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Staff Report/Final Plat Phase 3 (04/05/04)ri-City Planninglice 17 Second Street East - Suite 211 Kalispell, Montana 59901 Phone: (406) 751-1850 Fax: (406) 751-1858 tricity@centurytel.net PORT TO: Kalispell Mayor and City Council FROM: Narda A. Wilson, Senior Planner Chris A. Kukulski, City Manager SUBJECT Final Plat for Stratford Village Subdivision Phase 3 MEETING DATE: April 5. 2004 BACKGROUND: This is a request for final plat approval of Stratford Village Subdivision Phase 3 which plats 58 lots on approximately 12.50 acres. The entire subdivision contains 102 residential lots on approximately 30.66 acres in southwest Kalispell. The property was annexed into the city limits and the subdivision given preliminary plat approval by the Kalispell City Council on October 2, 2000. The zoning on the property is R-4, a Two Family Residential zoning district that has a minimum lot width of 50 feet and a minimum lot size requirement of 6,000 square feet. The district allows duplexes and single-family homes as permitted uses. The property lies west of South Meadows and Ashley Park subdivisions, south of Lone Pine View Estates subdivision and east of the Burlington Northern Railroad right-of-way. Phases 1 and 2 of Stratford Village were approved by the Kalispell City Council in January of 2002 and January of 2003 respectively and have been developed fairly quickly. This first phase included the extension of Bluestone Street from South Meadows to the east and the extension of Denver Avenue from Lone Pine View Estates. This extension created a road connection in the area that previously did not exist. The second phase of Stratford Village lies directly to the west of the first phase. This third Phase lies in the southern portion of the site. As required by the conditions of approval, at least two-thirds of the infrastructure for the subdivision in this phase has been completed and constructed to City standards which includes curb, gutter, sidewalks, street trees and underground utilities; and certified by a licensed professional engineer. A subdivision improvements agreement has been submitted for the remaining improvements along with a letter of credit in the amount of 125 percent of the costs of the remaining improvements in the amount of $408,712.50. The letter of credit has been received from Banner Bank of Bothell. A proportionate share of the cash -in -lieu of parkland is being paid with this first phase in the amount of $11,250, which is based on the area in lots of 4.238 acres with an estimated unimproved value of $12,070 per acre. The preliminary plat for this subdivision was approved by the Kalispell City Council on October 2, 2000, subject to 17 conditions of approval. All of the conditions of approval have been met or otherwise adequately addressed through the subdivision improvements agreement. Providing Community Planning Assistance To: ® City of Kalispell - City of Columbia Falls - City of Whitefish Final Plat for Stratford Subdivision Phase 3I March 30, 2004 Page 2 RECOMMENDATION: A motion to approve the final plat for the Stratford Village Phase 3 and to accept the subdivision improvements agreement would be in order. ALTERNAT Respectfully submitted, Narda A. ilson Senior Planner Minor positive impacts once developed. As suggested by the city council. Report compiled: March 30, 2004 5�. X&'I�U: Chris A. Kukulski City Manager Attachments: Letter of transmittal Final plat application and supporting documents SUBDIVISION IMPROVEMENT AGREEMENT STRATFORD VILLAGE, PHASE 3 THIS AGREEMENT, made and entered into this _____ day of ____________. 