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HomeMy WebLinkAboutS_Release_Letter_Irrevocable_Standby_LOC_25230_U1505336_190311DenlsLawMayorCommunity&EconomicDevelopmentC.E.“Chip”Vincent,AdministratorMarch11,2019BrianK.Allen,ManagingPartnerTEAMProperties,LLC450ShattuckAvenueSRenton,WA98057SUBJECT:RELEASEOFIRREVOCABLELETTEROFCREDIT#25230OLDMII.WAUKEESUBSTATION/UTILITYPERMIT#U15005336DearMr.Allen:ThisletteristonotifyyouthattheCityhasperformedatwo(2)yearwalk-throughoftheOldMilwaukeeSubstationprojectandtherewerenomaintenanceissuesreportedoriftherewereanymaintenanceissuestheyhavebeenresolved.Therefore,thisletterwillalsoserveasauthorizationtoreleasetheIrrevocableLetterofCredit#25230fromWashingtonTrustBankissuedtoTEAMProperties,LLConDecember9,2016intheamountof$43,000.00.ThisitemwaspostedtotheCityofRentononbehalfoftheOldMilwaukeeSubstationproject.Enclosedistheoriginaldocumentforyourreference.Ifyouhaveanyquestions,pleasecontacttheprojectmanager,JustinJohnsonat(425)430-7291.Sincerely,Th\1iJenniferHenningPlanningDirectorEnclosure(s):washingtonTrustBankIrrevocableLetterofcredit#25230cc:JustinJohnson,DevelopmetnEngineeringProjectManagerBrianneBannwarth,DevelopmentEngineeringManager1055SouthGradyWay,kenton,WA98057•rentonwa.gov WashingtonTrustBank511.1.,mb,,Ff10IRREVOCABLESTANDBYLETTEROFCREDITDateofIssuance:December9,2016ExpirationDate:December31,2018CreditNumber:25230Amount:$43,000.00To(Beneficiary):From(Applicant):CityofRentonTEAMProperties,LLC10555GradyWayBrianK.Allen—ManagingPartnerRenton,WA98057Renton,Wa.98057Attn:FinanceDirector(425)430-6850425-264-9312DearCityofRenton:WeWashingtonTrustBankherebyestablishattherequest,andfortheaccountofTEAMPropertiesLLC,infavorthisIrrevocableStandbyLetterofCredit#25230,intheamountof$43,000.00tofinancecertainimprovementsintheOwner’sproperty.ThepurposeofthisletteristoinsurethattheimprovementslistedbelowarecompletedfortheprojectknownasOldMilwaukeeSubstation—NorthAdditionPermit#B15005335.Inthefollowingspace,describetheimprovementsrequired:ThisLetterofCreditshallbeeffectiveimmediatelyandshallexpireon:December31,20181.Ourcloseofbusinessonthebusinessdaycoincidentwithorimmediatelyfollowing;or2.ThedateonwhichthereshallbeadrawingofthefullfaceamountofthisLetterofCredit;or3.ThedateonwhichtheOwnershallhavedeliveredtoyouavalidcertificateofcancellationoftheLetterofCreditandsubstitutionofalternateletterofcredit,inaformanddrawnonaprincipalinstitutionacceptabletotheCity,atwhichtimeyoushallcancelthisLetterofCreditandreturnittous.Weherebyirrevocablyauthorizeyoutodrawonusbydeliveringtousinaccordancewiththetermsandconditionshereof,yoursightdraftordrafts,witheachsuchdraftaccompaniedbyyoursignedanddatedstatementdetailingthereasonforthedraw-down,inanaggregateamountnotexceedingtheamountabove.MorethanonedraftmaybepresentedsolongastheentireamountofsuchdraftspresentedinWesternWashingtonRegion,BellevueOffice10500NE8thSrreet,Suite1100Bellevue,Washington98004Phone(425)709-5500Fax(425)709-5501walTust.corn1LENDER connectiontherewithdoesnotexceedtheamountavailablehereunder.EachdraftandCertificatepresentedhereundermustbedatedthedateofpresentationtotheBank.Anydraw-downpresentedpriorto10:00a.m.whichisinfullcompliancewiththetermsofthisLetterofCreditwillbehonoredbyourpaymenttoyouofthedraftamountbywiretransferofimmediatelyavailablefundsfortheattentionofthepersonspecifiedbyyouinsuchdraft,nolaterthan1:00p.m.onthebusinessdaycoincidentwiththedateofpresentationofsuchdraft.DrawingsmaybemadeunderthisLetterofCreditinaccordancewiththetermshereof.MorethanonedrawingmaybemadeunderthisLetterofCreditasdescribedabove.AnypresentationunderthisLetterofCreditmustbemadeashereinspecifiedtotheLetterofCreditOfficeoftheSank.ThisLetterofCreditissubjecttotheUniformCustomsandPracticeforDocumentaryCreditsoftheInternationalChamberofCommerce,PublicationNo.600(UniformCustoms)asinforceonthedateofissuanceofthisLetterofCredit.ThisLetterofCreditshallbedeemedtobeacontractmadeunderthelawsoftheStateofWashingtonandshall,astomattersnotgovernedbytheUniformCustoms,begovernedbyandconstruedinaccordancewiththelawsoftheState,includingwithoutlimitationtheUniformCommercialCode(UCC)oftheStateofWashington.IneventofaconflictbetweenthetermsofthisLetterofCreditandeitheroftheUniformCustomsoftheUCC,theLetterofCreditshallcontrol.AsbetweentheUniformCustomsandtheUCC,theUniformCustomsshallcontrol.AnythingtothecontraryinArticle45oftheUniformCustomsnotwithstanding,thisLetterofCreditisintendedtoremaininfullforceandeffectuntilitexpiresinaccordancewithitsterms.%3’Rn2%’QtLcpQIñinApplicant/Owner(Print)NameofBankOfficer(Print)-CA/AAuthorizedSignatureAuthorizedSignaturerJA&?&&M,tnX4—co()ctPreidjdTitle(Print)qzSz&,tI_93(2—Title(Print)‘us--7QC5\5tocPhonePhone