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1551 Southgate Property 1600 Rinehart Rd Performance Bond/�Ss RID Thursday, December 06, 2012 PURCHASING DEPARTMENT T RA N SMITTAL MEMORANDUM To: City Clerk RE: Safe keeping Letter of Credit for Southgate Property 1600 Rinehart Rd The item(s) noted below is /are attached and forwarded to your office for the following action(s): ❑ Development Order k E] r Final Plat (original mylars) Letter of Credit ❑ Maintenance Bond ❑ Ordinance Performance Bond ❑ Resolution ❑ Once completed, please: ® Return originals to Purchasing ❑ Return copies El Special Instructions: /f Marisol Ordoiiez / From .1 Mayor's signature Recording Rendering f ( -4 d1nAW Safe keeping (Vault) " Deputy City Manager Y ) Wet — /v � / - 1 , 9 — Payment Bond City Manager Signature City Clerk Attest /Signature 1 C� -(v --16 Date T:\Dept_ forms \City Clerk Transmittal Memo - 2009.doe RJ Transmittal Memorandum —187 To: Finance Department From: David L. Richards Dept.: Planning & Development Serivices r Date: December 5. 2012 Phone: ext. 5146 Subject: Performance Bond for Southgate Property Project Name Southgate Property Project Address: 1600 Rinehart Road Bond Type: ❑ Maint. /Agreement © Letter Of Credit ❑ Cashier Check ❑ Performance ❑ Certified Check ❑ Cash Bond ❑ Cash Deposit ❑ Construction Loan Agreement Bond number: TFTS- 266459 Amount: $3,120,000.00 Bond Holder Name JPMorgan Chase Bank Bond Holder Address: 10420 Highland Manor Drive, 4 FL, Tamps, Fl. 33610 Bond Holder Phone: 1- 800 - 634 -1969 Email: GTS. Client .Client.Services @jpmorgan.com Bond Obligation: Roads, drainage, water, reclaimed water and sanitary sewer for Southgate Property located at 1600 Rinehart Road Surety Name Southgate Development, LLC Surety Address: 2300 Maitland Center Parkway, Suite 101, Maitla Fl. 32701 Surety Phone: 407 - 260 -2120 Effective Date: December 4, 2012 (City's acceptance) Alarm date July 16, 2013 (90 days prior to expiration date) Email: Expiration da . ct9b 2013 S:\DRT\2012 \Southgate - 1600 Rinehart Road \Southgate Final Plat \Southgate Property Plat -LOC Performance Bond Info memo .doc JPMorgan Chase Bank, N.A. Global Trade Services 131 South Dearborn, 5th Floor Mail Code: ILI -0236 Chicago, IL 60603 -5506 DEC 4, 2012 OUR L/C NO.: TFTS- 266459 TO: CITY OF SANFORD CITY COMMISSION P. O. BOX 1788 SANFORD, FLORIDA 32772 -1788 APPLICANT: SOUTHGATE DEVELOPMENT, LLC 2300 MAITLAND CENTER PARKWAY SUITE 101 MAITLAND, FLORIDA 32751 WE HAVE ESTABLISHED OUR IRREVOCABLE STANDBY LETTER OF CREDIT IN YOUR FAVOR AS DETAILED HEREIN SUBJECT TO UCP LATEST VERSION DOCUMENTARY CREDIT NUMBER: TFTS- 