LETTER OF CREDIT
~ tl~arwater
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City Attorney's Office
Interoffice Correspondence Sheet
Via Hand Delivery
TO: Steve Moskun, Cash & Investments Mal'\f1ser, F" ance Operations
FROM: Laura Lipowski, Assistant City Attornzti " .
CC: Margie Simmons, Director, Finance Operations
Karen Vaughan, Staff Assistant, Official 'Record and Legislative Services
SUBJECT: K& P Clearwater Estate, LLC - Development Agreement
dated March 3, 2005
DATE: April 10, 2006
Attached please find the original Letter of Credit relating to the above-referenced
Development Agreement to be held by your department. This Letter of Credit satisfies
the developer's obligation per the agreement. Please note: it is valid until July 1. 2009.
Please call me at x. 4015 should you have any questions.
Attch.
BankofAmerica ~
BANK OF AMERICA - CONFIDENTIAL
DATE: APRIL 6, 2006
IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER: 68012113
PAGE: 1
BENEFICIARY
CITY OF CLEARWATER
ATTN: CITY ATTORNEY-PAM AKIN
112 SOUTH OSCEOLA AVE
CLEARWATER, FL33756
APPLICANT
K AND P CLEARWATER ESTATE LLC
5600 MARINER DR
STE 227
TAMPA, FL 33609
ISSUING BANK
BANK OF AMERICA, N.A.
1 FLEET WAY
PA6-580-02-30
SCRANTON, PA 18507-1999
AMOUNT
NOT EXCEEDING USD 337,500.00
NOT EXCEEDING THREE HUNDRED THIRTY
SEVEN THOUSAND FIVE HUNDRED AND
00/100'S US DOLLARS
EXPIRATION
JULY 1, 2009
AT OUR COUNTERS
DEAR SIR/MADAM:
AT THE REQUEST OF K AND P CLEARWATER ESTATE LLC, TAMPA, FL 33609, WE
HEREBY ESTABLISH OUR IRREVOCABLE STANDBY LETTER OF CREDIT IN YOUR
FAVOR UP TO AN AGGREGATE AMOUNT OF THREE HUNDRED THIRTY SEVEN
THOUSAND FIVE HUNDRED DOLLARS ANDOO/100'S US DOLLARS (usn
337,500.00). THIS CREDIT IS AVAILABLE FOR PAYMENT AGAINST
PRESENTATION OF YOUR DRAFT(S) AT SIGHT DRAWN ON BANK OF AMERICA,
N.A., BEARING THE CLAUSE: "DRAWN UNDER CREDIT NO. 68012113 OF BANK OF
AMERICA, N.A., SCRANTON, PENNSYLVANIA" ACCOMPANIED BY THE FOLLOWING
DOCUMENTS:
THIS ORIGINAL LETTER OF CREDIT AND AMENDMENT(S) THERETO, IF ANY,
WHICH WILL BE RETURNED TO YOU FOLLOWING OUR NOTATION THEREON OF THE
AMOUNT OF SUCH DRAFT DRAWN HEREUNDER WHICH IS EXECUTABLE UPON DEMAND.
IF THE AMOUNT OF THE DRAFT IS FOR THE FULL AMOUNT OF THIS LETTER OF
CREDIT, THE ORIGINAL LETTER OF CREDIT WILL BE RETAINED BY US.
BENEFICIARY'S STATEMENT, SIGNED BY THE CITY MANAGER OR CITY ATTORNEY,
CERTIFYING THAT:
"THE DEVELOPER HAS NOT COMPLETED ALL THE NECESSARY IMPROVEMENTS FOR
THE RELOCATED FIRST STREET, INCLUDING PAVEMENT, SIDEWALKS AND
STREETSCAPING ON OR BEFORE JUNE 1, 2009; OR, NOTIFY THE CITY BY NO
ORIGINAL
Bank of America, N.A. Trade Operations
Mail Code: PA6-580-02-30
1 Fleet Way, 2nd Floor, Scranton, PA 18507
00-35-0201NSB 6-2000
... ~
BankofAmerica ~
BANK OF AMERICA - CONFIDENTIAL
PAGE: 2
THIS IS AN INTEGRAL PART OF LETTER OF CREDIT NUMBER: 68012113
LATER THAN JANUARY 2, 2009 THAT THE DEVELOPER ELECTS TO HAVE THE CITY
CONSTRUCT RELOCATED FIRST STREET AT DEVELOPER'S EXPENSE. II
OR
liTHE DEVELOPER HAS NOT CONSTRUCTED AT ITS EXPENSE, A TEMPORARY
ROADWAY OF NO LESS THAN TWELVE-FOOT LANES AND ONE TEN-FOOT SIDEWALK
WITHIN THE RIGHT OF WAY OF THE RELOCATED FIRST STREET BY NO LATER
THAN THE COMPLETION OF PHASE II OF BEACH WALK BY THE CITY. II
PARTIAL DRAWINGS ARE ALLOWED.
THIS LETTER OF CREDIT IS IN ACCORDANCE WITH FIRST AMENDMENT TO
AGREEMENT FOR DEVELOPMENT OF PROPERTY IN THE CITY OF CLEARWATER
BETWEEN THE CITY OF CLEARWATER, FLORIDA AND K AND P CLEARWATER
ESTATE, LLC DATED AS OF MARCH 22, 2006.
IN THE EVENT OF A DRAWING ALL ORIGINAL DOCUMENTS INCLUDING ORIGINAL
SIGHT DRAFT MUST BE DISPATCHED IN ONE LOT BY REGISTERED MAIL OR
COURIER SERVICES DIRECTLY TO BANK OF AMERICA, N.A., TRADE OPERATIONS,
ONE FLEET WAY, SCRANTON, PA 18507.
THIS STANDBY LETTER OF CREDIT EXPIRES AT OUR COUNTERS AT THE CLOSE OF
BUSINESS ON THE EXPIRATION DATE.
IF YOU HAVE ANY QUESTIONS CONCERNING THIS TRANSACTION, PLEASE CALL US
AT 1-800-370-4519.
EXCEPT AS OTHERWISE EXPRESSLY STATED HEREIN, THIS CREDIT IS ISSUED
SUBJECT TO THE INTERNATIONAL STANDBY PRACTICES (ISP98), INTERNATIONAL
CHAMBER OF COMMERCE PUBLICATION NO. 590.
IF YOU REQUIRE ANY ASSISTANCE OR HAVE ANY QUESTIONS REGARDING THIS
TRANSACTION, PLEASE CALL 800-370-7519
A~~i:fI;~_m
THIS DOCUMENT CONSISTS OF 2 PAGE(S).
ORIGINAL
Bank of America, N.A. Trade Operations
Mail Code: PA6-580.02-30
1 Fleet Way, 2nd Floor, Scranton, PA 18507
00-35-0201NSB 6-2000