2004, by and between the CITY COUNCIL, CITY OF KALISPELL, MONTANA, Party of the First Part and hereinafter referred to as the CITY, and NORMAN SANDERSON, of APEX 1, LLC, located at 10 E. Roanoke Street #8, Seattle, Washington 98102, Party of the Second Part and hereinafter referred to as DEVELOPER: WITNESSETH: THAT WHEREAS, the Developer is the owner of a the recorded subdivision known as "STRATFORD VILLAGE, PHASE 3", located in the West Half of Section 19, T28N, R21W, PM,M, Flathead County and, WHEREAS, the City has approved the final plat of "STRATFORD VILLAGE, PHASE 3", upon the conditions as set forth in the Preliminary Plat of the Subdivision being completed and all improvements, as cited in original "Exhibit A" had not been completed at that time, and the Developer wishes to amend the bond for the completion of those remaining improvements set forth in original "Exhibit A"; and WHEREAS, the City's Subdivision Regulations require that a subdivider shall provide a financial security of 125% of the estimated total cost of construction of said improvements as evidenced by an estimate prepared by a licensed public engineer or the contractor included herewith as new "Exhibit A", and WHEREAS, the estimated total cost of construction of said improvements is the sum of $862,798.20. NOW THEREFORE, in consideration to reduce said bond by the City, the Developer hereby agrees as follows: 1. The Developer shall deposit as collateral with the City a Letter of Credit, or other acceptable collateral as determined by the City Council, in the amount of $408,712.50. Said Letter of Credit or other collateral shall have an expiration date of at least sixty (60) days following the date set for completion of the improvements, certifying the following: a. That the creditor guarantees funds in the sum of $408,712.50, the estimated cost of completing the required improvements in "STRATFORD VILLAGE, PHASE 3". b. That if the Developer fails to complete the specified improvements within the required period, the creditor will pay the City immediately, and without further action, such funds as are necessary to finance the completion of those improvements up to the limited of credit stated in the letter; 2. That said required improvements shall be fully completed by JANUARY 15, 2005. 3. That upon completion of the required improvements, the Developer shall cause to be filed with the City a statement certifying that: a. All required improvements are complete; b. That the improvements are in compliance with the minimum standards specified by the City for their construction and that the Developer warrants said improvements against any and all defects for a period of one (1) year from the date of acceptance of the completion of those improvements by the City: c. That the Developer knows of no defects in those improvements; d. That these improvements are free and clear of any encumbrances or liens; e. That a schedule of actual construction costs have been filed with the City; and f. All applicable fees and surcharges have been paid. 4. The Developer shall cause to be filed with the City copies of final plans, profiles, grades and specifications of said improvements, with the certification of the registered professional engineer responsible for their preparation that all required improvements have been installed in conformance with said specifications. IT IS ALSO AGREED BY AND BETWEEN THE PARTIES HERETO AS FOLLOWS, TO -WIT: That the Developer shall provide for inspection of all required improvements by a registered professional engineer before the Developer shall be released from the Subdivision Improvement Agreement. That if the City determines that any improvements are not constructed in compliance with the specifications, it shall furnish the Developer with a list of specific deficiencies and may withhold collateral sufficient to insure such compliance. If the City determines that the Developer will not construct any or all of the improvements in accordance with the specifications, or within the required time limits, it may withdraw the collateral and employ such funds as may be necessary to construct the improvement or improvements in accordance with the specifications. The unused portions of the collateral shall be returned to the Developer or the crediting institution, as is appropriate. IN WITNESS WHEREOF. --,the Parties have hereunto set their hands and seals the day and year herein befor written. X--- —��—�—'— --- k — ------------- STRATFORD VIL E, PHASE 3 NORMAN SANDERSON APEX i, LLC STATE OF MONTANA ) SS COUNTY OF Flathead �) On this !