154-Falcon Project
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PLANNING & DEVELOPMENT SERVICES
ENGINEERING DMSION
MEMORANDUM
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To:
Jan Dougherty, City Clerk
FROM:
David L. Richards, Planning Engineer
DATE:
September 25,2009
RE:
Letter of Credit # SB 56546 - Continental 209 Fund LLC
I am forwarding the referenced Letter of Credit, issued by M&I Bank, to your office for safe
keeping. This LOC replaces the original LOC issued by US Bank which expires October 5,
2009.
If you have any questions, please call me at ext. 5641.
Thank you.
T:\Development Review\04-Engineering\2005\Fa1con Development\Falcon Development-MI Bank LOC-memo.doC
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M&I Marshall & IIsley Bank
Global Trade Services
401 North Executive Drive
Brookfield, WI 53005-6012
414765-7700
Original
Date: September 11, 2009
IRREVOCABLE STANDBY LETTER OF CREDIT NO. SB 56456
BENEFICIARY:
City of Sanford
City Commission
300 North Park Avenue
Sanford, FL 32771
APPLICANT:
Continental 209 Fund LLC
Wl34 N8675 Executive Pkwy
Menomonee Falls, WI 53051
MAXIMUM AMOUNT:
USD38,103.20
EXPIRATION DATE AT OUR
GLOBAL TRADE SERVICES:
October 9, 2010
We hereby open our Irrevocable Standby Letter of Credit No. SB 56456 ("Letter of Credif') in your favor, which is
available at sight up to the amount of USD38,103.20 (the "Maximum Amount"), upon presentation of the following
documents:
A)
This original Letter of Credit and any subsequent Amendment(s). All Amendment(s) must indicate whether
they are approved or refused by the Beneficiary at time of drawing, AND
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B)
Beneficiary's statement, on its letterhead, completed, dated and signed by an authorized individual, stating:
"Continental 209 Fund LLC has defaulted under the Maintenance Agreement dated October 5,2007 as agreed
by and between City of Sanford and Continental 209 Fund LLC. All applicable cure periods have lapsed. We
are drawing for USD , under Letter of Credit No. SB 56456. Please wire proceeds to us:
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Multiple drawings are allowed. If a drawing is presented and paid, the original Letter of Credit will be endorsed and
returned to you. If your drawing exhausts the Maximum Amount, we will retain the Letter of Credit.
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.
All banking fees incurred, other than those of the issuing bank, are for the account of the Beneficiary. If discrepant
documents are presented and drawing is honored, our discrepancy fees will be deducted from the proceeds.
Presentation and payment of your drawings under this Letter of Credit are restricted to M&I Marshall & Ilsley Bank,
Attn: Global Trade Services, 401 N. Executive Dr., 3rd Floor, Brookfield, WI 53005
Continued on Page 2.
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M&I Marshall & IIsley Bank
Global Trade Services
401 North Executive Drive
Brookfield, WI 53005-6012
414765-7700
Original
Page 2 of Letter of Credit No. SB 56456.
This Letter of Credit is subject to International Standby Practices (1998) International Chamber of Commerce
Publication No. 590.
Pursuant to U. S. Law, we are prohibited from issuing, transferring, accepting or paying letters of credit to any party or
entity identified by the Office of Foreign Assets Control, U. S. Department of Treasury, or subject to the Denial of
Export Privileges by the U. S. Department of Commerce.
We agree with you to honor your drawing(s) presented in compliance with the terms of this Letter of Credit when
received at M&I Marshall & Ilsley Bank, Attn: Global Trade Services, 401 N. Executive Dr., :I'd Floor, Brookfield, WI
53005, prior to 4:00 PM, Brookfield time, Monday through Friday, on or before the then current Expiration Date, upon
which date this Letter of Credit expires even if this original Letter of Credit and Amendment(s). ifany, are not returned
to M&I Marshall & Ilsley Bank, Attn: Global Trade Services.
If you return this original Letter of Credit and Amendment(s) prior to the then current Expiration Date with your intent
to terminate same, it must be accompanied by your originally signed letter, addressed and sent directly to M&I Marshall
& Ilsley Bank, indicating you no longer require this Letter of Credit and release M&I Marshall & Ilsley Bank of any
obligation hereunder.
M&I MARSHALL & ILSLEY BANK
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Authorized Signature
S:\LC\STANDBY ISSUANCES\SB 56000-57000\sb56456.doc
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LIST OF AUTHORIZED SIGNATURES
770 North Water StreeUMilwaukee. Wisconsin 53202 U.S.A.
Global Trade Services
Phone 414765-7700
S.W.I.F.T. MARLUS 44
We are pleased to furnish you with our latest list of authorized signatures for our correspondent banks. This
list does not include the names and facsimile signatures of all officers and employees authorized to sign on
behalf of our Bank but is limited to signatures of those who may sign individually any and all letters of credit
issued or confirmed, checks, drafts, foreign exchange confirmations and/or orders drawn on this bank or any
of its depositories.
Any person in Group A is also authorized to sign correspondence and reconcilements in connection with tho
Audit Services Division.
This will supersede all lists of signatures previously issued. In case of changes, supplemental information may
be forwarded to you.
Yours respectfully,
M&/ Marshall & IIsley Bank
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Patricia R. Justiliano
Senior Vice President & Corporate Controller
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Group A
Signatures of Officers & Employees with Unlimited Authority
1. Lori A. Brauer
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2. Ann M. Benschoter
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3. David T. Braam
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4. Dwight H. Brady
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5. Robert J. Buerger
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6. Gregory J. Charlesworth
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April,2009