HomeMy WebLinkAboutRevegetation Bond0 Alpine Bank
Aspen
600 East Hopkins Avenue, Suite 001
Aspen, Colorado 81611
970-920-4800
Fax 970-920-4274
Loan Fax 970-920-3781
IRREVOCABLE STANDBY LETTER OF CREDIT
Date of Issue: MAY 17, 2018
Amount: $81,300.00
Number: 1700001456
Expiration Date: MAY 17, 2020
APPLICANT: ASPEN POLO PARTNERS LLP
715 W. MAIN ST, #201
ASPEN, CO 81611
BENEFICIARY: BOARD OF COUNTY COMMISSIONERS
GARFIELD COUNTY
108 STH STREET, SUITE 100
GLENWOOD SPRINGS, CO 81601
PURPOSE: REVEGETATION GRADING PERMIT NUMBER GRAD -04-18-5208
ISSUED THROUGH GARFIELD COUNTY COMMUNITY
DEVELOPMENT DEPT. PROJECT LOCATION — 16411 HWY 82,
CARBONDALE, CO 81623
To Whom It May Concern:
We hereby issue this irrevocable standby letter of credit number 1700001456 to the Board of
County Commissioners Garfield County. This letter of credit is issued for the account of Aspen
Polo Partners, 715 W. Main St, #201, Aspen, CO 81611 in the aggregate amount of $81,300.00 in
U.S. dollars. The amount is available against a sight draft drawn at Alpine Bank at 600 East
Hopldns, Suite 001, Aspen, CO 81611 at which a draft may be presented.
Beneficiary shall promptly notify Bank when a default or event of default of said agreement
occurs. Your notification shall include any notice or order required to be sent to Applicant
pursuant to the agreement. Notice shall be by telephone and in writing to:
ALPINE BANK ASPEN
ATTENTION: PETE YANG
600 EAST HOPKINS, SUITE 001
ASPEN, COLORADO 81611
970-920-4800
We hereby agree to honor drafts drawn under and in compliance with the terms of this Letter of
Credit if duly presented to a loan officer at 600 EAST HOPKINS, SUITE 001, ASPEN,
COLORADO, during normal business hours on or before the expiration date. Partial drawings
are permitted. This Letter of Credit is not transferable.
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The conditions for payment of any draft drawn against this Letter of Credit are as follows:
1. Receipt by Bank of Beneficiary's manually signed statement by an authorized signatory
certifying that Applicant has failed to perform with, or comply in accordance with, the
provisions of said agreement by and between Applicant and Beneficiary, and stating the
dollar amount of the default.
2. Presentation of the original Letter of Credit to Bank, endorsed on the reverse side with the
words: "BOARD OF COUNTY COMMISSIONERS GARFIELD COUNTY" in the amount
requested, then manually signed by an authorized signatory.
3. This letter of credit is effective May 17, 2018 and expires May 17, 2020.
4. We hereby agree with bona fide holders that all drafts drawn under and in compliance with
the terms of this letter of credit shall be honored upon presentation and delivery of the
specified documents to Alpine Bank. This irrevocable letter of credit may be renewed at the
request of Aspen Polo Partners LLP.
This Letter of Credit shall be governed by Article V of the Uniform Commercial Code as in effect
in the State of Colorado on the date of issue. This Letter of Credit sets forth in full the terms of
our undertaking, and such undertaking shall not in any way be modified, amended, amplified or
limited by any document, instrument or agreement referred to herein, or in which this credit is
referred to, or to which this credit relates; and no such reference shall be deemed to incorporate
herein by reference any such document, instrument or agreement.
ALPINE BANK
By:
PETk Y G RNIOR V E PRESIDENT