` day of _ I Lr_­a,l:., _ 2004, before me, a Notary Public for the State of Montana, personally a] recORMAN SANDERSON and known to me to be the Administrator for APEX 1, LLC and whose name is subscribed to the foregoing instrument and acknowledged to me that he executed the same for said APEX 1, LLC.. IN WITNESS WHEREOF, I have hereun �eV%M.8 and affixed my Notarial Seal day and year first above written.ti NOTARIAL � ---- Nota y Public for the State of Montana ep Res' ing at Kalispell, Montana My Commission Expires 6/18/2007 �jF �F PAO MAYOR, CITY OF KALISPELL ATTEST: By:------------------------------- By: Mayor _ Finance Director EXHIBIT A 4/15/04 ENGINEERS ESTIMATE OF CONSTRUCTION PROGRESS PHASE 1 (16 Lots), PHASE H (27 Lots), & Phase III (58 Lots) STRATFORD VILLAGE SUBDIVISION, KALISPELL, MONTANA PHASE I PHASE II PHASE III ITEM EST. TOTAL COST PERCENT COMP REMAIN EST. TOTAL COST PERCENT COMP REMAIN EST. TOTAL COST PERCENT COMP REMAIN 1. Roads a. Exc and Grade to Subbase 68,000.00 100% -0- b. Base, Crush Rock 22,568.00 100% -0- 43,509.00 100% -0- 54,900.00 62% 20,862.00 c.. Paving 34,020.00 100% -0- 65,589.00 100% -0- 80,500.00 -0- 80,500.00 d. Sidewalks 19,809.00 100% -0- 61,245.00 100% -0- 74,000.00 -0- 74,000.00 e. Site Concrete / Lights and Bases 6,000.00 100% -0- 14,534.00 100% -0- 18,800.00 43% 10,716.00 e. Curbs 11,600.00 100% -0- 39,832.00 100% -0- 54,000.00 -0- 54,000.00 2. Alleys a.. Base, Crush 4,346.00 100% -0- 9,596.00 100% -0- 7,900.00 20% 6,320.00 b. Paving 3,370.00 0% -0- 7,370.00 100% -0- 8,300.00 -0- 8,300.00 3. Sewer a. Manholes 12,000.00 100% -0- Sewer total: 100% Sewer total: 20,000.00 100% -0- b. 10" Sewer Mains 16,290.00 100% -0- 45,115.00 100% -0- 6,300.00 100% -0- c. 8 "Sewer Mains 6,440.00 100% -0- 100% 28,300.00 100% -0- d. Services 10,800.00 100% -0- 100% 49,200.00 100% -0- e. Lift Station 78,000.00 84% 12,480.00 1. Water a. 8" Water Mains 18,176.00 100% -0- Water total: 100% Water total: 43,900.00 100% -0- b. 8" Valves 5,600.00 100% -0- 64,274.00 100% -0- 5,600.00 100% -0- c. 6" Hydrants with valves 9,000.00 100% -0- 100% 20,500.00 100% -0- dF '--vices 12,000.00 100% -0- 100% 55,000.00 100% -0- n Water a.._ Main 6,630.00 100% -0- Storm total: 100% Storm total: 1,600.00 100% -0- b. 10" Main 5,612.00 100% -0- 17,792.00 100% -0- 7,200.00 100% -0- c. 8" Main 10,304.00 100% -0- 100% 17,300.00 100% -0- d. Catch Basins 8,500.00 100% -0- 100% 12,800.00 100% -0- e. Manholes and Tankage 16,800.00 100% -0- 100% 18,000.00 100% -0- f. Retention Basin 58,646.00 100% -0- i. Postal Service a: Mailboxes and 4ountin 2,500.00 100% -0- I. Si na e a. Street Signs 1,200.00 100% -0- 3,200.00 100% -0- 4,700.00 -0- 4,700.00 b. Traffic signs 1,800.00 100% -0- 4,800.00 100% -0- 6,000.00 -0- 6,000.00 1. Landscape a. Trees 10,800.00 100% -0- 11,300.00 100% -0- 18,200.00 -0- 18,200.00 b. Seeds and Repair 2,100.00 100% -0- 2,100.00 100% -0- 24,600.00 -0- 24,600.00 1. Utilities a. Electric 22,000.00 100% -0- 37,537.00 100% -0- 50,287.00 100% -0- b. Gas 11,000.00 100% -0- 18,538.00 1000% -0- 16,211.25 100% -0- c. Telephone 14,000.00 100% -0- 13,912.00 100% -0- 18,299.95 100% -0- d. Cable 3,000.00 100% -0- 4,000.00 100% -0- 6,000.00 100% -0- e. Trench,Conduit.,Vaults 40,289.00 100% -0- 48,400.00 87% 6292.00 lubtotai 310,365.00 100% -0- 506,632.00 1000/. -0- 981,444.20 326,970.00 'RASE I: Security Amount Required -0- 'HASE II: Security Amount Required 'HASE III: Security Amount Required(1.25) 326,970.00 408,712.M Tri-City PlanningOffice 17 Second Street East — Suite 211 Kalispell, Montana 59901 Phone: (406) 751-1850 Fax: (406) 751-1858 tricity@centurytel.net March 31, 2004 Chris Kukulski, City Manager City of Kalispell P.O. Drawer 1997 Kalispell, MT 59901 Re: Final Plat for Stratford Village Subdivision Phase 3 Dear Chris: Our office has received an application from Jackola Engineering for final plat approval of Stratford Village Subdivision Phase 3 that plats 58 lots on approximately 12.50 acres from the 102 lot residential subdivision. This phase of Stratford Subdivision lies in the southern portion of the site. Phase 1 of Stratford Village included the extension of Bluestone Street to connect with Denver Avenue providing a connection between the South Meadows area and Sunnyside Drive. Phase 2 lies to the south of Bluestone and to the north of this phase. A proportionate share of the required cash in lieu of parkland dedication