Fax 979-775-3161 Cell 979-574-0008 randy.malazzo@prosperitybankusa.com N M LS ID#584113 Voted BEST OF THE BRAZOS six years running Prosperity Banks This transmission may contain information that is privileged, confidential and or exempt from disclosure under applicable law. If you are not the intended recipient,you are hereby notified that any disclosure, copying, distribution or use of the information contained herein(including any reliance thereon)is STRICTLY PROHIBITED. If you received this transmission in error,please immediately contact the sender and destroy the material in its entirety, whether in electronic or hard copy format. Thank you. City of College Station Home of Texas A&M University® This transmission may contain information that is privileged, confidential and or exempt from disclosure under applicable law. If you are not the intended recipient, you are hereby notified that any disclosure, copying, distribution or use of the information contained herein(including any reliance thereon) is STRICTLY PROHIBITED. If you received this transmission in error,please immediately contact the sender and destroy the material in its entirety,whether in electronic or hard copy format. Thank you. 2 FROM: ISSUER: IRREVOCABLE LETTER OF CREDIT DATE: TO BENEFICIARY: City of College Station Attention: Director of Development Services 1101 Texas Avenue College Station,Texas 77840 IRREVOCABLE LETTER OF CREDIT NO.: ISSUE DATE: 12:00 Noon Central Standard Time, 201 EXPIRATION DATE: 12:00 Noon Central Standard Time, , 201_, or upon the .... _....................... ....... completion and final payment to all contractors,whichever occurs first. LOCATION OF PROJECT: AMOUNT: THOUSAND HUNDRED AND NO/100 DOLLARS($ .00) ACCOUNT OF: ,:{herein"DEVELOPER") GENERAL TERMS&CONDITIONS: The Issuing Bank set out above hereby issues its IRREVOCABLE LETTER OF CREDIT NO. in favor of the CITY OF COLLEGE STATION,TEXAS, in accordance with CHAPTER 5,V.T.C.A.TEXAS BUSINESS AND COMMERCE CODE and pursuant to the CITY OF COLLEGE STATION UNIFIED DEVELOPMENT ORDINANCE ART. 8 for the Account of DEVELOPER for an aggregate amount of up to THOUSAND HUNDRED AND NO/100 DOLLARS ($ .00). This amount is available by your draft(s) payable at sight when accompanied by the following: 1. Sworn Statement by a duly authorized representative of the City of College Station,Texas,stating that Developer(s)has/have defaulted and failed to complete the performance and construction of the improvements described below in accordance with the UNIFIED DEVELOPMENT ORDINANCE of the CITY OF COLLEGE STATION,Texas,and that the proceeds from this Letter of Credit will either be utilized by the City of College Station, Texas,to complete such construction or will be returned by the City of College Station to the Issuing Bank: (list improvements) P:ILegaI BOND FORMSIItrcrdt-rev11.docx ti SPECIAL TERMS&CONDITIONS: 1. All banking fees/expenses/charges incurred are for the account of Developer. The City of College Station is not responsible for any charges in connection with a drawing under this Letter of Credit. This Letter of Credit is issued in conjunction with the development of Developer in the City of College Station,Texas,specifically for the following: To guarantee the payment and performance of the proposed construction improvements in a proposed subdivision in the City of College Station,Texas,for a period not to exceed one (1)year from the date hereof 2. Disbursements pursuant to this Letter of Credit will never exceed the above-stated amount, less any amount released by the City of College Station,Texas. The amount of credit under this Letter of Credit may be reduced upon approval and acceptance by the City of College Station of completed improvements,which reduction may only be made with the written authorization of the Director of Planning and Development Services of the City of College Station, 3. In accordance with SECTION 5.106 of the TEXAS BUSINESS AND COMMERCE CODE, this Letter of Credit may be modified, upon the execution and delivery to Issuer of a sworn statement giving consent to modification by the Director of Planning and Development Services of the City of College Station. 