HomeMy WebLinkAboutLetter of Credit(ISSUE DATE)
Irrevocable Standby Letter of Credit Number: ______________
BENEFICIARY:
CITY OF RENTON
1055 S. GRADY WAY
RENTON, WA 98057
ATTN: FINANCE DIRECTOR
TEL: (425) 430-6850
APPLICANT:
AVAYA 74 APARTMENT HOMES, LLC
23622 CALABASAS ROAD, SUITE 200
CALABASAS, CA 91302
AMOUNT: USD186,276.45
(U.S.DOLLARS ONE HUNDRED EIGHTY SIX THOUSAND TWO HUNDRED SEVENTY SIX AND 45/100 ONLY)
EXPIRY DATE AND PLACE: TWO (2) YEARS FROM LC ISSUANCE DATE AT
CITY NATIONAL BANK, INTERNATIONAL DEPARTMENT
350 S. GRAND AVENUE, MAIL CODE: 944-01,
LOS ANGELES, CALIFORNIA.
LADIES / GENTLEMEN,
WE HEREBY ESTABLISH OUR IRREVOCABLE STANDBY LETTER OF CREDIT IN FAVOR OF CITY OF RENTON ('BENEFICIARY'), FOR THE ACCOUNT OF AVAYA 74 APARTMENT HOMES, LLC ('APPLICANT') UP TO AN AGGREGATE
AMOUNT OF USD186,276.45 (U.S.DOLLARS ONE HUNDRED EIGHTY SIX THOUSAND TWO HUNDRED SEVENTY SIX AND 45/100 ONLY) AVAILABLE BY PAYMENT OF YOUR DRAFT(S) AT SIGHT IN THE FORM ATTACHED HERETO
AS EXHIBIT A WITH APPROPRIATE INSERTIONS AND ACCOMPANIED BY DOCUMENTS AS SPECIFIED BELOW:
1. THIS ORIGINAL STANDBY LETTER OF CREDIT, AND AMENDMENT(S), IF ANY.
2. BENEFICIARY'S SIGNED AND DATED STATEMENT WORDED AS FOLLOWS:
"THE UNDERSIGNED, AN AUTHORIZED SIGNER FOR CITY OF RENTON ('BENEFICIARY'), CERTIFIES THAT THERE HAS BEEN A FAILURE OF AVAYA 74 APARTMENT HOMES, LLC TO FAITHFULLY PERFORM AS PER TERMS
AND CONDITIONS OF THAT CERTAIN CITY OF RENTON PERMIT NO. U15008868 COVERING CONSTRUCTION OF SITE INFRASTRUCTURE, STREET LIGHTING AND IMPROVEMENTS AND THAT THE AMOUNT OF THE DRAFT ACCOMPANYING
THIS STATEMENT IS NOW DUE AND PAYABLE. THEREFORE, WE ARE DRAWING THE AMOUNT OF (INSERT AMOUNT OF DRAFT) UNDER CITY NATIONAL BANK LETTER OF CREDIT NUMBER (LC NUMBER)."
PARTIAL AND MULTIPLE DRAWINGS ARE ALLOWED.
WE HEREBY AGREE WITH YOU, THAT IF DRAWING DOCUMENTS, INCLUDING THE SIGHT DRAFT, ARE PRESENTED TO CITY NATIONAL BANK, AT THE BELOW ADDRESS IN LOS ANGELES, AT OR PRIOR TO 9:00 A.M. PACIFIC
TIME ON A BUSINESS DAY, AND PROVIDED THAT SUCH SIGHT DRAFT(S) PRESENTED CONFORM WITH THE TERMS AND CONDITIONS OF THIS LETTER OF CREDIT, PAYMENT SHALL BE MADE BY US IN
IMMEDIATELY AVAILABLE FUNDS BY WIRE TRANSFER IN ACCORDANCE WITH BENEFICIARY’S INSTRUCTIONS GIVEN IN CONJUNCTION WITH THE DRAWING DOCUMENTS BY OUR CLOSE OF BUSINESS ON THE SAME BUSINESS
DAY. AS USED IN THIS LETTER OF CREDIT, "BUSINESS DAY" SHALL MEAN ANY DAY OTHER THAN A SATURDAY, SUNDAY OR A DAY ON WHICH BANKING INSTITUTIONS IN THE STATE OF CALIFORNIA ARE AUTHORIZED
OR REQUIRED BY LAW TO CLOSE. DRAWING DOCUMENTS, INCLUDING THE SIGHT DRAFT, MAY BE PRESENTED TO CITY NATIONAL BANK FOR PAYMENT BY HAND, OVERNIGHT COURIER SERVICE OR REGISTERED MAIL WITH
RETURN RECEIPT REQUESTED.
WE HEREBY ENGAGE WITH YOU THAT ALL SIGHT DRAFTS DRAWN UNDER AND IN COMPLIANCE WITH THE TERMS AND CONDITIONS OF THIS LETTER OF CREDIT SHALL BE DULY HONORED IF PRESENTED FOR PAYMENT AT
THE OFFICE OF CITY NATIONAL BANK, INTERNATIONAL DEPARTMENT, 350 S. GRAND AVENUE, MAIL CODE: 944-01, LOS ANGELES, CALIFORNIA 90071 ON OR BEFORE THE EXPIRATION DATE OF THIS LETTER OF
CREDIT.
THIS LETTER OF CREDIT IS SUBJECT TO AND GOVERNED BY THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS OF THE INTERNATIONAL CHAMBER OF COMMERCE (PUBLICATION 600). IF THIS LETTER
OF CREDIT EXPIRES DURING AN INTERRUPTION OF BUSINESS AS DESCRIBED IN ARTICLE 36 OF SAID PUBLICATION 600, THE BANK HEREBY SPECIFICALLY AGREES TO EFFECT PAYMENT IF THIS CREDIT IS DRAWN
AGAINST WITHIN THIRTY (30) DAYS AFTER THE RESUMPTION OF BUSINESS.
SHOULD YOU HAVE OCCASION TO COMMUNICATE WITH US REGARDING THIS LETTER OF CREDIT, KINDLY DIRECT YOUR COMMUNICATION TO THE ATTENTION OF OUR STANDBY LETTER OF CREDIT DEPARTMENT AT THE ABOVE
ADDRESS OR PHONE (213) 673-8651, MAKING SPECIFIC REFERENCE TO OUR LETTER OF CREDIT NUMBER (LC NUMBER).
THIS EXHIBIT A IS AN INTEGRAL PART OF IRREVOCABLE STANDBY LETTER OF CREDIT
NUMBER ___________
SIGHT DRAFT
DATE: ___________
TO: CITY NATIONAL BANK
350 S. GRAND AVENUE, MAIL CODE 944-01
LOS ANGELES, CALIFORNIA 90071
ATTN: INTERNATIONAL DEPARTMENT
AT SIGHT, PAY TO THE ORDER OF: __________________________________________
THE SUM OF___________________________________________________ U.S. DOLLARS
(USD__________________)
DRAWN UNDER IRREVOCABLE STANDBY LETTER OF CREDIT NO. (LC NUMBER) OF CITY NATIONAL BANK, LOS ANGELES, CALIFORNIA.
CITY OF RENTON
BY: __________________
(SIGNATURE)
NAME: ________________
(PRINTED NAME)
TITLE: _______________