was submitted with the final plat application in the amount of $11,250. In accordance with the conditions of approval, approximately two-thirds of the required infrastructure has been completed and a subdivision improvements agreement has been submitted with a letter of credit in the amount of 125 percent of the cost of the remaining improvements or in the amount of $408,712.50. The remaining improvements are anticipated to be fully completed by January 15, 2005. The property was annexed into the city and the subdivision given preliminary plat approval by the Kalispell City Council on October 2, 2000 subject to 17 conditions. The following is a list of the conditions of preliminary plat approval for this subdivision and a discussion of how they have been met or otherwise addressed. Condition No. 1. Development of the subdivision shall be platted in substantial compliance with the approved preliminary plat which governs the location of lots and roadways within the subdivision. Phasing of the subdivision is anticipated. This condition has been met. Phase 3 of the subdivision is in substantial compliance with the preliminary lot layout and roadway design. Providing Community Planning Assistance To: ® City of Kalispell • City of Columbia Falls . City of Whitefish Final Plat for Stratford Village Subdivision Phase 3 March 30, 2004 Page 2 Condition No. 2. That the roadways serving the subdivision shall be constructed in accordance with the adopted Design and Construction Standards for the City of Kalispell for local roads and include the pavement, curbs, gutters, storm drainage, sidewalks and a minimum five foot landscape boulevard with street trees placed in accordance with a plan approved by the Parks and Recreation Director. A letter from an engineer licensed in the State of Montana certifying that the improvements have been installed according to the required specifications shall be submitted at the time of final plat approval along with a letter from the Kalispell Public Works Department stating that the required improvements have been inspected and comply with the City standards. ® This condition has been adequately addressed. Most of the improvements for this phase of the subdivision have been completed including the water and sewer and road base as well as the underground utilities. The remaining improvements are being guaranteed with the subdivision improvements agreement and letter of credit. Condition No. 3. That the developer provide documentation that the necessary easements have been obtained granting access to the subdivision across privately owned property and that the easement encompasses the nature and intensity of the use proposed. ® This condition is not applicable to this phase of the development since there is no easement across private property, but rather the extension of public rights -of -way. Condition No. 4. That a Certificate of Subdivision Approval be obtained from the Montana Department of Environmental Quality and written approval by the Kalispell Public Works Department approving the water and sewer facilities for the subdivision. ® This condition has been met. A letter from MDEQ dated September 24, 2003 and a letter from the Kalispell Public Work Department dated August 27, 2003 have been submitted with the final plat application. Condition No. 5. A stormwater drainage plan, which has been designed by an engineer licensed in the State of Montana, shall be prepared which complies with the City's Design and Construction Standards and shall be reviewed and approved by the Kalispell Public Works Department. ® This condition has been met. The stormwater drainage plan was approved by the Kalispell Public Works Department and has generally been completed for all phases of the subdivision. Condition No. 6. That an approach permit for the proposed accesses onto Denver Street and Bluestone be obtained from the Kalispell Public Works Department and any conditions or improvements associated with the permits be completed prior to final plat approval. Final Plat for Stratford Village Subdivision Phase 3 March 30, 2004 Page 3 ® This condition has been met. This condition was addressed in the first phase of the Stratford Village