Laserfiche WebLink
40 <br />CUB <br />CENTURY %0 <br />BANK <br />IRREVOCABLE LETTER OF CREDIT NO. 99-27 ML <br />December 17, 1999 <br />Indian River County <br />Board of County Commissioners <br />1840 2511 Street <br />Vero Beach, FL 32960 <br />Gentlemen: <br />By order of Oak Chase Development LLC, Century Bank hereby establishes our Irrevocable Letter of Credit No. 99-27 <br />in your favor in the amount of Six Hundred Ninety-five Thousand Two Hundred Thirty-two and 501100 US Dollars <br />($695,232.50 U.S.) effective as of December 17, 1999 and expiring at our office at the close of business on January 2, <br />2001. <br />This Letter of Credit is provided to you as required under the Contract for Construction of Required Improvements <br />between Oak Chase Development LLC and Indian River County, relating to the Oak Chase Subdivision which contract <br />is numbered SD -99-05-06A (98120120). <br />Century Bank shall make funds available under this credit to you not exceeding in the aggregate the amount of this <br />credit against your sight drafts to us mentioning this Letter of Credit No. 99-27, accompanied by a resolution of the <br />Board of County Commissioners to the effect that Oak Chase Development LLC has defaulted under the terms of the <br />aforementioned contract for construction of required improvements, and that the amount of the draft represents the <br />amount required by the County to fulfill the performance of said contract for the construction of required improvements. <br />Drafts presented for payment under the credit shall be marked, "Drawn on Irrevocable Letter of Credit No. 99-27 of <br />Century Bank." <br />This Letter of Credit sets forth in full the terms of our undertaking. Such undertaking shall not in any way be modified, <br />amended, or amplified by reference to any document, Instrument, or contract referred to herein or in which this Letter <br />of Credit is referred to or to which this Letter of Credit relates and any such reference shall not be deemed to incorporate <br />herein by reference any document, instrument, or contract. <br />Century Bank agrees that your sight draft and resolution as mentioned above shall be duly honored and payment made <br />upon due presentation to our office located at 1680 Fmitville Road, Sarasota, Florida 34236, on or before January 2, <br />2001. <br />Charles J. <br />Senior Vi <br />Audra McKay, <br />MEMBER `J Corporate Office: <br />FDIC 1680 Fruitville Rd. • Post Office Box 2900 • Sarasota, Florida 34230 • (941) 366-1050 <br />uricew <br />Downtown Sarasota: 1680 Fruitville Rd., Sarasota, Florida 34236 • Seventeenth Street: 3323 17th St., Sarasota, Florida 34235 <br />Tuttle & Bee Ridge: 3600 S. Tuttle Ave., Sarasota, Florida 34239 <br />Southwood Mall: 5844 14th St. West (U.S. 41), Bradenton, Florida 34207 • West Bradenton: 6351 Manatee Ave. West, Bradenton. Florida 34209 <br />