HomeMy WebLinkAboutLetter of CreditMe--PtWC TEXAS
FROM: City Bank
ISSUER: City Bank
1409 University Drive East
College Station, TX 77845
College Station Branch
1409 University Drive East
College Station, Texas 77840
Phone:979-268-2265
Fax: 979-268-4141
Toll Free: 800-687-2265
www.citybankonline.com
IRREVOCABLE LETTER OF CREDIT
DATE: November 5, 2013
TO BENEFICIARY: City of College Station
Attention: Director of Development Services
1101 Texas Avenue
College Station, Texas 77840
IRREVOCABLE LETTER OF CREDIT NO.: 838
ISSUE DATE: 12:00 Noon Central Standard Time, November 5, 2013.
EXPIRATION DATE: I2:00 Noon Central Standard Time, May 4, 2014, or upon the completion and
final payment to all contractors, whichever occurs first.
LOCATION OF PROJECT: Caprock Crossing Lot 1 Block 2 Replat, Lots I R & 2R
AMOUNT: FORTY SIX THOUSAND FOUR HUNDRED SIXTY EIGHT AND 501100
DOLLARS ($46,468.50)
ACCOUNT OF: Brazos Texas Land Development, LLC, (herein "DEVELOPER")
1203 University Drive East
College Station, TX 77845
GENERAL TERMS & CONDITIONS:
The Issuing Bank set out above hereby issues its IRREVOCABLE LETTER OF CREDIT NO. 828 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 FORTY SIX THOUSAND FOUR HUNDRED SIXTY EIGHT AND 501100 DOLLARS ($46,468.50).
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) 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:
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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 in Caprock Crossing, Lot 1, Block 2 Replat, Lots IR & 2R, a
proposed subdivision in the City of College Station, Texas, for a period not to
exceed one hundred eighty (180) days 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: City Bank
BY: SAT (.t'v
Jonathan K. Voight, ice President
Attested By:
STATE OF TEXAS
COUNTY OF BRAZOS *
This instrument was acknowledged before me on November
President of City Bank, a Texas Banking Corporation, Issuer, on
the capacity stated.
NOTARY PUBLIC
Lacy E. McDonald
State of Texas
M Commission Expires 03-01-2016
5 , 2013, by Jonathan K. Voight, Vice
I Oalf of said Banking Corporation and in
— State
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