Subdivision with the extension of Bluestone and Denver Avenues made at that time. Condition No. 7. The roads within the subdivision shall be named and signed in accordance with the policies of the Kalispell Public Works Department and the Uniform Traffic Control Devices Manual. ® This condition has been adequately addressed. The signs for the subdivision have been included in the subdivision improvements agreement. Condition No. 8. The developer shall provide a plan for mail service approved by the U.S. Postal Service. ® This condition has been met. A letter from the post office has been submitted approving a centralized box location and turnaround area on Denver Avenue during the first phase. Condition No. 9. Street lighting shall be located within the subdivision and shall be shielded so that it does not intrude unnecessarily onto adjoining properties. ® This condition has been adequately addressed. Light poles have been installed and the remaining work on the lighting is part of the subdivision improvements agreement. Condition No. 10. That the parkland dedication requirements be met with the payment of cash in lieu of parkland of 11 percent of the unimproved value of the area devoted to lots or $24,823. The cash in lieu of parkland can be paid in conjunction with the phasing of the development based on the area in lots. ® This condition has been met. A cash in -lieu of parkland payment has been made for this phase of the subdivision in the amount of $11,250 based on the proportional area in lots or 4.238 acres in lots and an unimproved value of $12,070 per acre which was determined at the preliminary plat review stage. Condition No. 11. All utilities shall be installed underground. ® This condition has been met. All of the utilities have been installed underground and have been certified by the engineer for this project. Condition No. 12. That the fire access and suppression system comply with the Uniform Fire Code and a letter from the Kalispell Fire Department approving the access and number and placement of fire hydrants within the subdivision shall be submitted with the final plat. The fire access and suppression system shall be installed and approved by the Fire Department prior to final plat approval. ,Final Plat for Stratford Village Subdivision Phase 3 March 30, 2004 Page 4 ® This condition has been met. All of the water lines and hydrants have been installed and tested and the roadway has been brought to a point that can provide adequate fire access in the case of a fire. A letter from the Kalispell Fire Department has been received dated 1 / 17 / 02 approving the location and space of the hydrants and was submitted with Phase 1 of the subdivision. Condition No. 13. That a minimum of two-thirds of the necessary infrastructure for this subdivision shall be completed prior to final plat approval. ® This condition has been met. More than two-thirds of the necessary infrastructure for this phase of the subdivision has been completed and certified by the engineer for the project. The remaining improvements have been guaranteed with a subdivision improvements agreement and a letter of credit in the amount of 125 percent or approximately $408,712.50. Condition No. 14. That a homeowners association be established for the maintenance of the common area based upon a pro-rata share of costs. ® This condition has been met. A declaration of covenants and an agreement have been submitted with the final plat application and were filed at the clerk and recorders office with the final plat of Phase 1 that covers the entire subdivision.. Condition No. 15. That a building envelope be delineated on the final plat indicating the required setbacks on the corner lots in the subdivision. ® This condition has been met. The setbacks have been indicated on the final plat for the corner lots. Condition No. 16. All areas disturbed during development of the subdivision shall be re -vegetated with a weed -free mix immediately after development. ® This condition has been adequately addressed. The revegetation of disturbed areas has been included in the subdivision improvements agreement and will be completed in the spring after the improvements have been