HomeMy WebLinkAbout13- BMW, LLC Baxter Meadows Major Subdivision Letter of Credit IRREVOCABLE STANDBY LETTER OF CREDIT
Date: August 9, 2013 Letter of Credit No. 1890000094
Beneficiary:
City of Bozeman
121 North Rouse
P. O. Box 1230
Bozeman, MT 59771-1230
Ladies and Gentlemen:
Stockman Bank of Montana("Issuing Bank") hereby issues this irrevocable standby letter of
credit (the "LOC") in your favor and authorizes you to draw on:
Stockman Bank of Montana
1433 N. 19"' Avenue
Bozeman, MT 59718
For the account of:
BMW LLC
235 Greenhills Ranch Rd
Bozeman, MT 59718-8904
Up to an aggregate amount of not to exceed Nine Thousand Four Hundred Sixty Nine and
20/100 US Dollars, $9,469.20 (the "Stated Amount").
This LOC shall be effective on August 9, 2013 and expire at midnight, 12:00 PM (Mountain
Time) on August 12, 2015 (the "Expiration Date").
Original drafts on this LOC shall be manually signed by a duly authorized agent of the
Beneficiary, presented to the Issuing Bank at its office stated above, in a single mailing, by
courier or personal delivery, and to the Attention of the Loan Department and shall state the
following:
"This draft, in the amount of$ (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."
Form Date 6-4-07 Page 1
All drafts drawn under and in compliance with the terms of this LOC will be duty 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 MONTANA
By:
—Jaul 4Pa/ut, ice President/Branch Manager
Form Date 6-4-07 Page 2
CITY OF BOZEMAN
DEPARTMENT OF COMMUNITY DEVELOPMENT
Alfred M. Stiff Professional Building phone 406-582-2260
20 East Olive Street fax 406-582-2263
P.O, Box 1230 planning @Ibozeman.net
Bozeman, Montana 59771-1230 wwwbozemon,nef
TO: Stacy Ulmen/Aimee Brunckhorst
FROM: Tara Hastie, Administrative Assistant
DATE: August 19, 2013
RE: #P-05065B Baxter Meadows aSub Ph. 3A Final Plat
Enclosed you will find the original Letter of Credit #1890000094, dated August 9, 2013, for the account
of BMW, LLC and City of Bozeman in the amount of$9,469.20, from Stockman Bank which was
issued to guarantee improvements related to the Baxter Meadows Major Subdivision Ph. 3A Final Plat
project approval. Please hold it until you are either directed to issue drafts against them due to default,
or to return the amount to the issuer when improvements are completed.
Development Review Division Policy and Planning Division Building Division