10. Final Plat Approval - Stratford Village Phase 3Tri-City Planning Office
17 Second Street East — Suite 211
Kalispell, Montana 59901
Phone: (406) 751-1850
Fax: (406) 751-1858
tricity(&,centu rytel.net
REPORT 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 S. 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 31
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.
FISCAL EFFECTS:
ALTERNATIVES:
Respectfully submitted,
Narda A. Wilson
Senior Planner
Minor positive impacts once developed.
As suggested by the city council.
Report compiled: March 30, 2004
Al
ca)�44- 9L�
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, R21 W, 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 $409,712.50, 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 BETWEENTHE 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
Citv 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,-xhe Parties have hereunto set their hands and seals the
day and year herein befor 1tten.
--------------
STRA FORD VILE, PHASE 3
NORMAN SANDERSON
APEX 1, LLC
STATE OF MONTANA )
SS
COUNTY OF Flathead
On this _ 7__ day of _ _ r<<.ct�C.e _ 1004, before me, a Notary Public for the
State of Montana, personally appeareNORMAN 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
Seal Shy`} day and year first above written.
Nota{y Public for the State of Montana
Resi ing at Kalispell, Montana
My'Commission Expires 6/18/2007
MAYOR, CITY OF KALISPELL
By: -------------------------------
Mayor
_
r j e%m11 and affixed my Notarial
NOTARIAL
ATTEST:
By: ----------------
Finance Director
EXHIBIT A
4/ 15/04
ENGINEERS ESTIMATE OF CONSTRUCTION PROGRESS
PHASE 1 (16 Lots), PHASE 11(27 Lets), & 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. Exe 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
t00%
-0-
74,000,00
-0-
74,000.00
e. Site Concrete / Lights
and Bases
6,000.00
100%
-0-
14,534.00
l00%
0-
18,800.00
43%
10,716.00
e. Curbs
t 1,600.00
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
1 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:
20,000.06
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
4. 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
d. Services
12,000,00
100%
-0-
100%
55,000.00
100%
-0-
5. Storm Water
a. 12" Main
6,030,00
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
166%
0-
c. 8" Main
10,304.00
100%
-0-
100%
17,300.00
100%
-0-
d. Catch Basins
8,500mOO
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-
6. Postal Service
a. Mailboxes and
ivlountin
2,500,00
100%
-0-
7. 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
1,800.00 1
100%
-0-
4,800.00
100%
-0-
6,000,00
-0-
6,000.00
8. Landscape
a. Trees
10,800.00
100%
-0-
1 t,300.00
100%
-0-
19,200.00
-0-
18,200.00
b. Seeds and R air
2,100.00
100%
-0-
2,100.00
100%
-0-
24,6O0.00
-0-
24,600,00
9. Utilities
a. Electric
22,000.00
100%
-0-
37,537,00
100%
-0-
50,287.00
100%
-0-
b. Gas
i 1,000.00
100%
-0-
18,538,00
100%
-0-
1 16,211.25
100%
-0-
c. Telephone
14,000,00
100%
-0-
13,912.00
10061.
-0-
18,299.95
l00%
-0-
4. 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
Subtotal
310,365.00
100%
-0-
506,632,00
100%
-0
981,444,20
326,970.00
PHASE I. Security Amount Required
-0-
PHASE II: Securlt y Amount Required
PHASE III: Security Amount Required(1.25)
�326,97n.nn
408,712.50
Tri-City Planning Office
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.
COMPLIANCE WITH CONDITIONS OF APPROVAL
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 flat 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. S. 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 J 17 j 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 d, 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 S
COMPLIANCE WITH APPROVED PRELIMINARY PLAT
The final plat is in substantial compliance with the preliminary plat which was
reviewed and approved by the City Council on October 2, 2000.
COMPLIANCE WITH THE SUBDIVISION REGULATIONS:
This subdivision plat has been found to be in compliance with the State and City
Subdivision Regulations.
COMPLIANCE WITH THE ZONING 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.
RECOMMENDATION:
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 S, 2004,
Sincerely,
Narda Ason
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 Flat 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
x:\... \KFP0403.noc
IRREVOCABLE LETTER OF CREDIT
NO. 490401
BANNER BANK
EXPIRATION DATE
This letter of credit shalt expire upon the earlier of:
1, the close Of business on 03l16{Si5 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 Beneficiaryfor a sum
of FOUP HUYgAED AND EIGHT THO 1SAND SEVEN HUNDRED ,.WEL.V.E DOLLARSAND umdQ: Dollars ( 'U08 712.,W ).
These funds shalt 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 submitled by Beneficiary under the foilowinq tarms and conditions:
Upon Lender's honor of such drafts. Lender shall be fully discharged of its obligations under this Letter of Credit and shah 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 Other "ise in Order 4111 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 "DRANIN UNDER .$MNER BANK'S
IRREVOCABLE LETTER OF CREDIT NO..490401 DATED , 03118/04 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 draws %K are permitted ® 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. Fallowing a partial draw, Lender shaft 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 draw(s).
PERMITTED TRANSFEREES
E] If checked, this Letter of Credit may be transferred by beneficiary upon prior written notice to Lender of the transfer. The Transferee shalt
be deemed the new Beneficiary of this Leifer of Credit and the documents of the Transferee, including drafts required under this Letter of
Credit, wili be processed by Lender (or any intermediary) without the original Beneficiary's intervention and without any further obligation of
Lender to the o6ginal Beneficiary.
® If checked, the right to draw under this Leiter of Credit shall be nontransferable, except for:
A. A transfer (in its entirety, but not in part) by direct operation of taw to the original BeneT}ciary`s adminMratoa, 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 shalt 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 x$ (Rev. 02103) #43%0
C Harland rinanciat solutions, #rr. 3oe1,2003. All rights reserved. To reorder, call Harrand FinanGfaf 5nlueans at 1-877-505-0278,
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