LC Return Letter 11-18-09
0'8 - \0
Status Report 11/9/09 PLAN.OR2
_ Securities
11/9/09
11/17/09
It!
LC #716 expires 11/17/09
Nick's Storage & Parking
Planning Case 08-10
Amended & Restated CUP 87-2 & lUP 92-1
$15,750
($12,000 for pond construction and erosion control maintenance, $3,750 for landscaping)
Notify Angie Auseth
10/2/09 - Notified Angie of impending expiration. Check status 10/15/09. Kim
10/27/09 - Angie requested new LC from Jake Gibbs via email. Check status 11/1/09. Kim
10/29/09 - LC renewal request letter sent to bank with copy to Jake Gibbs. Check status 11/9/09. Kim
11/18/09 - Received replacement Letter of Credit No. 1209 from Eagle Valley Bank in the amount of
$16,000. Returned LC #716 to St. Stephen State Bank in St. Cloud. Activity closed. Kim
@2oo9 Lotus Development Corp.
11/18109 at 9:57 AM S=Statu$ P=Priority
Page 1
CITY OF
CHANHASSEN
7700 Market Boulevard
PO Box 147
Chanhassen, MN 55317
Administration
Phone: 952.227.1100
Fax: 952.227.1110
Building Inspections
Phone: 952.227.1180
Fax: 952.227.1190.
Engineering
Phone: 952.227.1160
Fax: 952.227.1170
Finance
Phone: 952.227.1140
Fax: 952.227.1110
Park & Recreation
Phone: 952.227.1120
Fax: 952.227.1110
Recreation Center
2310 Coulter Boulevard
Phone: 952.227.1400
Fax: 952.227.1404
Planning &
Natural Resources
Phone: 952.227.1130
Fax: 952.227.1110.
Public Works
1591 Park Road
Phone: 952.227.1300
Fax: 952.227.1310
Senior Center
Phone: 952.227.1125
Fax: 952.227.1110
Web Site
www.ci.chanhassen.mn.us
November 18, Z009
St. Stephen State Bank - St. Cloud
3950 3rd Street North
St. Cloud, MN 56303
Re:
Letter of Credit No. 716
Nick's Storage & Parking
Amended & Restated Conditional Use Permit 87-Z and
Interim Use Permit 92-1
Planning Case No. 08-10
To Whom It May Concern:
Enclosed please find original Letter of Credit No. 716inthe amount of
$15,750.00 which expired on November 17, Z009. Areplacement letter of credit
was issued fromdifferent bank to comply with the tefrnsofAmended & Restated
Conditional UsePeflllit87-2 and Interim Use Permit9Z-1fotNick's Storage &
Parking in Chanhassen.
If you have any!questions,feel free to contact me at95Z-ZZ'7-113Zor by email at
akairies@ci;chanhassen;mn..ils.
Sincerely,
CITY OF CHANHASSEN
h
. AngiSl(airies
Plannerl
AK:ktm
Enclosure
g:\plan\2008 planning cases\08-1O nick's storage &parking\lc retumletter 11-18"09.doc
Chanhassen is a Community for Life. Providing for Today and Planning for Tomorrow
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IRREVOCABLE LETTER OF CREDIT
Borrower:
W Jacques Gibbs ISSN: 468-58-6042)
100 Washington Square. Suite 1200
Minneapolis. MN 55401
lender:
St. Stephen State Bank
St. Cloud
3950 3rd Street North
St. Cloud. MN 56303
(320) 259-9560
Beneficiary: City of Chanhassen
7700 Market Boulevard
Chanhassen. MN 56317
NO.: 716
EXPIRATION DATE. This letter of credit shall expire upon the close of business on 11-17-2009 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 Fifteen Thousand Seven Hundred Fifty & 00/100 Dollars 1$15.750.00) Ithe "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 lor
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 St. Stephen State Bank IRREVOCABLE LETTER OF CREDIT NO. 716 DATED
11-17-2008," 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 drawls).
PERMITTED TRANSFEREES. The right to draw under this letter of Credit shall be nontransferable, except for:
A. A transfer lin 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
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 Ii) 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
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 Minnesota without regard to its conflicts of law provisions, and except to the extent such laws are inconsistent with the
2006 Revision of the Uniform Customs and Practice for Documentary Credits of the International Chamber of Commerce, ICC Publication No.
600. This Agreement has been accepted by lender in the State of Minnesota.
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.
Dated: November 17, 2008
loan No: 03-546700-57
IRREVOCABLE LETTER OF CREDIT
(Continued)
Page 2
LENDER:
By:
Auth
ENDORSEMENT OF DRAFTS DRAWN:
Date
Negotiated By
Amount
In Words
Amount
In Figures
LASER PRO Lending, VOl(. 5.42.00.004 Copr. H8I'land Financial Solutions. Inc. 1997, 2008. All Rights Resorved; - MN N:\CFI\lPl\C43tOC.fC ffi.2296 PR.4