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Home My WebLink About04.0 Irrevocable Letter of Credit 01.26.2018tbank® U.S. Bank National Association Standby Letters of Credit: BC-MN-H2OG 800 Nicollet Mall Minneapolis, Minnesota 55402 IRREVOCABLE LETTER OF CREDIT January 26, 2018 Letter of Credit Number: SLCMMSP08861 Amount: USD 122,480.19 SWIFT: USBKUS44 TELEX: Phone: 612-303-7321 612-303-7395 Fax : 612-303-5226 Expiration Date: September 28, 2019 Beneficiary: Board of County Commissioners of Garfield County ("Beneficiary" or "BOCC") 108 8th Street, Suite 213 Glenwood Springs, CO 81601 Account Party/Applicant: CMH Homes, Inc. dba Clayton Homes #1037 671 23 Road Grand Junction, CO 81505 We hereby establish our Irrevocable Standby Letter of Credit No. SLCMMSP08861, at the request of CMH Homes Inc, dba Clayton Homes #1037, in an amount not to exceed $122,480.19 (One IIundred Twenty Two Thousand Four Hundred Eighty and 19/100 U.S. Dollars). The purpose of this Letter of Credit is to secure the performance of and compliance with the agreement between CMH Homes., dba Clayton Homes #1037 and Board of County Commissioners of Garfield County ("?Beneficiary" or "BOCC"), DATED i°b. /7) ?a IS and titled ,1@�c, / 51744,00,,i ("Subdivision Improvements Agreement"). This Letter of Credit is not transferable. This Letter of Credit expires on September 28, 2019. It is a condition of this Letter of Credit that it shall be considered automatically extended without amendment for one year from the present or any future expiration date unless we notify you in writing at least thirty (30) days prior to any such expiration date that this Letter of Credit will not be renewed. Partial Release: Partial draws are permitted. The BOCC may authorize periodic reductions in the face amount of this Letter of Credit and, if so authorized, the revised face amount of the Letter of Credit shall be evidenced by a separate Reduction Certificate, in the form of Exhibit A, approved and executed by the BOCC or the BOCC's authorized representative. Continued on Page 2 PcM usbank.com bank. U.S. Bank National Association Standby Letters of Credit: BC-MN-H2OG 800 Nicollet Mall Minneapolis, Minnesota 55402 January 26, 2018 SLCMMSP08861 Page 2 SWIFT: USBKUS44 TELEX: Phone: 612-303-7321 612-303-7395 Fax : 612-303-5226 Conditions for Payment to Beneficiary: Drafts on us at sight must be accompanied by the Original of this Letter of Credit (and any amendments thereto) and a beneficiary's signed statement executed by the Chairman of the BOCC OR THE BOCC'S authorized designee stating: ('' W Developer of Subdivision (PSB) is in default of its obligations set forth in that certain Subdivision Improvements Agreement between Goz,t1 Wed Cc.x. y and recorded as Reception Number go 3 /62 y in Book VV at Page of the Real Estate Records of the Office of the Garfield County Clerk and Recorder. Such Payment Documents, notices and communication must be sent either (but not both) by: (a) courier or first class United States mail to U.S. Bank National Association, 800 Nicollet Mall: BC-MN-H2OG, Minneapolis, Minnesota 55402, Attn: Standby Letters of Credit, or (b) facsimile to facsimile number (612) 303-5226, Attention: Standby Letters of Credit (provided, however, that such address and facsimile number may be amended by us upon the provision of written notice of such amendment to you). The Beneficiary shall use best efforts to give telephonic notification of a demand for payment at either (612) 303-7321 or (612) 303-7395. Cancellation: This Original Letter of Credit and any original amendments, if any, must be returned to us for cancellation by the Beneficiary with a statement signed by the Beneficiary stating: "This Letter of Credit is no longer required by the BOCC and is hereby returned to the issuing bank for cancellation.", or in place of a statement, Exhibit B. We hereby agree with beneficiary that drafts and documents as specified above will be duly honored upon presentation to U.S. Bank National Association, 800 Nicollet Mall, attn: Standby Letters of Credit BC- MN-H2OG, Minneapolis Minnesota 55402, if presented on or before September 28, 2019 or any extended expiry date. This Letter of Credit is subject to and governed by the Laws of the State of Colorado and the 2007 Revision of the Uniform Customs and Practice for Documentary Credits of the International Chamber of Commerce (Publication 600) and, in the event of any conflict, the Laws of the State of Colorado will control. Continued on Page 3 usbank.com embank U.S. Bank National Association Standby Letters of Credit: BC -MN -H200 800 Nicollet Mall Minneapolis, Minnesota 55402 January 26, 2018 SLCMMSP08861 Page 3 SWIFT: USBKUS44 TELEX: Phone: 612-303-7321 612-303-7395 Fax : 612-303-5226 We shall not be liable for any delay, non -return of documents, non-payment, or other action or inaction compelled by a judicial order or by any law or regulation applicable to us. U.S. BANKNATI• i AL ASSOCIATION 410,. AI 11401 1 law g 4L# � J� Au" • i ed Signature, pplicant as authori tion to issue this form usbank.com embank. Date: EXHIBIT A REQUEST FOR PARTIAL RELEASE OF LETTER OF CREDIT From: Board of County Commissioners Garfield County, Colorado c/o Director of Community Development 108 8th Street, Suite 401 Glenwood Springs, CO 81601 RE: Subdivision [PUD] This request is written to formally notify the BOCC of work completed for Subdivision [PUD]. As Owner [On behalf of the Owner], we request that the BOCC review the attached Engineer's Certificate of Partial Completion and approve a reduction inthe face amount of the Letter of Credit in the amount of USD To a reduced face amount of USD Attached is the certified Original cost estimate and work completed schedule, showing: Engineers Cost Estimate Work Completed, less 10% Reduced Face Amount of LOC Based on periodic observation and testing, the construction has been completed, to date, in accordance with the intent of the plans and specifications that were reviewed and approved by the BOCC's representatives and referenced in Paragraph 2 of the Subdivision Improvements Agreement between the BOCC and the Owner. If further information is needed, please contact Owner OR Owner's Representative/Engineer usbank.com bank. Date: EXHIBIT B REQUEST FOR FINAL RELEASE OF LETTER OF CREDIT From: Board of County Commissioners Garfield County, Colorado c/o Director of Building and Planning 108 8th Street, Suite 401 Glenwood Springs, CO 81601 RE: , [Subdivision] [PUD] [LAND USE CHANGE PERMIT] This request is written to formally notify the BOCC of work completed for [Subdivision] [PUD) [LAND USE CHANGE PERMIT]. As Owner [On behalf of the Owner], we request that the BOCC review the attached Engineer's Certificate of Completion and approve a full release of the Letter of Credit in the amount of $ Attached is the certified original cost estimate and work completed schedule, showing that all improvements required by the Improvements Agreement and secured by the Letter of Credit have been completed. Also enclosed are the following required by the Improvements Agreement [LAND USE CHANGE PERMIT] dated between Owner and the BOCC, recorded at Reception No. "SIA"): at the Real Estate Records of the Garfield County Clerk and. Recorder (the 1. record drawings bearing the stamp of Owner's Engineer certifying that all improvements have been constructed in accordance with the requirements of the IA, both in hand copy and digital format acceptable to the BOCC; and 2. Copies of instruments conveying real property and other interests which Owner was obligated to convey to the homeowner's association or other entity at the time of final Plat Approval. If further information is needed, please contact , at Owner OR Owner's Representative/Engineer usbank.com