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IRREVOCABLE LETTER OF CREDIT 0459 .... . J I ~... Ilf\jf)'~n-l:f ,,-,r:R- . -<"<I 1t_ 8 ~ 4'\;;;:--~ PARK BArtK otFlol'ida P.O. Box 124d8. 81. Petersburg, FL33733 (813) 823-5880 August ~, 1984 RECEIVED AUG 16 1984 IRREVOCABLE LETTER OF CREDIT NO. 0459 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 S. Osceola Avenue, Clearwater, Florida 33516 (referred to herein as the "Beneficiary"), our Irrevocable Letter of Credit as numbered above in the aggregate amount of ONE HUNDRED FORTY THOUSAND AND 00/100 DOLLARS ($140,000.00). This Letter of Credit shall expire at the close of banking business on February~, 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 ONE HUNDRED FORTY THOUSAND AND 00/100 DOLLARS ($140,000.00), which draft shall refer to this Letter of Credit by number and date, shall be signed by your authorized officer ,and shall bear the l~gend "Drawn under Irrevocable Letter of Credit No. 0459 dated August ~, 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 you as payment of the purchase price of Parcel A, as defined in that certain Development Agreement dated July 14, 1983 by and among J.K. Financial Corporation, the City of Clearwater and the Clear- water Redevelopment Agency (the .Contract"); (ii) such funds have not been provided by J. K. Financial Corporation as of the date of. the certificate; (iii) upon payment of such funds title to Parcel A will be conveyed to the Beneficiary in accordance with the terms of the Contract; (iv) you have given us at least three (3) business days notice of your intention to submit your draft under this Letter of Credit; and (v) the funds drawn under this Letter of Credit wIll be used to pay for Parcel A on behalf of J. K. Financial Corporation. 3 r~"'..' . . ':) ,..:.... :l (Ia) . A. .J,RREVOCAe LET"f-. R OF CREDIT NO. 0459 . - Page Two . I . mente 3. This original Letter of Credit carrying your endorse- 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. '~~~i: 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 . By: ~..-'\. / As ips .Vice President I: ~/ ._) .. .