4. The Issuer of this Letter of Credit has caused this Letter to be signed by the undersigned officer who has attached proof of his authorization to sign,together with attestation by Issuer's authorized attesting officer and sealed with the seal of Issuer. ISSUER: BY: Authorized Officer Attested By: STATE OF TEXAS COUNTY OF BRAZOS * This instrument was acknowledged before me on ,201_,by the authorized officer of , Issuer, a Texas Banking Corporation, on behalf of said Banking Corporation and in the capacity stated. Notary Public—State of Texas P:ILegaltBOND FORMStllrcrdl-revll.docx r Alan Gibbs From: Danielle Singh Sent: Wednesday, September 16, 2015 9:52 AM To: Alan Gibbs Subject: FW: Retreat- Request Regarding Traffic Mitigation Plans fyi Danielle Singh, P.E., CFM Transportation Planning Coordinator City of College Station Planning& Development Services From:Veronica Morgan [mailto:v@mitchellandmorgan.com] Sent: Friday,July 17, 2015 4:30 PM To:Carol Cotter<ccotter@cstx.gov>;Alan Gibbs<agibbs@cstx.gov>; Danielle Singh<dsingh@cstx.gov> Cc:James Batenhorst<james@mitchellandmorgan.com>; Kerry Pillow<kerry@mitchellandmorgan.com> Subject: Retreat-Request Regarding Traffic Mitigation Plans Guys & Girls, We would like to request that we be able to deal with the traffic mitigation on the Retreat project in a similar fashion as the CRED project. Per the CRED project we received the following comment: "TRANSPORTATION 1. We have discussed your request to approve the site plan prior to submission of the traffic mitigation plans. Before approval of the site plan, we will need surety for the design and construction of the traffic mitigation as identified in the TIA. A letter will need to accompany the surety stating the purpose of the surety, expected completion date and acknowledgement that Certificates of Occupancy will not be issued until the mitigation is complete. In addition,we will not issue building permits until the traffic mitigation plans have been submitted for review. Please contact me if you would like to discuss these requirements further. Reviewed by: Danielle Singh, P.E.,Transportation Planning Coord. Date: 12/02/14 This will allow us to work through obtaining additional survey, the design of the widening and the design of the relocation of utilities with the utility companies without holding up the construction of the underground work on the Retreat project. Thank you very much for your consideration on this matter. Veronica JB Morgan, PE Managing Partner Mitchell & Morgan, LLP 1 Alan Gibbs From: Tracey Hickey(Loan Admin -OK) <tracey.hickey@prosperitybankusa.com> Sent: Wednesday, September 16, 2015 9:35 AM To: Alan Gibbs; Carol Cotter, Randy Malazzo(116) Cc: Mackenzie Tater(116); Erika Bridges; Aimee Mauk(Loan Admin -OK) Subject: RE: Amended LOC Hello Mr.Gibbs, The letter of Credit is governed by Texas Law, as stated within the document.There is not an issue with the original letter and demand for payment being presented in Texas, however, it will not be funded by anyone in the local banking center. It will be sent via overnight courier to me for processing. We have a great deal of Letters of Credit issued to various cities and townships, but have never had an issue with the place of presentment. Thank you— Tracey L. Hickey Banking Officer Letter of Credit Department 4631 NW 23rd St Oklahoma City, OK 73127 405-945-8100 Ext 5826 SWIFT: BKTTUS44 to4 PROSPERITY to- to to �,, BANK From:Alan Gibbs [mailto:agibbs@cstx.gov] Sent:Wednesday,September 16, 2015 9:28 AM To:Tracey Hickey(Loan Admin-OK)<tracey.hickey@prosperitybankusa.com>;Carol Cotter<ccotter@cstx.gov>; Randy Malazzo (116)<Randy.Malazzo@prosperitybankusa.com> Cc: Mackenzie Tater(116)<mackenzie.tater@prosperitybankusa.com>; Erika Bridges<ebridges@cstx.gov>;Aimee Mauk (Loan Admin-OK)<Aimee.Mauk@prosperitybankusa.c:om> Subject: RE:Amended LOC Ms. Hickey, The City of College Station's requirement, as in our standard forms, is for Letters of Credit to be payable at sight at a local bank. In the unfortunate event where an LOC needs to be drawn upon, the City does not want the additional expense and logistics with an out of town bank, much less out of state where other state laws may apply. Alan Gibbs, P.E., CFM City Engineer City of College Station From:Tracey Hickey(Loan Admin-OK) jmailto:tracey.hickey@prosperitybankusa.com] Sent:Wednesday,September 16,2015 9:09 AM To:Carol Cotter<ccotterftcstx.gov>; Randy Malazzo (116) <Randv.Malazzo@prosperitybankusa.com> 1 Cc: Mackenzie Tater(116)<mackenzie.tater@prosperitybankusa.com>; Alan Gibbs<agibbs@cstx.gov>; Erika Bridges <ebridges@cstx.gov>;Aimee Mauk(Loan Admin-OK)<Aimee.Mauk@prosperitvbankusa.com> Subject: RE: Amended LOC Good Morning Carol- I'm very confused regarding why presentation being in Oklahoma City is an issue. Industry standard for draft payments is to have a central location for processing to ensure all required documents and information meets the conditions set forth in the credit. For Prosperity Bank,that location is our Letter of Credit Department located in Oklahoma City. I review the demand/draft paperwork and initiate the payment per the instructions on the