1176-Suncom Dev LOCe `o
� e
PLANNING & DEVELOPMENT SERVICES
ENGINEERING DIVISION
MEMORANDUM
TO: Cynthia Porter, Acting City Clerk
FROM: David L. Richards, Planning Engineer
D ATE: October 7, 2009
RE: Letter of Credit # BB 9919/AR45
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h
I am forwarding the referenced Letter of Credit to your office for safe keeping. This LOC
replaces LOC # 31 7 issue Colonial Bank for Suncom Development. This LOC was
identified as Contr t # 1176 in y ecords.
If you have any questions, please call me at ext. 5146.
Thank you.
x.
II STANDBY LETTER OF CREDIT NUMBER BB 9919/AR45 IPAGE 1 II
II PLACE OF ISSUE SUNRISE 1IRREVOCABLE
II DATE OF ISSUE OCTOBER 01, 2009 ISTANDBY
LETTER OF CREDIT ��
AND PLACE OF EXPIRY €I
II ADVISED BY MAIL (DATE
i t I
MAY 16, 2010 SUNRISE, FLORIDA I
II APPLICANT (BENEFICIARY
PEYELOPMENT, LLC.
CITY OF SANFORD II
x.550 N tkLMETTO AVE.
I CITY COMMISSION, SANFORD CITY HALL
SST 15
300 N. PARK AVENUE, POB 1788
SANFORD, FL 32771
I SANFORD, FL 32772-1788
II ADVISING BANK
JAMOUNT USD28,585.40 U.S. DOLLARS I
NOT APPLICABLE
(TWENTY EIGHT THOUSAND FIVE HUNDRED II
II
(EIGHTY FIVE AND CENTS FORTY ONLY II
II
ICREDIT AVAILABLE WITH II
II
(BRANCH BANKING & TRUST COMPANY, II
I BY PAYMENT
II
JAGAINST PRESENTATION OF THE DOCUMENTS
II
IDETAILED HEREIN
II II
II IRREVOCABLE LETTER OF CREDIT (FOR MAINTENANCE AGREEMENT WATER AND SEWER II
II IMPROVEMENTS)
II
DEAR "COMMISSIONERS : II
II
BY ORDER OF SUNCOM DEVELOPMENT, LLC., WE HEREBY ESTABLISH AN IRREVOCABLE
LETTER OF CREDIT IN YOUR FAVOR. WE HEREBY AUTHORIZE YOU TO DRAW ON BRANCH
II BANKING AND TRUST COMPANY, 1580 SAWGRASS CORPORATE PARKWAY, SUITE 310,
II SUNRISE, FL 33323 UP TO AN AGGREGATE AMOUNT OF UNITED STATES DOLLARS TWENTY II
II EIGHT THOUSAND FIVE HUNDRED EIGHTY FIVE AND 40/100 (US$28,585.40) AVAILABLE II
II BY YOUR DRAFTS AT SIGHT ACCOMPANIED BY A SIGNED STATEMENT OF THE CITY OF
II SANFORD CITY COMMISSIONERS THAT THE MAINTENANCE AGREEMENT DATED MAY 16, II
II 2007, BETWEEN SUNCOM DEVELOPMENT, LLC AND CITY OF SANFORD IS IN DEFAULT. '
II DRAFTS MUST BE DRAWN AND NEGOTIATED ON OR BEFORE MAY 16, 2010, AND EACH
II DRAFT MUST STATE THAT IT IS DRAWN UNDER IRREVOCABLE LETTER OF CREDIT NO. BB II
II 9919/AR45 OF BRANCH BANKING AND TRUST COMPANY, DATED OCTOBER 1, 2009, AND
II THE AMOUNT THEREOF ENDORSED ON THIS LETTER OF CREDIT. THE BANK AGREES THAT
II THIS LETTER OF CREDIT SHALL AUTOMATICALLY RENEW ITSELF FOR SUCCESSIVE II
jj Q 7YEAR PERIODS UNLESS THE BANK SHALL GIVE NOTICE TO YOU NO LATER THAN
II FORTY-FIVE (45) DAYS PRECEDING AN EXPIRATION DATE THAT IT CHOOSES NOT TO II
II At'l4tW-THE'LETTER OF CREDIT, IN WHICH CASE, THE CITY SHALL BE ENTITLED TO
II DEMAND AND RECEIVE THE OUTSTANDING AMOUNT OF MONEY REPRESENTED BY THIS
