HomeMy WebLinkAbout2.0 Irrevocable Standby Letter of Credit11\11
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NORWEST BANKS
MINIM
II VII
IRREVOCABLE STANDBY LETTER OF CREDIT
OUR REFERENCE NUMBER: 7000244321-8001087
BENEFICIARY:
GARFIELD COUNTY, STATE OF COLORADO
109 8TH STREET, 3RD FLOOR
GLENWOOD SPRINGS, CO 80601
GENTLEMEN:
Norwest Bank Colorado, N.A.
Rifle
1542 Railroad Avenue
P.O. Box 752
Rifle, CO 81650-0752
970/625-3223
AT THE REQUEST OF: DENNIS WAYNE COOLEY AND WANDA S. COOLEY
822 ALTA MESA
SILT, CO 81652
AND FOR THE ACCOUNT OF: SAME
WE HEREBY ISSUE OUR IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER
WHICH IS AVAILABLE BY PAYMENT AGAINST BENEFICIARY'S DRAFT(S) AT
SIGHT, DRAWN ON NORWEST BANK COLORADO, N. A., AT ITS RIFLE,
COLORADO OFFICES.
THIS CREDIT IS FOR AN AGGREGATE AMOUNT NOT TO EXCEED A TOTAL OF
U. S. DOLLARS 10,500.00 (TEN THOUSAND FIVE HUNDRED AND 00/100
DOLLARS. DRAFTS MUST BE ACCOMPANIED BY THE FOLLOWING
DOCUMENTS:
1. THIS LETTER OF CREDIT
2. A STATEMENT PURPORTEDLY SIGNED BY THE BENEFICIARY STATING THAT
THE APPLICANT IS IN DEFAULT OF OBLIGATIONS TO BENEFICIARY PURSUANT
TO REQUIREMENTS OF SUBDIVISION IMPROVEMENTS AGREEMENT WITH
GARFIELD COUNTY RELATED TO IMPROVEMENTS TO BE MADE TO SIERRA
BLUFFS, FILINGS II, HCE JOB NO. 94088.02.
THIS LETTER OF CREDIT EXPIRES AT OUR COUNTERS AT 3:00 PM DENVER
TIME ON JANUARY 2, 1998.
ALL DRAFTS MUST BE MARKED: DRAWN UNDER NORWEST BANK COLORADO,
N. A. IRREVOCABLE STANDBY BY LETTER OF CREDIT NUMBER
7000244321-8001087, DATED JANUARY 2, 1997.
• •
CANCELLATION OF LETTER OF CREDIT PRIOR TO EXPIRATION.
THIS LETTER OF CREDIT (AND AMENDMENTS) MUST BE RETURNED TO US FOR
CANCELLATION WITH A STATEMENT PURPORTEDLY SIGNED BY THE
BENEFICIARY STATING THAT:
"THIS LETTER OF CREDIT IS NO LONGER REQUIRED BY US AND IS HEREWITH
RETURNED TO THE ISSUING BANK FOR CANCELLATION."
WE HEREBY AGREE TO HONOR EACH DRAFT DRAWN AND IN COMPLIANCE
WITH THE TERMS OF THIS CREDIT IF DULY PRESENTED (TOGETHER WITH THE
DOCUMENTS AS SPECIFIED) AT THIS OFFICE ON OR BEFORE THE EXPIRY DATE.
THIS CREDIT IS ISSUED SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE
FOR DOCUMENTARY CREDITS (1993 REVISION), INTERNATIONAL CHAMBER OF
COMMERCE PUBLICATION NO. 500.
NORWEST BANK COLORADO, N. A.
BY:
MARK FRA KLIN
VICE PRESIDENT