IRREVOCABLE LETTER OF CREDIT 0458
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HAND DELIVER
PARK BArtK oIf1IOI'tda
P.O, Box 124d8, St. Petersburg, FL 33733(813) 823-5880
August ,;)., 1984
RECEIVED
IRREVOCABLE LETTER OF CREDIT NO. 0458
AUG 16 1984
CITY CLERK
Clearwater Redevelopment Agency
112 S. Osceola Avenue
Clearwater, Florida 33516
Gentlemen:
We hereby establish for the account of J. K. Financial
Corporation in favor of Clearwater Redevelopment Authority, 112
Osceola Avenue, Clearwater Florida 33516 (referred to herein as
the "Beneficiary"), our Irrevocable Letter of Credit as numbered
above in the aggregate amount of SIX HUNDRED FIFTY THOUSAND AND
00/100 DOLLARS ($650,000.00).
This Letter of Credit shall expire at the close of banking
business on February a., 1985 (the' "Expiration Date") .
Funds under this Letter of
your draft, payable on sight,
documents, in proper form prior
on the Expiration Date:
Credit will be available against
upon receipt of the following
to the close of banking business
1. Your draft in the total amount not exceeding SIX
HUNDRED FIFTY THOUSAND AND 00/100 DOLLARS ($650,000.00), which
draft shall refer to this Letter of Credit by number and date,
shall be signed by your authorized officer, and shall bear the
legend "Drawn under Irrevocable Letter of Credit No. 0458 dated
August 2.., 1984".
2. Your written certification, executed by your duly
authorized officer, that (i) funds in at least the amount of the
draft which accompanies the certificate are required by the
Beneficiary either for deposit in the registry of the court
pursuant to an order of taking in the Eminent Domain proceedings
as contemplated by Paragraph 5 of that certain Development
Agreement dated July 14 , 1983 by and among J. K. F inanc ial
Corporation, the City of Clearwater and the Clearwater
Redevelopment Agency (the "Contract") to settle such action or to
otherwise acquire title to the Janelli Parcel (as defined in the
Contract) and (ii) such funds have not been provided by J. K.
Financial Corporation as of the date of the certificate.
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" . IRREVOCABLE LETTE' OF CREDIT NO. 0458
Page Two
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3. This original Letter of Credit carrying your endorse-
mente
Presentation of your draft and the above-required documents
shall be made at our office located at One Plaza Place Northeast,
St. Petersburg, Florida 33701 or at such other office designated
by us by written notice delivered to you. Only one draft may be
presented hereunder.
This Letter of Credit shall automatically terminate upon
the earliest of the following events to occur: (1) the honoring
of your draft presented under this Letter of Credit; (2) the
surrender to us by you of this Letter of Credit for cancellation;
or (3) the Expiration Date, after which time it may no longer be
presented.
This letter of Credit is not transferable.
Your acceptance of this Credit will constitute your agree-
ment to repay to us funds paid to you hereunder to the extent
that such funds exceed the total of your loss, costs and expense.
This Letter of Credit sets forth in full our undertaking,
and such undertaking shall not in any way be modified, amended,
amplified, or limited by reference to any document, instrument,
or agreement referred to herein.
Except as far as otherwise expressly stated herein, this
Letter of Credit is subject to the "Uniform Customs and Practice
Documentary Credits", International Chamber of Commerce Publica-
tion No. 290.
We hereby agree that a draft drawn, negotiated and pre-
sented in compliance with the terms of this Letter of Credit will
be duly honored upon presentation to this bank along with the
other documents required hereunder and with this Letter of
Credit.
Very truly yours,
PARK BANK OF FLORIDA
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By: ~
Asl1 V1ce President
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