draft. In addition, UCP and ISP codes(which govern Letters of Credit) provide 5-7 business days for payment to be remitted. Prosperity Bank's standard format states 3 business days in an effort to provide funds in a more timely manner. The format used for this Letter of Credit was provided by the City of College Station and does not state a required place of presentment. I will be in the bank today until 1:15pm. Please feel free to contact me if you have any questions or concerns. Thank you- Tracey L. Hickey Banking Officer Letter of Credit Department 4631 NW 23rd St Oklahoma City, OK 73127 405-945-8100 Ext 5826 SWIFT: BKTTU544 PROSPERITY � BANK From:Carol Cotter[mailto:ccotter@cstx.gov] Sent: Wednesday,September 16,2015 8:45 AM To: Randy Malazzo (116)<Randv.Malazzo@prosperitybankusa.com> Cc: Mackenzie Tater(116)<mackenzie.tater@prosperitybankusa.com>;Tracey Hickey(Loan Admin-OK) <tracey.hickeyPprosperitybankusa.com>; Alan Gibbs<agibbs@cstx,gov>; Erika Bridges<ebridges@cstx.gov> Subject: RE:Amended LOC Randy, After review by our Legal Department, the amendment to the LOC is still not acceptable. LOC needs to be payable at site at the issuing bank in Bryan. Thanks, Carol L. Cotter, P.E. Assistant City Engineer Planning & Development Services PO Box 9960 1101 Texas Avenue S College Station, Texas 77842 2 vi Office: (979)764-3570 Fax: (979) 764-3496 Email: ccotter@cstx.gov City of College Station Home of Texas A&M University' From: Randy Malazzo(116) [mailto:Randy.Malazzo@prosperitybankusa.com] Sent:Wednesday, August 26,2015 2:16 PM To:Carol Cotter<ccotter@cstx.gov> Cc: Mackenzie Tater(116)<mackenzie.tater@prosperitybankusa.com>;Tracey Hickey(Loan Admin-OK) <tracey.hickey@prosperitvbankusa.com> Subject: RE:Amended LOC Carol they are sending a corrected amendment with the correct amount.Once you receive it I can sign it for you. I will be the contact person locally and if needed you can present the letter of credit to me for processing. Thanks, Randy Malazzo Vice President Prosperity Bank Bryan Banking Center Direct 979-821-1137 Fax 979-775-3161 Cell 979-574-0008 randy.malazzo@prosperitvbankusa.com NMLS ID#584113 Voted BEST OF THE BRAZOS six years running Prosperity Bank® From:Carol Cotter[mailto:ccotter@cstx.gov] Sent:Wednesday,August 26, 2015 12:17 PM To: Randy Malazzo(116)<Randy.Malazzo@prosperitvbankusa.com> Subject: RE:Amended LOC Hi Randy, We received the hard copy this morning, but have some concerns. How does changing the Issuing Bank to the Bryan branch help if drafts are still to be presented at Oklahoma Branch? It would also seem that there should be a signature on the amendment from the Bryan Branch. Additionally,the amount stated in the amendment is$90 less than the amount in Letter of Credit. Thanks, Carol L. Cotter, P.E. Assistant City Engineer Planning & Development Services PO Box 9960 3 • a 1101 Texas Avenue 5 College Station, Texas 77842 Office: (979)764-3570 Fax: (979) 764-3496 Email: ccotter@cstx.gov City of College Station Home of Texas A&M University QD From: Randy Malazzo(116) [mailto:Randy.Malazzo@prosperitvbankusa.com] Sent: Monday,August 24, 2015 12:55 PM To:Carol Cotter<ccotter@cstx.gov> Cc:Mackenzie Tater(116)<mackenzie.tater@prosperitvbankusa.com> Subject:Amended LOC Carol here is the amended LOC.The original is being sent overnight. Let me know if you need anything else. Thanks, Randy Malazzo Vice President Prosperity Bank Bryan Banking Center Direct 979-821-1137 Fax 979-775-3161 Cell 979-574-0008 randy.malazzo@prosperitvbankusa.com NMLS ID#584113 Voted BEST OF THE BRAZOS six years running Prosperity Bank® This transmission may contain information that is privileged, confidential and or exempt from disclosure under applicable law. If you are not the intended recipient,you are hereby notified that any disclosure, copying, distribution or use of the information contained herein(including any reliance thereon) is STRICTLY PROHIBITED. If you received this transmission in error,please immediately contact the sender and destroy the material in its entirety, whether in electronic or hard copy format. Thank you. City of College Station Home of Texas A&M University® This transmission may contain information that is privileged, confidential and or exempt from disclosure under applicable law. If you are not the intended recipient, you are hereby notified that any disclosure,copying, distribution or use of the information contained herein(including any reliance thereon) is STRICTLY PROHIBITED. If you received this transmission in error,please immediately contact the sender and destroy the material in its entirety,whether in electronic or hard copy format. Thank you. City of College Station Home of Texas A&M University® 4 Mta 0 (A- 3 -- -30k->r\. SC SSI DV\ 6419" .