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LC Reduction Letter 07-26-1600, CITY OF July 26, 2016 CHANHASSEN 7700 Market Boulevard PO Box 147 Wells Fargo Bank, N.A. Chanhassen, MN 55317 Attn: U.S. Standby Trade Services Fax: 952.227.1110 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 Fax: 952.227.1404 Planning Case No. 2013-19 Building Inspections Senior Planner 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 100005U Phone: 952.227.1160 in full. Please send written acknowledgement of this reduction to the undersigned at Fax. 952.227.1170 your earliest convenience. Finance Phone: 952.227.1140 If you have any questions or concerns, please contact me by email at Fax: 952.227.1110 saljaffnkci.chanhassen.mn.us or at 952-227-1134. Park & Recreation Sincerely, Phone: 9,52.227:1120 Fax: 952.227.1110 CITY OF CHANHAS 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. IS0100005U Public Works 7901 Park Place ec: Mark Sonstegard, Ryland Homes Phone: 952.227.1300 Len Simich, SouthWest Transit Fax: 952.227.1310 Senior Center Phone: 952.227.1125 g:\plan\2013 planning cases\2013-19 southwest village townhomes\lc release letter 07-26-16.doc Fax: 952.227.1110 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: IS0100005 U Issue Date: October 17, 2013 BENEFICIARY APPLICANT CITY OF CHANHASSEN 7700 MARKET BOULEVARD CHANHASSEN, MINNESOTA 55317 LET T ER OF CREDIT ISSUE AMOUNT LADIES AND GENTLEMEN: Wells Fargo Bank, N.A. ✓ U.S. Trade Services Standby Letters of Credit MAC Ao28g-o2g 794 Davis Street, 2nd Floor San Leandro, CA94577-6922 Phone: 1(800) 798-2815 Option 1 E-1�1ai1: sftrade(R�wellsfnrgo.rom THE RYLAND GROUP, INC. 3011 TOWNSGATE ROAD SUITE 200 WESTLAKE VILLAGE, CALIFORNIA 91361 US^v 9W,20o.14 EXPIR`i ^vATE OCTOBER 16, 2C14 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. Together we'll go far Page 1 of 2 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, WELLSFA 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 at either 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 VI LI 113 111 cV Vl. J-1I—Y -LCI VI LI CV II IN un IIJCI JV IVVVVJV Wells Fargo Bank, N.A. U.S. Trade Ser -Ores Standby Letters of Credit 794 Da\ -is Street, 2nd Floor KA,C Ao283-023, San Leandro, CA 94577-6922 Phone: 1(800) 798-2815 Option i E -Mail: sftrade(a,wellsfargo.com Amendment To Irrevocable Standby Letter Of Credit Amendment Number: 001 BENEFICIARY CITY OF CHANHASSEN 7700 MARKET BOULEVARD CHANHASSEN, MINNESOTA 55317 LADIES AND GENTLEMEN: Amend Date : November 25, 2015 APPLICANT THE RYLAND GROUP, INC. 3011 TOWNSGATE ROAD SUITE 200 WESTLAKE VILLAGE, CALIFORNIA 91361 AT THE REQUEST AND FOR THE ACCOUNT OF THE ABOVE REFERENCED APPLICANT, WE HEREBY AMEND OUR IRREVOCABLE STANDBY LETTER OF CREDIT (THE "WELLS CREDIT") IN YOUR FAVOR AS FOLLOWS: THE CURRENT AVAILABLE AMOUNT IS DECREASED BY USD 81,187.14 TO USD 9,021.00. ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED. THIS AMENDMENT IS TO BE ATTACHED TO THE ORIGINAL WELLS CREDIT AND IS AN INTEGRAL PART THEREOF. Very Truly Yours, WELLS FARGOr BANK, N.A. Authorized Signature The original of the tetter of Credit contains an embossed seal over the Authorized Signature. 