266459 FURTHER IDENTIFICATION: ISSUE DATE OF ISSUE: DECEMBER 4, 2012 BENEFICIARY: CITY OF SANFORD CITY COMMISSION P. O. BOX 1788 SANFORD, FLORIDA 32772 -1788 APPLICANT: DATE AND PLACE OF EXPIRY: DOCUMENTARY CREDIT AMOUNT AVAILABLE WITH: ADDITIONAL DETAILS: SOUTHGATE DEVELOPMENT, LLC 2300 MAITLAND CENTER PARKWAY SUITE 101 MAITLAND, FLORIDA 32751 OCTOBER 13, 2013 AT OUR COUNTER USD3,120,000.00 JPMORGAN CHASE BANK, N.A. TAMPA, FLORIDA BY PAYMENT 120428 Lillian Jean Page 1 of 4 JPMorgan Chase Bank, N.A. Global Trade Services 131 South Dearborn, 5th Floor Mail Code: ILI -0236 Chicago, IL 60603 -5506 DEC 4, 2012 OUR L/C NO.: TFTS- 266459 THIS LETTER OF CREDIT IS AVAILABLE WITH JPMORGAN CHASE BANK, N.A. AGAINST PRESENTATION OF YOUR DRAFT AT SIGHT DRAWN ON JPMORGAN CHASE BANK, N.A., WHEN ACCOMPANIED BY THE DOCUMENTS INDICATED HEREIN. BENEFICIARY'S DATED STATEMENT ON BENEFICIARY'S LETTERHEAD PURPORTEDLY SIGNED BY THE MAYOR, CITY OF SANFORD, READING AS FOLLOWS: QUOTE THE AMOUNT OF THIS DRAWING UNDER JPMORGAN CHASE BANK, N.A. STANDBY LETTER OF CREDIT NUMBER TFTS - 266459 REPRESENTS FUNDS DUE TO THE CITY OF SANFORD AS THE OBLIGATIONS WITH REGARD TO THE INSTALLATION AND CONSTRUCTION OF, AND PAYMENT FOR SUCH IMPROVEMENTS, THE SOUTHGATE DEVELOPMENT IS IN DEFAULT. UNQUOTE ALL CORRESPONDENCE AND ANY DRAWINGS HEREUNDER ARE TO BE DIRECTED TO JPMORGAN CHASE BANK, N.A., C/O JPMORGAN TREASURY SERVICES, ATTN: STANDBY LETTER OF CREDIT DEPT., 10420 HIGHLAND MANOR DRIVE, 4TH FL., TAMPA, FLORIDA 33610. CUSTOMER INQUIRY NUMBER IS 1- 800 - 634 -1969 CHOOSE OPTION 1. E -MAIL ADDRESS IS: GTS .CLIENT.SERVICES @JPMCHASE.COM. PLEASE HAVE OUR REFERENCE NUMBER AVAILABLE WHEN YOU CONTACT US. THE ORIGINAL LETTER OF CREDIT MUST ACCOMPANY THE DOCUMENTS PRESENTED FOR PAYMENT HEREUNDER FOR ENDORSEMENT, UNLESS DEMAND FOR PAYMENT IS MADE BY FACSIMILE TRANSMISSION, AS DESCRIBED HEREIN. EXCEPT WHEN THE AMOUNT OF THE DRAWING FULLY UTILIZES THIS LETTER OF CREDIT, WE UNDERTAKE TO RETURN THE ORIGINAL LETTER OF CREDIT TO YOU WITH THE AMOUNT OF THE PAYMENT ENDORSED THEREON. DEMAND(S) FOR PAYMENT MAY ALSO BE MADE BY FACSIMILE TRANSMISSION TO 856 - 294 -5267 OR SUCH OTHER FAX NUMBER AS JPMORGAN CHASE BANK N.A., MAY IDENTIFY IN A WRITTEN NOTICE TO YOU. TO THE EXTENT PRESENTATION IS MADE BY FACSIMILE TRANSMISSION YOU MUST PROVIDE TELEPHONE NOTIFICATION THEREOF TO JPMORGAN CHASE BANK, N.A., AT TELEPHONE NUMBER: 1- 800 - 634 -1969, CHOOSE OPTION 1 OR 813 - 432 -6339 PRIOR TO 120428 Lillian Jean Page 2 of 4 JPMorgan Chase Bank, N.A. Global Trade Services 131 South Dearborn, 5th Floor Mail Code: IL1 -0236 Chicago, IL 60603 -5506 DEC 4, 2012 OUR