HomeMy WebLinkAboutTuskawilla Office Park, LLC -Letter of Credit-Partial Release -2003 10 06
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f~ Comm.nty Bank
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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
September 29, 2003
AMENDMENT NUMBER: 001
To Irrevocable Letter of Credit Nwnber: 715
Applicant: Tuskawilla Office Park, LLC
BENEFICIARY:
City of Winter Springs
lION. Flamingo Avenue
Winter Springs, Florida 32708
Gentlemen:
We hereby amend our Letter of Credit Nwnber 715 dated September 11, 2203 opened in your favor as follows:
1. Expiration date has been changed from September II, 2004 to September 11, 2005.
All other terms and conditions remain unchanged.
This amendment becomes an integral part of the original Letter of Credit, and it is to be attached thereto.
This amendment is subject to the Uniform Customs and Practice for Documentary Credits (1993), ICC
Publication No. 500.
~CerelY'
t-~
o W. Lewis
Executive Vice President
Please sign to signify your acceptance
of this amendment.
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Auth . ed Signer
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Dated '
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~ First
f~ Community Bank
Post Office Box 59950
Panama City, Florida 32412-0950
1022 West 23rd 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 #:
September 11, 2003
September 11, 2004
715
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. 715 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 NINE THOUSAND FIVE HUNDRED
TWENTY - ONE AND 00/100 ($9,521.00) 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 has not been
received; or
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Tuskawilla Office Park, LLC
Page Two
Letter of Credit Number 715
September 11, 2003
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 September 11, 2004. Drafts must bear the clause: "Drawn
under Letter of Credit Number 715 of Peoples First Community Bank dated September 11, 2003. This letter
of credit shall be deemed in full force until September 11, 2004, 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.
ohn W. Lewis
Executive Vice President
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1111111/11111... III "..1/... I ..111111111
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MARYlWE MORSE, a.ERK OF CIRCUIT COURT
satINOLE COUNTY
BK 05060 PG 1659
CLERK'S # 2003185122
RECORDED 10/1"/2003 12JS9JOt PM
RECORDING FEES 10. SO
RECORDED BY J EcktnrGttt
Prepared by:
City of Winter Springs
Attention: City Manager
1126 East State Road 434
Winter Springs, FL 32708
PARTIAL RELEASE OF MORTGAGE
KNOW ALL MEN BY THESE PRESENTS:
WHEREAS, WYMAN FIELDS FOUNDA TION, INC., a Florida non-profit
corporation, whose business address is P. O. Box 126, Yalaha, Florida 34797, (hereinafter
called Mortgagor), by Mortgage and Security Agreement bearing date the 10th day of May, 2000
and First Amendment to Mortgage and Security Agreement dated the 13th day of November,
2000 and recorded in the office of the Clerk of the Circuit Court in and for the County of
Seminole, State of Florida, in OR Book 3852, Page 1837, and OR Book 3968, Page 578,
respectively, mortgaged unto THE CITY OF WINTER SPRINGS, FLORIDA, a Florida
municipal corporation, whose address is 1126 E. State Road 434, Winter Springs, Florida 32708
and assigns, (hereinafter called Mortgagee), the premises therein particularly described, to secure
the payment of the sum of Nine Hundred Nine Thousand Six Hundred Fifty-Five and 00/100
Dollars ($909,655.00) with interest as therein mentioned; and
WHEREAS, the said Mortgagor has requested the Mortgagee to release the premises
hereinafter described, being part of said mortgaged premises, from the lien and operation of said
Mortgage; and
WHEREAS, the City of Winter Springs has agreed to this Partial Release of Mortgage,
in consideration of the payment set forth below:
NOW THEREFORE; KNOW YE, that the said Mortgagee in consideration of receipt
of the sum of Forty-Four Thousand Nine Hundred Seventy-Five and 21/100 Dollars
($44,975.21), hereby does remise, release, quit-claim, exonerate and discharge from the lien and
operation of said mortgage unto the said Mortgagor, its heirs and assigns, all that piece, parcel or
tract ofland being a part of the premises conveyed by said mortgage, to-wit:
Lot 3, Block 2, MOSS PLACE, Plat Book 59, Pages
25 - 26, Public Records of Seminole County, Florida
(Street Address: 112 Rhoden Lane)
- 1 -
. -
FILE NUM 2003185122
OR BOOK 05060 PAGE 1660
TO HA VE AND TO HOLD the same, with the appurtenances, unto the said Mortgagor,
its heirs and assigns forever, freed, exonerated and discharged of and from the lien of said
mortgage, and every part thereof; provided always, nevertheless, that nothing herein contained
shall in anyway impair, alter or diminish the effect, lien or encumbrance of the aforesaid
Mortgage on the remaining part of said mortgaged premises not hereby released therefrom, or
any of the rights and remedies of the holder thereof.
