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Home My WebLink AboutAvery Park, LLC -2004 04 01 SUNTRUST LETTER OF CREDIT NUMBER ORL/P100760 PAGE NO. 1 LETTER OF CREDIT NUMBER: ORl/P100760 ISSUANCE DATE: APRIL 02. 2002 (.iD\/ISING Bf)NK = APPLICANT = AVERY P{.il~K. L.LC 131 PARK LAKE STREET ORLANDO, FL 32803-3821 BENEFlCIr~RY : CITY OF WINTER SPRINGS 110 N. FLAMINGO AVENUE WINTER SPRINGS. FL 32708 FOR use 26.710.00 Cn,JENTY SIX TI-Iom3'!'lND SEVEN HUNDRED n::N 00/100 u.S. DOi""Lr-IRS) DATE OF EXPIRATION: APRIL 01. 2004 PLACE OF EXPIRATION: OUR COUNTERS PROJECT NAME: AVERY PARK PROJECT LOCATION: SECTION 1. TOWNSHIP 21 SOUTH. RANGE 30 EAST. AND SECTION 6. TOWNSHIP 21 SOUTH. RANGE 31 EAST, CITY OF WINTER SPRINGS. SEMINOLE COUNTY, FLORIDfi WE HEREBY ESTABLISH OUR IRREVOCABLE LETTER OF CREDIT NO. ORL/P100760 IN FAVOR OF CITY OF WINTER SPRINGS. A POLITICAL SUBDIVISION OF THE STATE OF FLORIDA. AND AUTHORIZE YOU TO DRAW ON SUNTRUST BANK. 200 S. ORANGE AVENUE. ATTN: INTERNATIONAL DIVISION. ORLANDO. FLORIDA 32801 BY ORDER OF AVERY PARK. LLC UP TO BUT NOT EXCEEDING THE AGGREGATE AMOUNT OF TWENTY SIX THOUSAND SEVEN HUNDRED TEN AND 00/100 U.S. DOLLARS (U.S.$26,710.00) WHICH IS AVAILABLE BY YOUR DRAFT AT SIGHT, WHEN ACCOMPANIED BY THIS LETTER OF CREDIT AND EITHER ONE OF THE FOLLOWING DOCUMENTS: 1. A STATEMENT PURPORTEDLY SIGNED BY THE CITY OF WINTER SPRINGS' UTILITIES DIRECTOR OR AUTHORIZED REPRESENTATIVE STATING: ~THE PERFORMANCE OF AVERY PARK. LLC'S OBLIGATION HAS NOT BEEN COMPLETED YET AND LETTER OF CREDIT ORL/P100760 WILL EXPIRE WITHIN 30 DAYS FROM THE DATE OF THE DRAWING WITHOUT BEING EXTENDED OR REPLACED TO THE CITY'S SATISFAcrION"; OR 2. A STATEMENT PURPORTEDLY SIGNED BY THE CITY OF WINTER SPRINGS' UTILITIES DIRECTOR OR AUTHORIZED REPRESENTATIVE STATING: "SUNTRUST BANK HAS LOST ITS DESIGNATION AS A O "(.:"IAI IC"Iel-) 1:)11':'1 '[f~ 1-'F.P{-I!-'T1"{)D'""'~ P'IIR'C;li('NT "I"n ~~~ ... r !_L I \~J.J_.... fJ_ ..:>,,, f'. I ~ ~~.~'1. I .~ J CONT I HUED 1J;M~8 M6;f<T PI~GE SUNTRUST LETTER OF CREDIT NUMBER ORL/Pl00760 PAGE NO. ? FLORIDA STATUTES. CHAPTER 280. AND AN ACCEPTABLE REPLACEMENT LETTER OF CREDIT HAS NOT BEEN RECEIVED"; OR 3. A STATEMENT PURPORTEDLY SIGNED BY THE CITY OF WINTER SPRINGS' UTILITIES DIRECTOR OR AUTHORIZED REPRESENTATIVE STATING: uTHIS DRAWING IS DUE TO AVERY PARK. LLC'S FAILURE TO HAVE PROPERLY CONSTRUCTED THE PUBLIC IMPROVEMENTS. (HEREINAFTER REFERRED TO AS THE "IMPROVEMENTS". AND