L/C NO.: TFTS- 266459 OR SIMULTANEOUSLY WITH THE SENDING OF SUCH FACSIMILE TRANSMISSION. HOWEVER, THE ABSENCE OF SUCH TELEPHONE CONFIRMATION AS DESCRIBED ABOVE DOES NOT AFFECT OUR OBLIGATION TO HONOR SUCH DRAWING, IF SUCH DRAWING IS OTHERWISE IN COMPLIANCE WITH THE TERMS AND CONDITIONS OF THIS STANDBY LETTER OF CREDIT. IF DEMAND FOR PAYMENT IS MADE BY FAX, PRESENTATION OF ORIGINAL DOCUMENTS IS NOT REQUIRED. WE HEREBY AGREE WITH YOU THAT DRAFTS DRAWN UNDER AND IN COMPLIANCE WITH THE TERMS AND CONDITIONS OF THIS LETTER OF CREDIT WILL BE DULY HONORED. THE NUMBER AND THE DATE OF OUR LETTER OF CREDIT AND THE NAME OF OUR BANK MUST BE QUOTED ON ALL DRAFTS REQUIRED. ALL DOCUMENTS MUST BE IN ENGLISH AND MUST QUOTE THE NUMBER AND THE DATE OF OUR LETTER OF CREDIT AND THE NAME OF OUR BANK. THIS LETTER OF CREDIT SETS FORTH IN FULL OUR UNDERTAKING, AND SUCH UNDERTAKING SHALL NOT IN ANY WAY BE MODIFIED, AMPLIFIED OR LIMITED BY REFERENCE TO ANY DOCUMENT, INSTRUMENT OR AGREEMENT REFERRED TO IN THIS LETTER OF CREDIT, EXCEPT ONLY THE INTERNATIONAL STANDBY PRACTICES REFERRED TO HEREIN, AND ANY SUCH REFERENCE SHALL NOT BE DEEMED TO INCORPORATE HEREIN ANY REFERENCE TO A DOCUMENT, INSTRUMENT OR AGREEMENT. WE AGREE THAT IN THE EVENT WE, AS A RESULT OF GROSS NEGLIGENCE OR WILLFUL MISCONDUCT, AS DETERMINED BY A COURT OF COMPETENT JURISDICTION, WRONGFULLY DISHONOR ANY SIGHT DRAFT DRAWN UNDER AND IN COMPLIANCE WITH THIS LETTER OF CREDIT, WE SHALL BE LIABLE TO YOU FOR (IN ADDITION TO THE AMOUNT DUE UNDER THE APPLICABLE SIGHT DRAFT) ANY DIRECT DAMAGES SUSTAINED OR INCURRED BY YOU AS A RESULT OF OUR WRONGFUL DISHONOR; TO INCLUDE, BUT NOT BE LIMITED TO, ATTORNEYS FEES AND OTHER LEGAL COSTS AND EXPENSES. VENUE FOR ANY PROCEEDING SHALL BE IN SEMINOLE COUNTY, FLORIDA. THIS LETTER OF CREDIT IS SUBJECT TO AND GOVERNED BY THE LAWS OF THE STATE OF FLORIDA, AND THE 2007 REVISION OF THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS OF THE INTERNATIONAL CHAMBER OF COMMERCE (PUBLICATION 120428 Lillian Jean Page 3 of 4 JPMorgan Chase Bank, N.A. Global Trade Services 131 South Dearborn, 5th Floor Mail Code: ILI -0236 Chicago, IL 60603 -5506 DEC 4, 2012 OUR L/C NO.: TFTS- 266459 NO. 600) AND, IN THE EVENT OF ANY CONFLICT, THE LAWS OF THE STATE OF FLORIDA WILL CONTROL. IF THIS CREDIT EXPIRES DURING AN INTERRUPTION OF BUSINESS AS DESCRIBED IN ARTICLE 36 OF SAID PUBLICATION 600, THE BANK HEREBY SPECIFICALLY AGREES TO EFFECT PAYMENT, IF THIS CREDIT IS DRAWN AGAINST, OTHERWISE IN ACCORDANCE WITH ITS TERMS AND CONDITIONS, WITHIN THIRTY (30) DAYS AFTER THE RESUMPTION OF BUSINESS. AUTHORIZED SIGNATURE 120428 Lillian Jean Page 4 of 4