HomeMy WebLinkAboutPeoples First Community Bank -2003 07 16
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~ First
f~ Corrmrity Bark
Post Office Box 59950
Panama City, Florida 32412-0950
1022 West 23n1 Street
Panama City, Florida 32405
John Lewis
Executive Vice President
Telephone (850) 770-7275
Telecopier (850) 770-7698
IRREVOCABLE STANDBY LETTER OF CREDIT
EFFECTIVE DATE:
EXPIRATION DATE:
LETTER OF CREDIT #:
July 16, 2002
July 16, 2003
622
BENEFICIARY:
City of Winter Springs
110 N. Flamingo Avenue
Winter Springs, Florida 32708
APPLICANT:
Tuskawilla Office Park, LLC
800 Westwood Square, Suite E
Oviedo, Florida 32765
Gentlemen:
We hereby establish our Irrevocable Standby Letter of Credit No. 622 in favor of CITY OF WINTER
SPRINGS, a Florida Municipal Corporation, (hereinafter referred to as "Beneficiary" or "City"), for the account
of TUSKAWILLA OFFICE PARK, LLC in the aggregate amount of ONE HUNDRED SEVENTY THOUSAND
AND 00/100 ($170,000.00) available by immediate payment upon presentation of Beneficiary's sight draft(s)
in an amount not exceeding the Credit hereby established accompanied by this Irrevocable Letter of Credit
and anyone of the following:
1. A statement signed by the City Manager of the City or his designee stating that the Tuskawilla
Office Park has failed to property construct, in whole or in part, to the City's satisfaction, one or
more of the improvements required under and depicted on the final engineering and
development plans for the Tuskawilla Office Park, that said failure has occurred after The City
has provided Tuskawilla Office Park with at least seven (7) calendar days written notice to fully
complete the improvements, and that the amount of the draft represents funds due the City to
defray the estimated cost to the City to complete the improvements.
For purpose of this section 1, the term "improvements" shall include, but not be limited to,
streets, drainage facilities, street signage, water and sewer facilities, walls, fences, sidewalks
and other infrastructure improvements. The phrase "final engineering and development plans"
shall mean the development plans for the Tuskawilla Office Park located within the City of
Winter Springs prepared by James C. Branch, P.E. dated February 5,2002 and approved by the
City Commission of Winter Springs on February 11, 2002 as may be amended by the City
Commission from time to time.
2. A statement signed by the City Manager of the City or his designee to the effect that Peoples
First Community Bank has lost its designation as a "qualified public depository" pursuant to
Florida Statutes, Chapter 280, and an acceptable replacement letter of credit ha~ not been
received; or
, ..
Tuskawilla Office Park, LLC
Page Two
Letter of Credit Number 622
July 16, 2002
3. A statement signed by the City Manager of the City or his designee stating: "This letter of credit
will expire within thirty (30) days from date of the drawing without being extended or replaced to
the City's satisfaction.
Drafts must be drawn not later than July 16, 2003. Drafts must bear the clause: "Drawn under Letter
of Credit Number 622 of Peoples First Community Bank dated July 16, 2002. This letter of credit shall be
deemed in full force until July 16, 2003, and will automatically be extended for a period not to exceed ninety
(90) days without amendment unless we provide the City of Winter Springs' City Manager with written notice
of our intent not to extend the credit herein provided, which notice must be provided at least thirty (30) days
prior to the expiration date of the original term hereof.
This Letter of Credit shall remain in full force and effect notwithstanding a partial draw or draws so
long as a sum remains to be drawn or until the Letter of Credit has expired. The amount of any partial
drawing will be endorsed on the reverse of the Letter of Credit and returned to the Beneficiary unless the
Letter of Credit is paid in full.
Except as otherwise specifically stated herein, this Letter of Credit sets forth in full the terms of our
undertaking, and such undertaking shall not in any way be modified, amended, or amplified by reference to
any document, instrument, or agreement referenced to herein or in which this Letter of Credit is referred to or
this Letter of Credit relates and any such reference shall not be deemed to incorporate herein by reference
any document, instrument or agreement.
We hereby agree with the drawers, endorsers, and bona fide holders of all drafts drawn under and in
compliance with the terms of this Letter of Credit, that such drafts will be duly honored upon presentation to
Peoples First Community Bank, 116 E. Altamonte Drive, Orlando, Florida 32701, located in Orange County.
This Irrevocable Letter of Credit is subject to the Uniform Customs and Practice for Documentary
Credits (1993 Revision), International Chamber of Commerce Publication No. 500, and to the provisions of
Florida law. If a conflict between the "Uniform Customs and Practice for Documentary Credits" and Florida
law should arise, Florida law shall prevail. If a conflict between the law of another state or country and Florida
law should arise, Florida law shall prevail.
~PLES FIRST COMMUNITY BANK
~
ohn W. Lewis
Executive Vice President
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