HomeMy WebLinkAbout8.11 LOC for Sidewalks W, Sfochman Banh
1433 North 19th Avenue • PO Box 11448 • Bozeman,MT 59719
406.556.4130 Fax 406.556.4141
IRREVOCABLE STANDBY LETTER OF CREDIT
Date: February 1, 2021 Letter of Credit No. 1890001643
Beneficiary:
City of Bozeman
Department of Community Development
P.O. Box 1230
Bozeman, MT 59771
Ladies and Gentlemen:
Stockman Bank of Montana("Issuing Bank") hereby issues this irrevocable standby letter of
credit (the "LOC") in your favor, for street, perimeter sidewalks and open space improvements,
and authorizes you to draw on:
Stockman Bank of Montana
1433 North 191h Ave
P.O. Box 11448
Bozeman, MT 59719
For the account of:
Bridger Vale LLC
300 Bull Run Road
Belgrade, MT 59714
[Name and address of customer requesting LOC]
Up to an aggregate amount of not to exceed Twnety Seven Thousand Four Hundred Seventy-
Eight and 501100 US Dollars
($27,478.50) (the "Stated Amount").
This LOC shall be effective on February 1, 2021 and expire at midnight, 12:00 PM (Mountain
Time) on February 1, 2023 (the "Expiration Date"). The expiration date of this standby shall be
automatically extended for successive one-year periods, unless 30 or more calendar days before
the then current expiration date, issuer gives written notice to beneficiary that issuer elects not to
extend the expiration date. Issuer's written notice must be sent to beneficiary's above-stated
address to the attention of Chris Saunders or, alternatively, to the beneficiary's attention party 30
wu�Form Date 6-4-07 Page 1 LENDER o nus*::
Member FDIC
or more calendar days before the then current expiration date. The expiration date is not subject
to automatic extension beyond May 15, 2020, and any pending automatic one-year extension
shall be ineffective beyond that date.
Original drafts on this LOC shall be manually signed by a duly authorized agent of the
Beneficiary, presented to the Issuing Bank at its office stated above, in a single mailing, by
courier or personal delivery, or by facsimile, and to the Attention of the Loan Department and
shall state the following:
"This draft, in the amount of$ (the "Draw Amount"), is drawn upon Letter
of Credit No. issued by Stockman Bank of Montana. The
undersigned, on behalf of the Beneficiary, certifies that (1) the undersigned is duly
authorized to execute and deliver this draft, and (2) the Draw Amount is due and owing
to the Beneficiary."
All drafts drawn under and in compliance with the terms of this LOC will be duly honored on
receipt of the specified documents by the Issuing Bank if actually received on a Business Day
and before the Expiration Date. Partial drawings are permitted provided the aggregate of all
draws does not exceed the Stated Amount. "Business Day" means any calendar day other than a
Saturday, Sunday or legal holiday and on which the Issuing Bank is open for business at the
office.
This LOC sets forth in full the Issuing Bank's undertakings and the undertaking shall not be in
any way modified, amended or limited by reference to any other document, instrument or
agreement, excepting only the sight drafts and required drawing statement identified above.
This LOC is subject to and governed by the laws of the State of Montana and the Uniform
Customs and Practices for Documentary Credits (2007 Revision), International Chamber of
Commerce Publication No. 600 (the "UCP"), and, in the event of any conflict, the laws of the
State of Montana will control.
Communications with respect to this LOC shall be in writing and shall be addressed to the
Issuing Bank at the address set forth above. All communications must make reference to the
LOC number.
This LOC is non-assignable and non-transferable.
STOCKMAN BANK OF NTANA
By:
Matt 1 nso P/Branch Manager
Form Date 6-4-07 Page 2