MAINTAIN SAID IMPROVEMENTS FOR A TWO (2) YEAR PERIOD FOLLOWING ISSUANCE OF A CERTIFICATE OF COMPLETION FOR IMPROVEMENTS. SPECIFICALLY. THE STATEMENT SHALL BE TO THE EFFECT THAT: uTHE MATERIALS. WORKMANSHIP. STRUCTURAL INTEGRITY. FUNCTIONING. AND/OR MAINTENANCE (MAINTENANCE REQUIRED TO ENSURE PROPER OPERATION) OF THE IMPROVEMENTS HAS BEEN DETERMINED TO BE UNACCEPTABLE. AND SUCH CONDITION(S) HAS NOT BEEN CORRECTED DESPITE NOTIFICATION TO THE DEVElOPERu AND FURTHER STATING THE SUMS DUE AS A RESULT OF SUCH DEFAULT TO DEFRAY THE ESTIMATED COST OF REPAIRS OF THE IMPROVEMENTS. A SUM NOT TO EXCEED $26,710.00 U.S. DOLLARS SHALL BE AVAILABLE FOR PARTIAL DRAWCS) OR FULL DRAW BY YOUR DRAFTS AT SIGHT. IF ACCOMPANIED BY A WRITTEN AFFIDAVIT AS DESCRIBED IN THE PROCEEDING PARAGRAPH. THIS LETTER OF CREDIT SHALL BE DEEMED IN FULL FORCE UNTIL APRIL 02. 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 UTILITIES' DIRECTOR WITH WRITTEN NOTICE OF OUR INTENT TO TERMINATE THE CREDIT HEREIN EXTENDED. WHICH NOTICE MUST BE PROVIDED AT LEAST THIRTY (30) DAYS PRIOR TO THE EXPIRATION DATE OF THE ORIGINAL TERM HEREOF. DRAFTS MUST BE DRAWN AND NEGOTIATED NOT LATER THAN APRIL 2004. DRAFTS MUST BEAR THE CLAUSE~ "DRAWN UNDER LETTER OF CREDIT NO. ORL/P100760 OF SUNTRUST BANK DATED APRIL 027 2002". I..,'") vC"lI' 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. EXCEPT AS OTHERWISE SPECIFICALLY STATED HEREIN. THIS lETTER U~ 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 _ C~N~D ON NEXT P(;GE J~- LJ 109928(6101) U~~V~I::R ORLlP100760 PAGE NO. REFERENCE SHALL NOT BE DEEMED TO INCORPORATE ANY DOCUMENT. INSTRUMENT. OR AGREEMENT. :3 HEREIN BY REFERENCE WE HEREBY AGREE WITH YOU THAT ALL DRAFTS DRAWN IN COMPLIANCE WITH THE TERMS OF THIS LETTER OF CREDIT WILL BE DULY HONORED UPON PRESENTATION AND DELIVERY OF THE DOCUMENTS SPECIFIED ABOVE TO SUNTRUST BANK. 200 S. ORANGE AVE.. ATTN: INTERNATIONAL DIVISION, ORUiNDO. FLORIDA, 32801 ON OR BEFORE APRIl. 01. 2004 OR ANY EXTENDED DATE. THIS LETTER OF CREDIT WILL BE CONSIDERED AS CANCELLED UPON RECEIPT BY US OF THE ORIGINAL CREDIT INSTRUMENT OR UPON ANY PRESENT OR FUTURE EXPIRY DATE HEREUNDER. WHICHEVER SHALL OCCUR FIRST. THIS LETTER OF CI~E[)n IS SUBJECT TO THE "UNIFORi'l eLlSTONS 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. SINCEREL.Y. SUNTRUST B(~NK ORL.ANDO. FL.ORID?l "I~~~ PAGE 3 109928 (6101) .~.______.._~^~,_~,_._*_,",,_~..,~_,.._,._n___'_"___~" ...-.~,_....____'...._".,_.,