IN WITNESS WHEREOF, the said Mortgagee has caused these presents to be executed
in its name, and its corporate seal to ~~r9un~o affixed, by its property officers thereunto duly
authorized this .,;2"1'":> day of ~ 2003.
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THE CITY OF WINTER SPRJNGSi~~O-'YbA,
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Ronald W. McLemore "11..\.:(0 ;(l[:) ~,J
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Print Name:~~Y\ L c~ ?~ 1 ,~d I;' \I
STATE OF FLORIDA
COUNTY OF SEMINOLE
The foregoing instrument was acknowledged before me this 02J day of ill.:,LJ , 2003
by RONALD W. MCLEMORE, City Manager of the City of Winter Springs, on behalf of the
City. He is--upersonally known to me or 0 has produced as
identification.
(Seal)
, a\. Andrea Lorenzo-Luaces
! J). My Commission 00209870
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Print Name: '-A~r,L~'i. ~~- WC-c~
My Commission Expires: '\(1/01
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CERTIFICATION OF MORTGAGEE
The undersigned Mortgagee consents and agrees to the p-Iatting of lands embrac;ed in the
Plat (2 sheets) entitled "Winter Springs Town Center, Section 36, Township 20 South, Range 30
East, Section 31, Township 20 South, Range 31 East, Section 6, Township 21 South, Range 30
East, City of Winter Springs, Seminole County, Florida, being A Replat Of Unnumbered Lot In
Block "B", D.R. Mitchell's Survey Of The Levy Grant On Lake Jessup As Recorded In Plat
Book 1, Page 5, City of Winter Springs, Seminole County, Florida," which Plat is or is to be
recorded in the public records of Seminole County, Florida, and to the dedication(s) shown
therein; and further, should it become necessary to foreclose the mortgage covering the property
described therein, that all pieces and parcels dedicated to the public will be excluded from the
suit and the dedication shall remain in full force and effect.
THE NATIONAL BANK OF
SOUTH CAROLINA
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Witness - ~
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By:
Name:
Title:
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Witness
STATE OF SOUTH CAROLINA
COUNTY OF RICHLAND
Personally appeared before me, the undersigned authority, a Notary Public within and for
the State and County aforesaid, Wade V. King, with whom I am personally acquainted (or
proved to me on the basis of satisfactory evidence), and who, upon his oath, acknowledged
himself, to be the Senior Vice President of The National Bank of South Carolina, and he, as the
Senior Vice President, being authorized so to do, executed the foregoing instrument for the
purposes therein contained by signing the name of the corporation by himself as Senior Vice
President.
~ WITNESS MY HAND AND
~erf\~ ,2003.
OPFFICIAL SEAL on this th~\~\~~"'~y..".Pf
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OTARY PUBLIC \ ~; \. -,..;. Q. ..... . /
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My commission expires:
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CE-RTlfIED COpy
MARY ANNE MORS!
"ERK OF CIRCUIT coun
COO
17325/l1614755v4
FEB 2 6 2004
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