13-19 LC Reduction Letter 11-20-20157700 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: 952.2271130
Fax: 952.227 1110
Public Works
7901 Park Place
Phone: 952.227.1300
Fax: 952.227.1310
Senior Center
Phone: 952.227.1125
Fax: 952.227.1110
Website
www.ci.chanhassen.mn.us
November 20, 2015
Wells Fargo Bank, N.A.
Attn: U.S. Standby Trade Services
794 Davis Street
MAC A0283-023
San Leandro, CA 94577-6922
Re: Letter of Credit Reduction — SouthWest Village Townhomes
Planning Case No. 2013-19
To Whom It May Concern:
Please accept this letter as authorization to reduce Letter of Credit No. IS0100005U
by $81,187.14 to leave a remaining balance of $9,021.00. Please send written
acknowledgement of this reduction to the undersigned at your earliest convenience.
If you have any questions or concerns, please contact me by email at
kmeuwissen@ci.chanhassen.mn.us or at 952-227-1107.
Sincerely,
CITY OF CHANHASSEN
— 2MLen
Sr. Administrative Support Specialist
KTM:ms
Enclosure: Letter of Credit No. IS0100005U (copy)
ec: Sharmeen Al-Jaff, Senior Planner
Michael DeVoe, Ryland Homes
Len Simich, SouthWest Transit
gdplan12013 planning cases\2013-19 southwest village townhomes\lc reduction letter I 1-20-2015.doc
Chanhassen is a Community for Life - Providing for Today and Planning for Tomorrow
Irrevocable Standby Letter Of Credit
Number: IS0100005 U
Issue Date : October 17, 2013
BENEFICIARY APPLICANT
CITY OF CHANHASSEN
7700 MARKET BOULEVARD
CHANHASSEN, MINNESOTA 55317
LETTER OF CREDIT ISSUE AMOUNT
LADIES AND GENTLEMEN:
I La-- 4n
`5',A VI i ke_ lM..
Wells Fargo Bank, N.A.
U.S. Trade Services
Standby Letters of Credit
MAC Ao283-023
794 Davis Street, 2nd Floor
San Leandro, CA 94577-6922
Phone: i(Boo) 798-2815 Option i
E -Mail: sfi radeen`wellsfacgo.wrn
THE RYLAND GROUP, INC.
3011 TOWNSGATE ROAD SUITE 200
WESTLAKE VILLAGE, CALIFORNIA 91361
USD 90,208.14 EXPIRY DATE OCTOBER 16, 2014
WE HEREBY ISSUE, FOR THE ACCOUNT OF THE RYLAND GROUP, INC. AND IN YOUR FAVOR, OUR
IRREVOCABLE LETTER OF CREDIT IN THE AMOUNT OF $ 90,208.14, AVAILABLE TO YOU BY YOUR DRAFT
DRAWN ON SIGHT ON THE UNDERSIGNED BANK.
THE DRAFT MUST:
(A) BEAR THE CLAUSE, "DRAWN UNDER LETTER OF CREDIT NO. IS0100005U, DATED OCTOBER 17, 2013, OF
WELLS FARGO BANK, N.A.";
(B) BE SIGNED BY THE MAYOR OR CITY MANAGER OF THE CITY OF CHANHASSEN.
(C) BE PRESENTED FOR PAYMENT AT 794 DAVIS STREET,2ND FLOOR, SAN LEANDRO, CA 94577 ON OR
BEFORE 4:00 P.M. ON OCTOBER 16, 2014.
THIS LETTER OF CREDIT SHALL AUTOMATICALLY EXTEND FOR SUCCESSIVE ONE-YEAR TERMS UNLESS, AT
LEAST FORTY-FIVE (45) DAYS PRIOR TO THE NEXT ANNUAL EXTENSION DATE (WHICH SHALL BE OCTOBER
16TH OF EACH YEAR), THE BANK DELIVERS WRITTEN NOTICE TO THE CHANHASSEN CITY MANAGER THAT IT
ELECTS NOT TO EXTEND THIS LETTER OF CREDIT FOR AN ADDITIONAL TERM, WRITTEN NOTICE IS EFFECTIVE
WHEN SENT BY CERTIFIED MAIL, POSTAGE PREPAID, AND DEPOSITED IN THE U.S. MAIL OR BY OVERNIGHT
COURIER, AT LEAST FORTY-FIVE (45) DAYS PRIOR TO THE NEXT ANNUAL EXTENSION DATE ADDRESSED AS
FOLLOWS: CHANHASSEN CITY MANAGER, CHANHASSEN CITY HALL, 7700 MARKET BOULEVARD, P.O. BOX
147, CHANHASSEN, MN 55317, AND IS ACTUALLY RECEIVED BYTHE CITY MANAGER AT LEAST THIRTY (30)
DAYS PRIOR TO THE EXTENSION DATE.
THIS LETTER OF CREDIT SETS FORTH IN FULL OUR UNDERSTANDING WHICH SHALL NOT IN ANY WAY BE
MODIFIED, AMENDED, AMPLIFIED, OR LIMITED BY REFERENCE TO ANY DOCUMENT, INSTRUMENT, OR
AGREEMENT, WHETHER OR NOT REFERRED TO HEREIN.
Together we'll go far
Pagel of
Each page of this document is an integral part
of this Irrevocable Standby Letter of Credit Number IS0100005U
THIS LETTER OF CREDIT IS NOT ASSIGNABLE, THIS IS NOT A NOTATION LETTER OF CREDIT, MORE THAN ONE
DRAW MAY BE MADE UNDER THIS LETTER OF CREDIT.
THIS LETTER OF CREDIT SHALL BE GOVERNED BY THE MOST RECENT REVISION OF THE UNIFORM CUSTOMS
AND PRACTICE FOR DOCUMENTARY CREDITS, INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION
NO. 600.
WE HEREBY AGREE THAT A DRAFT DRAWN UNDER AND IN COMPLIANCE WITH THIS LETTER OF CREDIT
SHALL BE DULY HONORED UPON PRESENTATION.
Very Truly Yours,
WELLS FA BANK, N.A.
By: _ .
Authorized Signature
The original of the Letter of Credit contains an embossed seal over the Authorized Signature.
Please direct any written correspondence or inquiries regarding this Letter of Credit, always quoting our
reference number, to Wells Fargo Bank, National Association, Attn: U.S. Standby Trade Services
ateither 794 Davis Street or 401 Linden Street
MAC A0283-023, MAC D4004-017,
San Leandro, CA 94577-6922 Winston-Salem, NC 27101
Phone inquiries regarding this credit should be directed to our Standby Customer Connection Professionals
1-800-798-2815 Option 1 1-800-776-3862 Option 2
(Hours of Operation: 8:00 a.m. PT to 5:00 p.m. PT) (Hours of Operation: 8:00 a.m. EST to 5:30 p.m. EST)
Together we'll go far
Page 2of2
Each page of this multi page document is an integral part
of this Irrevocable Standby Letter of Credit Number ISO 100005U