HomeMy WebLinkAbout15- Baxter Square Partners, Sidewalk Improvements Irrevocable Letter of Credit OFFICE FAX ® e
406.582.9841 406.582.9843 simeconst@montana.com
III, M
MAILING ADDRESS STREET ADDRESS
7720A Shedhorn 140 Bozeman, MT 59718 190 Ramshorn Drive Bozeman, MT 59718
CONSTRUCTION
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June 16, 2015
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Matt,
The cost for the remaining sidewalk improvements at Baxter Square will be$4.75/SF.
Thanks,
Bill Sheets
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*1520*
IRREVOCABLE LETTER OF CREDIT
Borrower: BAXTER SQUARE PARTNERS, L.L.C. Lender: ROCKY MOUNTAIN BANK
1276 N 15TH STE 103 BOZEMAN OFFICE
BOZEMAN, MT 59715 2901 W MAIN ST
BOZEMAN, MT 59718
(406)556-7600
Beneficiary: CITY OF BOZEMAN
PO BOX 1230
BOZEMAN, MT 59771-1230
NO.: 8890301535
EXPIRATION DATE. This letter of credit shall expire upon the close of business on 08-07-2016 and all drafts and accompanying statements or
documents must be presented to Lender on or before that time (the "Expiration Date").
AMOUNT OF CREDIT. Lender hereby establishes at the request and for the account of Borrower, an Irrevocable Letter of Credit in favor of
Beneficiary for a sum of Thirty-seven Thousand One Hundred Twenty-eight & 38/100 Dollars ($37,128.38) (the "Letter of Credit"). These
funds shall be made available to Beneficiary upon Lender's receipt from Beneficiary of sight drafts drawn on Lender at Lender's address
indicated above (or other such address that Lender may provide Beneficiary in writing) during regular business hours and accompanied by the.
signed written statements or documents indicated below.
WARNING TO BENEFICIARY: PLEASE EXAMINE THIS LETTER OF CREDIT AT ONCE. IF YOU FEEL UNABLE TO MEET ANY OF ITS
REQUIREMENTS, EITHER SINGLY OR TOGETHER, YOU SHOULD CONTACT BORROWER IMMEDIATELY TO SEE IF THE LETTER OF CREDIT
CAN BE AMENDED. OTHERWISE, YOU WILL RISK LOSING PAYMENT UNDER THIS LETTER OF CREDIT FOR FAILURE TO COMPLY STRICTLY
WITH ITS TERMS AS WRITTEN.
DRAFT TERMS AND CONDITIONS. Lender shall honor drafts submitted by Beneficiary under the following terms and conditions:
Upon Lender's honor of such drafts, Lender shall be fully discharged of Lender's obligations under this Letter of Credit and shall not be obligated
to make any further payments under this Letter of Credit once the full amount of credit available under this Letter of Credit has been drawn.
Beneficiary shall have no recourse against Lender for any amount paid under this Letter of Credit once Lender has honored any draft or other
document which complies strictly with this Letter of Credit, and which on its face appears otherwise in order but which is signed, issued, or
presented by a party or under the name of a party purporting to act for Beneficiary, purporting to claim through Beneficiary, or posing as
Beneficiary without Beneficiary's authorization. By paying an amount demanded in accordance with this Letter of Credit, Lender makes no
representation as to the correctness of the amount demanded and Lender shall not be liable to Beneficiary, or any other person, for any amount
paid or disbursed for any reason whatsoever, including, without limitation, any nonapplication or misapplication by Beneficiary of the proceeds of
such payment. By presenting upon Lender or a confirming bank, Beneficiary certifies that Beneficiary has not and will not present upon the
other, unless and until Beneficiary meets with dishonor. Beneficiary promises to return to Lender any funds received by Beneficiary in excess of
the Letter of Credit's maximum drawing amount.
USE RESTRICTIONS. All drafts must be marked "DRAWN UNDER ROCKY MOUNTAIN BANK IRREVOCABLE LETTER OF CREDIT NO.
8890301635 DATED 08-07-2015," and the amount of each draft shall be marked on the draft. Only Beneficiary may complete a draft and
accompanying statements or documents required by this Letter of Credit and make a draw under this Letter of Credit. This original Letter of
Credit must accompany any draft drawn hereunder.
Partial draws are permitted under this Letter of Credit. Lender's honor of a partial draw shall correspondingly reduce the amount of credit
available under this Letter of Credit. Following a partial draw, Lender shall return this original Letter of Credit to Beneficiary with the partial
draw noted hereon; in the alternative, and in its sole discretion, Lender may issue a substitute Letter of Credit to Beneficiary in the amount
shown above, less any partial draw(s).
PERMITTED TRANSFEREES. The right to draw under this Letter of Credit shall be nontransferable, except for:
A. A transfer (in its entirety, but not in part) by direct operation of law to the administrator, executor, bankruptcy trustee, receiver,
liquidator, successor, or other representative at law of the original Beneficiary; and
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B. The first immediate transfer (in its entirety, but not in part) by such legal representative to a third party after express approval of a
governmental body (judicial, administrative, or executive).
TRANSFEREES REQUIRED DOCUMENTS. When the presenter is a permitted transferee (1) by operation of law or (ii) a third party receiving
transfer from a legal representative, as described above, the documents required for a draw shall include a certified copy of the one or more
documents which show the presenter's authority to claim through or to act with authority for the original Beneficiary.
COMPLIANCE BURDEN. Lender is not responsible for any impossibility or other difficulty in achieving strict compliance with the requirements of uu
this Letter of Credit precisely as written. Beneficiary understands and acknowledges: (i) that unless and until the present wording of this Letter
of Credit is amended with Lender's prior written consent, the burden of complying strictly with such wording remains solely upon Beneficiary,
and (ii) that Lender is relying upon the lack of such amendment as constituting Beneficiary's initial and continued approval of such wording.
NON-SEVERABILITY. If any aspect of this Letter of Credit is ever declared unenforceable for any reason by any court or governmental body
having jurisdiction, Lender's entire engagement under this Letter of Credit shall be deemed null and void ab initio, and both Lender and
Beneficiary shall be restored to the position each would have occupied with all rights available as though this Letter of Credit had never
occurred. This non-severability provision shall override all other provisions in this Letter of Credit, no matter where such provision appears
within this Letter of Credit.
GOVERNING LAW. This Agreement will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the
laws of the State of Montana without regard to its conflicts of law provisions, and except to the extent such laws are inconsistent with the
2007 Revision of the Uniform Customs and Practice for Documentary Credits of the International Chamber of Commerce, [CC Publication No.
600. This Agreement has been accepted by Lender in the State of Montana.
EXPIRATION. Lender hereby agrees with Beneficiary that drafts drawn under and in compliance with the terms of this Letter of Credit will be
duly honored if presented to Lender on or before the Expiration Date unless otherwise provided for above.
IRREVOCABLE LETTER OF CREDIT
Loan No: 8890301535 (Continued) Page 2
Dated:August 7, 2015
LENDER:
ROCKY MOUNTAIN BANK
By:
_ Z�?
thv ed Signer
ENDORSEMENT OF DRAFTS DRAWN:
Amount Amount
Date Negotiated By In Words In Figures
Le ,N.,V—15.1.0.023 Co,.O+H USA Co,p—tm 1997,2015. All Rlghts R—seal. -MT JACFhLPL\C43L0C.FC TR-88903 PR-776