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12/15/06 Return of Letter of CreditCity of Kalispell Post Office Box 1997 - Kalispell, Montana 59903-1997 - Telephone (406)758-7700 Fax (406)758-7758 December 15, 2006 Whitefish Credit Union Doug Johnson PO Box 37 Whitefish, MT 59937 Re: Letter of Credit 151, Cedar Commons Subdivision Dear Mr. Johnson, Enclosed is Letter of Credit No. 151 in the amount of $284,875.00 with the expiration date of August 16, 2007. It has been replaced by Letter of Credit No. 155 in the amount of $74,562.50 expiring August 16, 2007. Sincerely, Deb Deist City Treasurer cc Michael Blend PO BOX 7505 Kalispell, MT 59904 f� Ic;- I IRREVOCABLE STANDBY LETTER OF CREDIT ISSUER: WHITEFISH CREDIT UNION PO BOX 37 COPY WHITEFISH, MT 59937 Date of Issue: 08.16.2006 Letter of Credit Number: 151 Amount: U.S. $ 284,875.00 ( TWO HUNDRED EIGHTY FOUR THOUSAND EIGHT HUNDRED SEVENTY FIVBAV If18( DLARS) For Benefit Of: For Account Of: Beneficiary Name and Address Applicant Name and Address THE CITY OF KALISPELL BEARGRASS HOLDINGS, LLP KALISPELL, MT 59901 PO BOX 7505 KALISPELL, MT 59904 LETTER OF CREDIT. Issuer establishes this Irrevocable Standby Letter of Credit (Letter of Credit) in favor of Beneficiary in the amount indicated above. Beneficiary may draw on this Letter of Credit with a Draft (or Drafts, if the maximum number of drawings is greater than one) together with the documents described below. Each Draft shall be signed on behalf of Beneficiary and be marked "Drawn under [Issuer name] Letter of Credit No. [Letter of Credit number] dated [Letter of Credit date]." Drafts must be presented at Issuer's address shown above on or before the Expiration Date. The presentation of any Draft shall reduce the Amount available under this Letter of Credit by the amount of the Draft. This Letter of Credit sets forth in full the terms of Issuer's obligation to Beneficiary. This obligation cannot be modified by any reference in this Letter of Credit, or any document to which this Letter of Credit may be related. This Letter of Credit expires on the Expiration Date. DRAWINGS. IX Partial drawings shall not be permitted under this Letter of Credit. ❑ Partial drawings are permitted. The maximum number of drawings that may be made is DOCUMENTS. Each Draft must be accompanied by the following, in original and two copies except as stated: IM The original Letter of Credit, together with any amendments. ❑ A sight draft drawn by Beneficiary on Issuer. ❑ A signed statement by Beneficiary including the following statement: ❑ Other documents: Issuer shall be entitled to accept a draft and the documentation described above, as required by the terms of this Letter of Credit, from any person purporting to be an authorized officer or representative of Beneficiary without any obligation or duty on the part of Issuer to verify the identify or authority of the person presenting the draft and such documentation. SPECIAL INSTRUCTIONS: EXPIRATION DATE. This Letter of Credit expires at the close of business at Issuer's address at 12:00 PM (Time) on 08-16.2007 (Date). Issuer agrees to honor all Drafts presented in strict compliance with the provisions of this Letter of Credit on or before the Expiration Date. ❑ If Beneficiary has not drawn the full amount of this Letter of Credit prior to the Expiration Date, the Expiration Date shall be extended for a period of days from the Expiration Date, unless Issuer notifies Beneficiary in writing at least days prior to the Expiration Date that Issuer elects not to extend this Letter of Credit. In any event, this Letter of Credit shall expire on without any notice from Issuer to Beneficiary. ©2001 Bankers Systems, Inc., St. Cloud, MN Form LC -STANDBY 1/15/2002 (page 1 of 2) TRANSFERABILITY. This Letter of Credit is ❑ transferable ® non -transferable. APPLICABLE LAW. This Letter of Credit shall be governed by: IN the Uniform Customs and Practice for Documentary Credits, 1993 Revision, International Chamber of Commerce Publication No. 500 (UCP), or any later version or amendment. ❑ the International Standby Practices 1998 (ISP98). This Letter of Credit shall also be governed by the laws of MONTANA , the United States of America, so long as such laws are not inconsistent with the UCP or ISP, as applicable. WHITEFISH CREDIT UNION (Issuer Name) By C0 -11 (Signature) DOUG JOHNSON COMMERCIAL LOAN OFFICER (Signer Name and Title) -3-�d (Date) t �e ©2001 Bankers Systems, Inc., St. Cloud, MN Form LC -STANDBY 1/15/2002 (page 2 of 2) 20OG254/5 430 0 Return to: Theresa White q Kalispell City Clerk P.O. Box 1997 ( � Kalispell, Montana 59903 . T- APPENDIX E SUBDIVISION IMPROVEMENT AGREEMENT THIS AGREEMENT, made and entered into this_- day of 7Z_ 2006, by and between the CITY COUNCIL, CITY OF KALISPELL, MONTANA, Flathead County, Montana, Party of the First Part and hereinafter referred to as the CITY, and BEARGRASS HOLDINGS, LLP, of P.O. Box 7505, Kalispell, Montana , 59904, Party of the Second Part and hereinafter referred to as DEVELOPER. WITNESSETH: THAT WHEREAS, the Developer is the owner of a new subdivision known as "CEDAR COMMONS", located in Section 17, T28N, R21W, PM,M, Flathead County and, WHEREAS, the city has conditioned it's approval of the final plat of "CEDAR COMMONS", upon the conditions as set forth in the Preliminary Plat of the Subdivision being completed and all improvements, as cited in "Exhibit A" have not been completed at this time, and the Developer wishes to bond for the 00 completion of those improvements set forth in "Exhibit A"; and WHEREAS, the City's Subdivision Regulations require that a subdivider shall co provide a financial security of 125% of the estimated total cost of construction of CP said improvements as evidenced by an estimate prepared by a licensed public engineer or the contractor included herewith as "Exhibit B", and WHEREAS, the estimated total cost of construction of said improvements is the sum of $227,900.00. NOW THEREFORE, in consideration of the approval of the final plat of said Subdivision 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, City of Kalispell, Montana, in the amount of $284,875.00. 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 $284,875.00, the estimated cost of completing the required improvements in "CEDAR COMMONS". 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 JUNE 18, 2007. 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 before written. CEDAR COMMONS BEARGRASS HOLDINGS, LLP STATE OF MONTANA ) SS COUNTY OF Flathead ) On this a1%-day of _Au w�C _ 2 06 befor e, a Notary Public for the State of Montana, personally �ppeared _[ ��—�� _ and known to me to be a member of BEARGRASS HOLDINGS, LLP and whose name is subscribed to the foregoing instrument and acknowledged to me that he executed the same for said LLP. v� IN WITNESS WHEREOF, I have h to set m-N d and affixed my Notarial Seal the day and year first above wri tee . t OTA IAA SEAL J mes H. 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