completed. Condition No. 17. That preliminary approval shall be valid for a period of three years from the date of approval. As each phase of the plat is filed, the preliminary plat approval shall be extended an additional three years from the date of filing. ® This condition has been met. The final plat for this subdivision has been submitted prior to expiration of January 6, 2006 and will extend the preliminary plat approval for another three years from the date of the approval. Final Plat for Stratford Village Subdivision Phase 3 March 30, 2004 Page 5 The final plat is in substantial compliance with the preliminary plat which was reviewed and approved by the City Council on October 2, 2000. This subdivision plat has been found to be in compliance with the State and City Subdivision Regulations. This subdivision can be found to be in compliance with the Kalispell Zoning Ordinance and the R-4, Two Family Residential, zoning designation for the property which governs the dimensional requirements of the lots within the subdivision as well as the uses. All of the conditions of preliminary plat approval have been met or otherwise adequately addressed. The staff would recommend that the Kalispell City Council approve the final plat for the Stratford Village Phase 3 and accept the subdivision improvements agreement as submitted. Please schedule this matter for the regular city council meeting of April 5, 2004. Sincerely, Narda A. liiJn�— Senior Planner NW/ Attachments: Vicinity map 1 opaque mylars of final plat 1 reproducible mylar of final plat 1 copy of final plat Ltr from Jackola Eng dated 3 / 26 / 04 Final plat application dated 2/ 17/04 Ltr from Env Health Svcs dated 9/24/03 Ltr from Kalispell Public Works Dept dated 8/27/04 Engineer's certification on improvements dated 3/ 12/04 Subdivision improvements agreement and certification Final Plat for Stratford Village Subdivision Phase 3 March 30, 2004 Page 6 Letter of credit from Banner Bank dated 3/ 18/04 for $408,712.50 Treasurers Certification dated 3/26/04 Title report dated 2/24/04 Cash in lieu of parkland check for $11,250 c: Jackola Eng, Box 1134, Kalispell, MT 59901 Apex 1, LLC Norm Sanderson, 10 E. Roanoke St, #8, Seattle WA 98102 Theresa White, Kalispell City Clerk H: \... \KFP0403.DOC IRREVOCABLE LETTER OF CREDIT NO. '406401" LENDER NAME AND ADDRESS: _. BANNER. BANK' ,>.. - 10125 MAIN ST, PO:BOX 21M BOTHELL,-WA 08041 _ _ O CUSTOMER(s): BENEFICIARY: APEX I, LLC CITY OF KALISPELL 10 E ROANOKE STREET PO BOX 1997 SEATTLE, WA 98102 KALISPELL, MONTANA 59903-1997 HONE�`(206J372;59,j�',,,' ID N4ahiF3ER �. =} PHONE ,i ,m;Y , .,:,� ,ID�UIVIBER EXPIRATION DATE This letter of credit shall expire upon the earlier of: 1. the dose of business on -03/18/05; and all drafts and accompanying statements or documents must be presented to Lender on or before that time; or 2. the day that Lender honors a draw under which the full amount of this Letter of Credit has been drawn. Lender hereby establishes at the request and for the account of Customer, an Irrevocable Letter of Credit in favor of Beneficiary for a sum of FOUR HUNDRED AND EIGHT THbuSAND SEVEN.HUNDRED TWELVE'DOLLARS AND 501t00''-'Dollars ( 5408712:50 - I). These funds shall be made available to Beneficiary upon Lender's receipt from Beneficiary of sight drafts drawn on Lender at Lender's address indicated above (or such other address that Lender may provide Beneficiary in writing) during regular business hours and accompanied by the signed written statements or documents indicated below. WARNING TO BENEFICIARY: PLEASE EXAMINE THIS LETTER OF CREDIT AT ONCE. IF YOU FEEL UNABLE TO MEET ANY OF ITS REQUIREMENTS, EITHER SINGLY OR TOGETHER, YOU SHOULD CONTACT THE CUSTOMER IMMEDIATELY TO SEE IF THE LETTER OF CREDIT CAN BE AMENDED. OTHERWISE, YOU WILL RISK LOSING PAYMENT UNDER THIS LETTER OF CREDIT FOR FAILURE TO COMPLY STRICTLY WITH ITS TERMS AS WRITTEN. 