1510 Page 1 of 2 Each page of this document is an integral part of this 1 -revocable Standby Letter of Credit Number IS01MGM, Amendment Number 001 X_ 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, 2nd Floor MAC A0283-023, San Leandro, CA 94577-6922 or 401 N. Research Pkwy, 1 st Floor MAC D4004-017, WINSTON-SALEM, NC 27101-4157 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) Consent to Amendment 001 on Standby Letter of Credit No. IS0100005U is required to become effective. Please date and sign belowand return a copy via e-mail to standbylc@wellsfargo.com or return an original signed copy to our office located at either. 794 Davis Street, 2nd Floor or 401 N. Research Pkwy, 1 st Floor MAC A0283-023, MAC D4004-017, San Leandro, CA 94577-6922 WINSTON-SALEM, NC 27101-4157 or Fax to 415-296-8905. or Fax to 336-735-0950. �i,( Amendment accepted in its entirety Z3 ZZO 15 Date F Amendment rejected in its entirety Authorized Signaturees= ct YOFCHANHASSEN aZ)22a_7_—_))3� '7C_)ft1 4-7WF Telephone Number Printed Name of Authorized Signer U1U Page 2 of 2 Each page of this multipage document is an integral part of this Irrevocable Standby Letter of Credit Number 1S0100005U , Amendment Number 001 Amendment To Irrevocable Standby Letter Of Credit Number: Amendment Number: Amend Date: BENEFICIARY CITY OF CHANHASSEN 7700 MARKET BOULEVARD CHANHASSEN, MINNESOTA 55317 LADIES AND GENTLEMEN: 150100005 U 001 November 25, 2015 APPLICANT Wells Fargo Bank, N.A. U.S. Trade Services Standbv Letters of Credit 794 DariS Street, 2nd Floor K -AC A0283-0231 San Lemclro, CA94577-69 22 Phone; 1(800) 798-281; Option i E -Mail: sftrtide(a>tivellsfargo.com CETT' REGEI EDf� SE NOV 2015 CHANHASSEN Rt.ANNING QEPT THE RYLAND GROUP, INC. 3011 TOWNSGATE ROAD SUITE 200 WESTLAKE VILLAGE, CALIFORNIA 91361 AT THE REQUEST AND FOR THE ACCOUNT OF THE ABOVE REFERENCED APPLICANT, WE HEREBY AMEND OUR IRREVOCABLE STANDBY LETTER OF CREDIT (THE "WELLS CREDIT") IN YOUR FAVOR AS FOLLOWS: THE CURRENT AVAILABLE AMOUNT IS DECREASED BY USD 81,187.14 TO USD 9,021.00. ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED. THIS AMENDMENT IS TO BE ATTACHED TO THE ORIGINAL WELLS CREDIT AND IS AN INTEGRAL PART THEREOF. Very Truly Yours, WELLS FARGO BANK, N.A. `Authorized Signature The original of the Letter of Credit contains an embossed seal over the Authorized Signature. 'Together we'11 go far .. ..... ..3V 1.1TIC11UI11" It IV rmmr UV I 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, 2nd Floor MAC A0283-023, San Leandro, CA 94577-6922 or 401 N. Research Pkwy, 1st Floor MAC D4004-017, WINSTON-SALEM, NC 27101-4157 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) Consent to Amendment 001 on Standby Letter of Credit No. IS0100005U is required to become effective. Please date and sign below and return a copy via e-mail to standbylc@wellsfargo.com or return an original signed copy to our office located at either. 794 Davis Street, 2nd Floor or 401 N. Research Pkwy, 1 st Floor MAC A0283-023, MAC D4004-017, San Leandro, CA 94577-6922 WINSTON-SALEM, NC 271 01-41 57 or Fax to 415-296-8905. or Fax to 336-735-0950. "! Amendment accepted in its entirety Date Telephone Number 7 Amendment rejected in its entirety Authorized Signature- CITY OFCHANHASSEN Printed Name of Authorized Signer Each page of this multipage document is an integral part of this Irrevocable Standby Letter of Credit Number 150100005!!, Amendment Number 001 `i'ogether we'd go far