► S � dad S C - ) ave Unci 3'h/ds ? / he'd_ bct Sea( or) sdnitikic- op09 2 kid.9S riq hi502.>-[- /✓ -30 eh l Obmenc4Bank\ Comerica Bank International Trade Services 6260 E. Mockingbird Lane, 2nd H. Dallas, TX 75214 Tei: 214-828-5909 Fax: 214-828-5992 SWIFT: MNBDUS4DXXX Irrevocable Standby Letter of Credit No.: OSB6684T TO BENEFICIARY: City of College Station Attention: Director of Development Services 1101 Texas Avenue College Station, Texas 77840 IRREVOCABLE LETTER OF CREDIT NO.: OSB6684T ISSUE DATE: 12:00 Noon Central Standard Time, July 20, 2015 EXPIRATION DATE: 12:00 Noon Central Standard Time, July 31, 2016, or upon the Beneficiary's cancellation of this Letter of Credit, whichever occurs first. LOCATION OF PROJECT: 2200 Cottage Ln, College Station, TX 77801 AMOUNT: Eight Hundred Eighty Eight Thousand Nine Hundred Ninety and 00/100 U.S. Dollars (US$888,990.00) ACCOUNT OF: Crystal Real Estate Development LLC (herein "DEVELOPER") 15151 Surveyor Blvd. Suite A Addison, TX 75001 GENERAL TERMS & CONDITIONS: The Issuing Bank set out above hereby issues its IRREVOCABLE LETTER OF CREDIT NO. OSB6684T in favor of the CITY OF COLLEGE STATION, TEXAS, in accordance with CHAPTER 5, V.T.C.A. TEXAS BUSINESS AND COMMERCE CODE and pursuant to the CITY OF COLLEGE STATION UNIFIED DEVELOPMENT ORDINANCE ART. 8 for the Account of DEVELOPER for an aggregate amount of up to Eight Hundred Eighty Eight Thousand Nine Hundred Ninety and 00/100 U.S. Dollars (US$888,990.00). This amount is available by your draft(s) payable at sight when accompanied by the following: 1. Sworn Statement by a duly authorized representative of the City of College Station, Texas, stating that Developer(s) has/have defaulted and failed to complete the performance and construction of the improvements described below in accordance with the UNIFIED DEVELOPMENT ORDINANCE of the oRILJA OSB6684T Page of ('CbmencABank\ Comerica Bank CITY OF COLLEGE STATION, Texas, and that the proceeds from this Letter of Credit will either be utilized by the City of College Station, Texas, to complete such construction or will be returned by the City of College Station to the Issuing Bank: A. Market at Holleman Drive Intersection Improvements B. FM2818 at Holleman Drive Intersection Southside Improvements C. FM2818 at Holleman Drive Intersection Northside Improvements SPECIAL TERMS & CONDITIONS: 1. All banking fees/expenses/charges incurred are for the account of Developer. The City of College Station is not responsible for any charges in connection with a drawing under this Letter of Credit. This Letter of Credit is issued in conjunction with the development of Developer in the City of College Station, Texas, specifically for the following: -To guarantee the payment and performance of the proposed construction improvements to provide Traffic Mitigation Design Services for Holleman Village (formerly known as the CRED Community Apartments) project located at 2200 Cottage Ln, College Station, TX, a proposed subdivision in the City of College Station, Texas until the EXPIRATION DATE identified above. 2. Disbursements pursuant to this Letter of Credit will never exceed the above-stated amount, less any amount released by the City of College Station, Texas. The amount of credit under this Letter of Credit may be reduced upon approval and acceptance by the City of College Station of completed improvements, which reduction may only be made with the written authorization of the Director of Planning and Development Services of the City of College Station. 3. In accordance with SECTION 5.106 of the TEXAS BUSINESS AND COMMERCE CODE, this Letter of Credit may be modified, upon the execution and delivery to Issuer of a sworn statement giving consent to modification by the Director of Planning and Development Services of the City of College Station. 4. The Issuer of this Letter of Credit has caused this Letter to be signed by the undersigned officer who has attached proof of his authorization to sign, together with attestation by Issuer's authorized attesting officer and sealed with the seal of Issuer. ISSUER: Comerica Bank C`/i BY117.7 � Aut .rize. off" :r Attested By: 44/471 ©R1 OSB6684T P e 3 ComencA Bank \ Comerica Bank STATE OF TEXAS COUNTY OF DALLAS This instrument was acknowledged before me on July 20, 2015 by Laura T. Jordan, the authorized officer of Comerica Bank, Issuer, a Texas Banking Corporation, on behalf of said Banking Corporation and in the capacity stated. "( Notary Public- State of Texas � 4` MICHAEL CREEL JR My Commission Expires May 30,2018 •N rt of T oRI© LJA OSB6684T 'ag:�c1 of 3 i J +