1. DRAFT TERMS AND CONDITIONS Lender shall honor drafts submitted by Beneficiary under the.following terms, and conditions: BENEFICIARY'S STATEMENT PURPORTEDLY SIGNED BY AN AUTHORIZED INDIVIDUAL OF BENEFICIARY CERTIFYING CUSTOMER, HAS NOT PERFORMED OR FULFILLED ALL THE UNDERTAKINGS, COVENANTS AND CONDITIONS IN ACCORDANCE WITH SHE TERMS OF THE AGREEMENT BETWEEN CUSTOMER AND BENEFICIARY. Reference: Strat_ford'Village Phase. Upon Lender's honor of such drafts, Lender shall be fully discharged of its obligations under this Letter of Credit and shall not be obligated to make any further payments under this Letter of Credit once the full amount of credit available under this Letter of Credit has been drawn. If a non -conforming demand is made, Lender shall notify Beneficiary of its dishonor on or before the time specified in Paragraph 5 below. Beneficiary shall have -no recourse against Lender for any amount paid under this Letter of Credit once Lender has honored any draft or other document which complies strictly with this Letter of Credit, and which on its face appears otherwise in order but which is signed, Issued, or presented by a party or under the name of a party purporting to act for Beneficiary, purporting to claim through Beneficiary, or posing as Beneficiary without Beneficiary's authorization. By paying an amount demanded in accordance with this Letter of Credit, Lender makes no representation as to the correctness of the amount demanded and Lender shall not be liable to Beneficiary, or any other person, for any amount paid or disbursed for any reason whatsoever, including, without limitation, any nonapplication or misapplication by Beneficiary of the proceeds of such payment. By presenting upon Lender or a confirming bank, Beneficiary certifies that Beneficiary has not and will not present upon the other, unless and until Beneficiary meets with dishonor. Beneficiary promises to return to Lender any funds received by Beneficiary in excess of the Letter of Credit's maximum drawing amount. 2. USE RESTRICTIONS All drafts must be marked "DRAWN UNDER .BANNER BANK'S . IRREVOCABLE LETTER OF CREDIT NO.490401 - DATED 03f18104- and the amount of each draft shall be marked on the draft. Only Beneficiary or Beneficiary's Transferee (if this Letter of Credit is transferable) may complete a draft and accompanying statements or documents required by this Letter of Credit and make a draw under this Letter of Credit. This original Letter of Credit must accompany any draft drawn hereunder. Partial draws0 are permitted 0 are not permitted under this Letter of Credit. Lender's honor of a partial draw shall correspondingly reduce the amount of credit available under this Letter of Credit. Following a partial draw. Lender shall return this original Letter of Credit to Beneficiary with the partial draw noted hereon; in the alternative, and in its sole discretion, Lender may issue a substitute Letter of Credit to Beneficiary in the amount shown above, less any partial drawls). 3. PERMITTED TRANSFEREES If checked, this Letter of Credit may be transferred by Beneficiary upon prior written notice to Lender of the transfer. The Transferee shall be deemed the new Beneficiary of this Letter of Credit and the documents of the Transferee, including drafts required under this Letter of Credit, will be processed by Lender (or any intermediary) without the original Beneficiary's intervention and without any further obligation of Lender to the original Beneficiary. 0 If checked, the right to draw under this Letter of Credit shall be nontransferable, except for. A. A transfer (in its entirety, but not in part) by direct operation of law to the original Beneficiary's administrator, executor, bankruptcy trustee, receiver, liquidator, successor, or other representative at law; and B. The first Immediate transfer (in its entirety, but not in part) by such legal representative to a third party after express approval of a governmental body audicial, administrative, or executive). 4. TRANSFEREE'S REQUIRED DOCUMENTS When the presenter is a permitted Transferee under paragraph 3 above, the documents required for a draw shall include: A. All documents required elsewhere in this Letter of Credit, except that such documents may be in the name of and executed by either the original Beneficiary or the presenter permitted by paragraph 3; and LCLOC XS (Rev. 02103) 04370 0 Harland Financial Solutions, Inc. 2001,2003. All rights reserved. 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