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COMMERCE
NATIONAL BANK
Committed to Your Success
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IRREVOCABLE LETTER OF CREDIT
Date: October 18, 2004
To Beneficiary: City of College Station
Attention: Directors of Development Services
1101 Texas Avenue
College Station, Texas 77840
IRREVOCABLE LETTER OF CREDIT NO.: 101804CNB
ISSUE DATE: 12:00 Noon Central Standard Time, October 18, 2004
EXPIRATION DATE: 12:00 Noon Central Standard Time, October 18, 2005 or
upon the completion and final payment of all contractors,
whichever occurs first.
LOCATION OF PROJECT: Lots 1-7, Block 1 & Lots 1-6 Block 2, Autumn Chase
Subdivision, 8.374 Acres, College Station, Brazos County,
Texas
AMOUNT: Four Thousand One Hundred Fifty and No/100 Dollars
($4,150.00)
ACCOUNT OF: B & D Autumn Chase, LP (herein "Developer")
GENERAL TERMS & CONDITIONS:
The issuing Bank set out above issues its IRREVOCABLE LETTER OF CREDIT NO.
101804CNB 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, of the
Account of Developer for an amount of up to Four Thousand One Hundred Fifty and No
/100 Dollars ($4,150.00). This amount is available by your draft(s) payable at sight when
accompanied by the following:
1221 University Drive East College Station, TX 77840 (979) 260-5982 Fax (979) 260-7034
Sworn Statement by a duly authorized representative of the City of College
Station, Texas, stating that Developer 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:
All Banking fees/expenses/charges incurred are for the account of the Developer.
This Letter of Credit is issued in conjunction with the Developer in the City of
College Station, Texas, specifically for the following:
To guarantee the payment and performance of the proposed construction
of the water, sanitary sewer, storm sewer, and street improvements in
Autumn Chase Subdivision, 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 to the City of College Station of completed improvements, which
reduction may only be made with the written authorization of the Director of
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
Development Services of the City of College Station.
4. The Issuer of the Letter of Credit had 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:
Mike D. Lit rst
Vice President
Y
Attested By:
State of Texas
County of Brazos
This instrument was acknowledged before me on 19 day of QQ-trA - , 2004 by
01,1K-0- L 11-t+Qv111'f' , the authorized officer of
C-Ch WD-ce, NO+i(y1d &3XL , issuer, a Texas Banking Corporation, on
behalf of said Banking Corporation and in the capacity stated.
04 NNO 00000
fo,~PY P~6~,•• LINDA C BRIDGES
NOTARY PUBLIC
state of Texas
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,rFO -'comm. ~ti+Exp. 08-02-2008 Notary Public - State of Te s