HomeMy WebLinkAboutLetter of Credit IRREVOCABLE LETTER OF CREDIT NO. 2006-30-S
DATE: August 1, 2006
TO BENEFICIARY: City of College Station
Attention: Director of Development Services
1101 Texas Avenue
College Station, Texas 77840
IRREVOCABLE LETTER OF CREDIT NO. : 2006-30-S
ISSUE DATE: 12:00 Noon Central Standard Time, August 1, 2006
EXPIRATION DATE:12:00 Noon Central Standard Time, August 1, 2007.
LOCATION OF PROJECT: Lots 2, 3, and 4 Valley Park Center College Station,Brazos
County, Texas
AMOUNT: ONE HUNDRED THIRTY THOUSAND AND NO/lOO DOLLARS ($130,000.00)
ACCOUNT OF: TITAN VALLEY PARK, LIMITED PARTNERSHIP, A NEW
MEXICO LIMITED PARTNERSHIP
GENERAL TERMS & CONDITIONS:
The Issuing Bank set out above hereby issues its IRREVOCABLE LETTER OF CREDIT
No. 2006-30-S, 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
and DEVELOPER for an amount up to ONE HUNDRED THIRTY THOUSAND AND
NO/100 DOLLARS ($130,000.00). 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 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.
INTER
NATIONAL
BANK
SPECIAL TERMS & CONDITIONS:
1. All banking fees/expenses/charges incurred are for the account of Developer. 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 the
water, sanitary sewer, storm sewer and street improvements in Valley Park
Center Subdivision, 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 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 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 authorized attesting officer and s led with the .eal of Issuer.
INTE' TIONAL C ANK
g
BY: ILI
RotertJ.Hy r -1,
Executive Vice President
TITAN VALLEY PARK,LIMITED PARTNERSHIP,
A NEW MEXICO LIMITED PARTNERSHIP
BY: TITAN D VELOPMENT OF TEXAS,LLC,
A NEW M-,...7, I O LIMITED LIABILITY COMPANY,
GENERA TNER
BY:
R N W.MILLS,CO-MANAGING MEMBER