HomeMy WebLinkAboutLetter of CreditFROM: Heath Phillips Investments, LLC
ISSUER: First Victoria National Bank
P.O. Box 1338, Victoria, TX 77902
IRREVOCABLE LETTER OF CREDIT
DATE: March I, 2013
TO BENEFICIARY: City of College Station
Attention: Director of Development Services
I101 Texas Avenue
College Station, Texas 77840
IRREVOCABLE LETTER OF CREDIT NO.: 1927
ISSUE DATE: 12:00 Noon Central Standard Time, March I, 2013
EXPIRATION DATE: 12:00 Noon Central Standard Time, March 1, 2014, or upon the completion and
final payment to all contractors, whichever occurs first.
LOCATION OF PROJECT: The Barracks II Subdivision, College Station, Texas
AMOUNT: ONE HUNDRED THIRTEEN THOUSAND ONE HUNDRED
EIGHTY-THREE AND 501100 DOLLARS ($113,183.50)
ACCOUNT OF: Heath Phillips Investments, LLC, (herein "DEVELOPER")
GENERAL TERMS & CONDITIONS:
The Issuing Bank set out above hereby issues its IRREVOCABLE LETTER OF CREDIT NO. 1927
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 ONE HUNDRED THIRTEEN THOUSAND ONE HUNDRED EIGHTY-THREE AND 501100
DOLLARS ($113,183.50). This amount is available by your draft(s) payable at sight when accompanied
by the following:
Sworn Statement by a duly authorized representative of the City of College Station, Texas, stating
that Developer(s) hast'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)
The Barracks II Subdivision - Parks 1 & 6
G: ITOWER POIN7Uohn FlynnWeath PhillipslLeuer of CrediNtrcrdt-revll .docx
SPECIAL TERMS & CONDITIONS:
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 of Parks I & 6 in The Barracks II, a 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: FIRST VICTORIA NATIONAL BANK
BY: 4 ��
J93m A. FIy Vice President
Attested By: x�
STATE OF TEXAS
COUNTY OF BRAZOS *
This instrument was acknowledged before me on March 1, 2013, by John A. Flynn III, Vice President, the
authorized officer of First Victoria National Bank, Issuer, a Texas Banking Corporation, on behalf of said
Banking Corporation and in the capacity stated.
YoaPAv °oan KIRRY A AGUILAR
Notary Public
m m Siate of Texas
My Comm. Expires 1210612014
Notary Public — State of Texas
GATOWER POIN7Vohn F1ynnWeath PhillipslLe(ler of Credi1Vtrcrd1-rev11 .docx