HomeMy WebLinkAboutLetter of CreditFROM: Lakeridge Living, LP
ISSUER: Commerce National Bank, a branch of Lubbock National Bank
IRREVOCABLE LETTER OF CREDIT
DATE: January 8, 2013
TO BENEFICIARY: City of College Station
Attention: Director of Development Services
I101 Texas Avenue
College Station, Texas 77840
IRREVOCABLE LETTER OF CREDIT NO.: 301024
ISSUE DATE: 12:00 Noon Central Standard Time, January 8, 2013
EXPIRATION DATE: 12:00 Noon Central Standard Time, January 8, 2014, or upon the completion
and final payment to all contractors, whichever occurs first.
LOCATION OF PROJECT: 1198 Jones Butler Road, College Station, TX. 77840
AMOUNT: SIXTY THOUSAND FOUR HUNDRED
EIGHTY FIVE AND 84/100 DOLLARS ($60,485.84)
ACCOUNT OF: Lakeridge Living, LP, (herein "DEVELOPER")
GENERAL TERMS & CONDITIONS:
The Issuing Bank set out above hereby issues its IRREVOCABLE LETTER OF CREDIT NO. 301024 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 CODE OF ORDINANCES of the CITY OF COLLEGE
STATION, CHAPTER 9: SUBDIVISIONS, for the Account of DEVELOPER for an aggregate amount of up to
SIXTY THOUSAND FOUR HUNDRED EIGHTY FIVE AND 84/100 DOLLARS ($60,485.84). 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 CHAPTER 9 of the CODE OF
ORDINANCES 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.
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 of
sidewalk and waterline improvements in the Lakeridge Living development, a
proposed addition to 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: Commerce National Bank, a branch of Lubbock National Bank
BY: - Y 'ALL f r r�i�i
Mike McB rty
Attested By: --
STATE OF TEXAS
COUNTY OF BRAZOS *
This instrument was acknowledged before me on�Q 2013, by Mike McBerty, the authorized
officer of Commerce National Bank, a branch of Lubbock National Bank, a Texas Banking Corporation, on
behalf of said Banking Corporation and in the capacity stated.
HEATHER PRICE
g Notary Publir„ State of Texas
My Commission Expires
August 16, 2014
No ary ublic - State of Texas