LETTER OF CREDIT. IN THE EVENT A DRAW BASED ON EXPIRATION OF THIS LETTER OF �
CREDIT THE PROCEEDS SHALL BE HELD BY THE CITY OF SANFORD AS A CASH BOND TO
II SECURE CONTINUED ADHERENCE TO THE TERMS OF THE MAINTENANCE AGREEMENT WITH II
II SUNCOM DEVELOPMENT, LLC. II
t t •
1 1 �
II STANDBY LETTER OF CREDIT NUMBER BB 9919/AR45 I`PAGE 2 II
PLACE OF ISSUE SUNRISE (CONTINUATION OF II
I i DATE OF ISSUE : OCTOBER 01, 20309 ISTANDBY'LETTER OF CREDIT
I =� ii
II ADVISED BY MAIL (DATE AND PLACE OF EXPIRY
II MAY 16, 2010 SUNRISE, FLORIDA II
II APPLICANT (BENEFICIARY II
p �I E
SNCOM DVELOPMENT LLC CITY OF SANFORD
, ' . I 0si �L?�.LMETTO AVE. I CITY COMMISSION, SANFORD CITY HALL II
' (
300 N PARK AVENUE, POB 1788 II
SANFORD, FL 32771 I SANFORD, FL 32772 -1788 II
II UPON TENDER OF PAYMENT, YOU WILL RELEASE TO THE BANK THE ORIGINAL II
II IRREVOCABLE LETTER OF CREDIT MARKED "CANCELLED". IN ANY EVENT, UPON
II EXPIRATION OF THE MAINTENANCE AGREEMENT DATED MAY 16, 2007, AND THE
II COMPLETION OF SUNCOM DEVELOPMENT, LLC'S OBLIGATIONS THEREUNDER, YOU WILL II
II RETURN THE ORIGINAL LETTER OF CREDIT TO THIS BANK MARKED "CANCELLED ". I�
Ii WE HEREBY ENGAGE', WITH YOU THAT ALL DRAFTS DRAWN UNDER AND IN COMPLIANCE
WITH THE TERMS OF THIS CREDIT, THAT SUCH DRAFT'S WILL BE DULY HONORED UPON'' I�
II PRESENTATION TO THE DRAWEE.
II IF THE CITY OF SANFORD CITY COMMISSIONERS INITIATES SUIT UNDER THIS LETTER
II
II OF CREDIT, THE BANK HEREBY AGREES TO BE RESPONSIBLE FOR THE CITY OF
I�iSANFORD'S;6OURT COSTS AND REASONABLE ATTORNEY'S FEES, BUT BRANCH BANKING II
it AAL�'RST 'COMPANY, SHALL NOT BE RESPONSIBLE FOR ANY ATTORNEY'S FEES IN
II 'EXCESS'4 FIFTEEN PERCENT (15% OF THE AGGREGATE AMOUNT OF THIS LETTER OF II
i I CREDIT.
I
II THIS LETTER OF CREDIT SETS FORTH IN FULL THE TERMS OF OUR UNDERTAKING AND
II SUCH UNDERTAKING SHALL NOT, IN ANY WAY, BE AMENDED BY REFERENCE HEREIN TO
II ANY AGREEMENT, AND ANY SUCH REFERENCE SHALL NOT BE DEEMED TO INCORPORATE
II HEREIN BY REFERENCE ANY DOCUMENT OR AGREEMENT OTHER THAN THE MAINTENANCE II
II AGREEMENT DATED MAY 16, 2007 AS REFERENCED HEREIN. II
II EXCEPT SO FAR AS OTHERWISE EXPRESSLY STATED HEREIN, THIS LETTER OF CREDIT II
II IS SUBJECT TO THE INTERNA'T'IONAL STANDBY PRACTICES 1998 I( "ISP98 "), II
INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION 590. II
END OF CREDIT * * * * * * * * **
II
II
II
THIS AREA INTENTIONALLY BLANK
BB&T
�) STANDBY LETTER OF CREDIT NUMBER BB 9919/AR45 (PAGE 3
�( PLACE OF ISSUE SUNRISE
II DATE OF ISSUE : OCTOBER 01, 2
ADVISED BY MAIL
APPLICANT
, S, JNCOI _DEV,ELOPMENT, LLC
LMETTO AVE.
, FL
CONTINUATION OF
309 ISTANDBY LETTER OF CREDIT
(DATE AND PLACE OF EXPIRY
MAY 16, 2010 SUNRISE, FLORIDA II
(BENEFICIARY Q
CITY OF SANFORD
CITY COMMISSION, SANFORD CITY HALL II
300 N PARK AVENUE, POB 1788
SANFORD, FL 32772 -1788 II
11
TIONALLY BLANK
AUTHORIZED