HomeMy WebLinkAboutS_Release_Letter_LOC_3088147_LUA06-009_20230605
June 5, 2023
Bank of America, N.A.
1000 W. Temple Street
7th Floor, CA9-705-07-05
Los Angeles, CA 90012-1514
SUBJECT: RELEASE OF IRREVOCABLE STANDBY LETTER OF CREDIT #3088147
SHY CREEK PLAT / LAND USE PROJECT #LUA06-009
Dear Sir/Madam:
This letter will serve as authorization to release the Irrevocable Standby Letter of Credit #3088147 from
Bank of America, N.A. issued to Conner Homes Company on June 29, 2007, in the amount of $95,000.00.
This item was posted to the City of Renton on behalf of the Shy Creek Plat project. Enclosed is the original
document for your reference.
If you have any questions, please contact the Current Planning Manager, Matt Herrera at
mherrera@rentonwa.gov or at (425) 430-6593.
Sincerely,
Vanessa Dolbee
Planning Director
Enclosure(s): Bank of America, N.A. Irrevocable Standby Letter of Credit #3088147
cc: Matt Herrera, Current Planning Manager
Jennifer Cisneros, Planning Technician
Conner Homes Company
-BankofAmericaBANKOFAMERICA-CONFIDENTIALPAGE:1DATE:JUNE29,2007IRREVOCABLESTANDBYLETTEROFCREDITNUMBER:3088147ISSUINGBANKBANKOFAMERICA,N.A.1000W.TEMPLESTREET7THFLOOR,CA9-705-07-05LOSANGELES,CA90012-1514BENEFICIARYAPPLICANTCITYOFRENTONCONNERHOMESCOMPANY10555.GRADYWAY846108THAVENERENTON,WA98056BELLEVUE,WA98004-.AMOUNTNOTEXCEEDINGUSD95,000.00NOTEXCEEDINGNINETYFIVETHOUSANDAND00/100’SUSDOLLARSEXPIRATIONJUNE7,2012ATOURCOUNTERSDEARCITYOFRENTON:WE(THE“BANK”)HEREBYESTABLISH,ATTHEREQUESTANDFORTHEACCOUNTOFCONNERHOMESCOMPANY(THE“OWNER),INYOURFAVORTHISIRREVOCABLESTANDBYLETTEROFCREDITNUMBER3088147,INTHEAMOUNTOFNINETYFIVETHOUSANDAND00/100U.S.DOLLARS($95,000.00).WEAREADVISEDBYTHEAPPLICANTTHATTHEPURPOSEOFTHISLETTERISTOINSURETHATTHEIMPROVEMENTSARECOMPLETEDFORTHEPROJECTKNOWNASSHYCREEKPLAT(THE“PROJECT”),BUILDINGPERMITNUMBERLUAO6-009.THISLETTEROFCREDITSHALLBEEFFECTIVEIMMEDIATELYANDSHALLEXPIREON:1.OURCLOSEOFBUSINESSONJUNE7,2012(THE“EXPIRATIONDATE’;OR2.THEDATEONWHICHTHERESHALLBEADRAWINGOFTHEFULLFACEAMOUNTOFTHISLETTEROFCREDIT;OR3.THEDATEONWHICHTHEBENEFICIARYSHALLHAVEDELIVEREDTOUSAVALIDCERTIFICATEOFCANCELLATIONOFTHELETTEROFCREDITANDACCOMPANIEDBYTHEORIGINALOFTHISLETTEROFCREDITFORCANCELLATION.ORIGINAL05-17-1486B7-2000
