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13-19 LC release letter 07-26-16 signedA 'Ilik CITY OF July 26, 2016 CMMMASSEN 7700 Market Boulevard PO Box 147 Wells Fargo Bank, N.A. Chanhassen, MN 55317 Attn: U.S. Standby Trade Services 794 Davis Street, MAC A0283-023 Administration San Leandro, CA 94577-6922 Phone: 952.227.1100 Fax: 952.227.1110 Re: Letter of Credit Release — SouthWest Village Townhomes Planning Case No. 2013-19 Building Inspections Phone: 952.227.1180 Fax: 952.227.1190 To Whom It May Concern: Engineering Please accept this letter as authorization to release Letter of Credit No. ISO I00005U Phone: 952.2271160 in full. Please send written acknowledgement of this reduction to the undersigned at Fax 952.227,1 170 your earliest convenience. Finance Phone: finance 114,) If you have any questions or concerns, please contact me by email at Fax: 952.227.1110 saliaff cr,ci.chanhassen.mn.us or at 952-227-1134. Park & Recreation Sincerely, Phone: 952.2.27.1120 Fax: 952.227.1110 CITY OF CHANHASSEN Recreation Center 2310 Coulter Boulevard Phone: 952 227.1400 Fax: 952.227.1404 Sharmeen Al-Jaff Senior Planner Planning & Natural Resources Phone: 952.227.1130 SAJ:jp Fax: 952.227.1110 Enclosure: Letter of Credit No. ISO100005U Public Works 7901 Park Place ec: Michael DeVoe, Ryland Homes Phone: 952.227.1300 Len Simich, SouthWest Transit Fax: 952.2.27.1310 Senior Center g:\plan\2013 planning cases\2013-19 southwest village townhomesIc release letter 07-26-16 doc Phone: 952.227.1125 Fax: 952.2.27.1110 Website www.ci.chanhassen.mn.us Chanhassen is a Community for Life - Providing for Today and Planning for Tomorrow Irrevocable Standby Letter Of Credit Number: IS0100005U Issue Date : October 17, 2013 BENEFICIARY APPLICANT CITY OF CHANHASSEN 7700 MARKET BOULEVARD CHANHASSEN, MINNESOTA 55317 LETTER OF CREDIT ISSUE AMOUNT LADIES AND GENTLEMEN: 4,.w Wells Fargo Bank, N.A. 1 U.S. Trude Services Standby Letters of Credit MAC: A0283-023 794 D ivis Street, 2nd Floor San Leandro, C. -AL 94,577-6922 Phone: 1(800) 798-2815 Option 1 E-Nlail: sftmde(R wellsf irmcom 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 BY THE 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. loget1a e-1 go far UI 1111 � III CVUL4UIC Jt411UUY LCUCI UI',.ICUII IVUI I IUCI IJV IVVVVSV 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=6�� .A. By: AuthorizedSignature 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 at either 794 Davis Street MAC A0283-023, San Leandro, CA 94577-6922 or 401 Linden Street MAC D4004-017, 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 2 of 2 Each page of this multipage document is an integral part "`" �" r? _ �y of this Irrevocable Standby Letter of Credit Number IS010000SU ` ' Potter, Jenny From: Sinclair, Jill Sent: Monday, July 18, 2016 11:34 AM To: Potter, Jenny Cc: AI-Jaff, Sharmeen Subject: SW village townhomes Hi Jenny, The landscaping is complete for this development. The remaining landscape security can be released. Thanks, Jill Sinclair Environmental Resources Specialist City of Chanhassen 952-227-1133 Status RePort Wednesday, June 01, 2016 Plan July 2000 Au ust2000 Se tember2000 S M T W T F S S M T W T F S S M T W .200r S 1 1 2 3 4 5 1 2 2 3 4 5 6 7 8 8 7 8 9 10.1.1..12 3 4 5 6 7 89 .............. . 9 10 11 12 13 14 15 13 14 5 16 17 18 19 10 11'*12 1T'i4 "15 16 16 17 18 19 20 21 22 20 2i"O'n3 N25'26 17 16"i9 20.21 22 23 2$ 24 25 26 27 28 29 27 230 31 2.. 25 26.27 ..... 28 29 30 kj Securities Start Due S P Category Description 6/1/2016 9/1/2016 ® LC #ISO100005U expires 10/16/2014 (Automatically renews annually) Southwest Village Townhomes Site Plan Permit 2013-19 The Ryland Group, Inc. $90,208.14 Time of Performance: July 31, 2015 Notify Sharmeen Al-Jaff & Jill Sinclair 9/10/15 - Sharmeen, status? 9/16/15 - Per Jill, all landscaping has been installed. Five trees alive but questionable survivability (plan marked and placed in file). Letter of credit can be reduced to 10% ($9,021). Letter sent to bank requesting reduction. Waiting for confirmation of reduction from bank. Check status on 6/15/15. Kim 9/16/15 - Per Sharmeen, HOLD LC reduction letter noted above. Check status 10/15/15. Kim 10/15/15 - Sharmeen, status? Kim 11/20/15 - Per Sharmeen, ok to reduce letter of credit to 10% ($9,021). Letter sent to bank requesting j reduction. Waiting for confirmation of reduction from bank. Check status on 6/15/15. Kim 11/30/15 - Received Amendment No. I to Letter of Credit reducing the amount to $9,021. Check status 6/1/16. Kim 6/9/16 - Notified Bob. Jenny 6/20/16 - Per Jill: Contacted Ryland about replacements. Security can be released oce replacements are intalled. -2015 shrub west of 8955 - Prairie dropp seed (1) -2015 shrub front of 8932 - Cranberry bush (1) - 2015 - shrub rear of 893141 jap tree lilac (1) Can be released once replacements are intstalled. Follow up 9/1/16. Jenny 7/26/16 - Per Jill: landscaping is complete. Escrow can be released. Notified Jolene in finance to release. - Jenny ............................................................................................................................................................................................................................ 0 Lotus Development Corp. 7/26/2016 at 12:00 PM S=Status P=Priority Page 1