BankofAmericaBANKOFAMERICA-CONFIDENTIALPAGE:2THISISANINTEGRALPARTOFLETTEROFCREDITNUMBER:3088147WEHEREBYIRREVOCABLYAUTHORIZEYOUTODRAWONUSBYDELIVERINGTOUSINACCORDANCEWITHTHETERMSANDCONDITIONSHEREOF,YOURSIGHTDRAFTORDRAFTS,WITHEACHSUCHDRAFTACCOMPANIEDBYYOURSIGNEDANDDATEDSTATEMENTDETAILINGTHEREASONFORTHEDRAW-DOWN,INAGGREGATEAMOUNTNOTEXCEEDINGTHEAVAILABLEAMOUNT.MORETHANONEDRAFTMAYBEPRESENTEDSOLONGASTHEENTIREAMOUNTOFSUCHDRAFTSPRESENTEDINCONNECTIONTHEREWITHDOESNOTEXCEEDTHEAMOUNTHEREUNDER.EACHDRAFTANDCERTIFICATEPRESENTEDHEREUNDERMUSTBEDATEDTHEDATEOFPRESENTATIONTOTHEBANK.IFADRAWINGINRESPECTOFPAYMENTISMADEBYYOUHEREUNDERPRIORTO9:00A.M.(PACIFICSTANDARDTIME)ONABUSINESSDAY,ANDPROVIDEDTHATSUCHDRAWINGANDTHESTATEMENTPRESENTEDINCONNECTIONTHEREWITHCONFORMTOTHETERMSANDCONDITIONSHEREOF,PAYMENTSHALLBEMADETOYOUONTHEAMOUNTSPECIFIED,INIMMEDIATELYAVAILABLEFUNDSONTHENEXTBUSINESSDAY.IFADRAWINGINRESPECTOFPAYMENTISMADEBYYOUHEREUNDERAFTER9:00A.M.(PACIFICSTANDARDTIME)ONABUSINESSDAY,ANDPROVIDEDTHATSUCHDRAWINGANDTHESTATEMENTPRESENTEDINCONNECTIONTHEREWITHCONFORMTOTHETERMSANDCONDITIONSHEREOF,PAYMENTSHALLBEMADETOYOUONTHEAMOUNTSPECIFIED,INIMMEDIATELYAVAILABLEFUNDS,ONTHESECONDBUSINESSDAY.WEHEREBYENGAGEWITHYOUTHATDRAFT(5)DRAWNUNDERANDINCOMPLIANCEWITHTHETERMSOFTHISLETTEROFCREDITWILLBEDULYHONOREDUPONPRESENTATIONTOUSAT1000WESTTEMPLESTREET,7THFLOOR,MAILCODE:CA9-705-07-05,LOSANGELES,CA90012ATTN:STANDBYLETTEROFCREDITDEPARTMENTONORBEFORETHEEXPIRATIONDATE.THISLETTEROFCREDITISSUBJECTTOTHEUNIFORMCUSTOMSANDPRACTICEFORDOCUMENTARYCREDITSOFTHEINTERNATIONALCHAMBEROFCOMMERCE,PUBLICATIONNO.500(THE“UNIFORMCUSTOMS”)ANDASTOMATTERSNOTGOVERNEDBYUCP500,SHALLBEGOVERNEDBYANDCONSTRUEDINACCORDANCEWITHTHELAWSOFTHESTATEOFWASHINGTON,INCLUDINGWITHOUTLIMITATIONTHEUNIFORMCOMMERCIALCODEOFTHESTATEOFWASHINGTON(THE“UCC”).INTHEEVENTOFACONFLICTBETWEENTHEUCP500ANDTHEUCC,THELAWSOFTHESTATEOFWASHINGTONSHALLCONTROL.ORIGINAL05-17-1486B7-2000
BankofAmericaBANKOFAMERICA-CONFIDENTIALPAGE:3THISISANINTEGRALPARTOFLETTEROFCREDITNUMBER:3088147ANYTHINGTOTHECONTRARYINARTICLE45OFTHEUCP500NOTWITHSTANDING,THISLETTEROFCREDITISINTENDEDTOREMAININFULLFORCEANDEFFECTUNTILITEXPIRESINACCORDANCEWITHITSTERMS.IFYOUREQUIREANYASSISTANCEORHAVEANYQUESTIONSREGARDINGTHISTRANSACTION,PLEASECALL213-481-7845.AUTHORIZEDSIGNATURETHISDOCUMENTCONSISTSOF3PAGE(S).I3olivarCarriktORIGINAL05-17-1486B7-2000