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Greeley llational Bank
Irrevocable Letter of Credit # 13
Date June 3, 1975
Amount $103,000.00
To: County of Weld
State of Colorado
Re: Knaus Subdivision, Filings 2 & 3
Gentlemen:
We hereby authorize you to draw upon the Greeley National
Bank for the account of Dave Knaus, Jr. up to and aggregate amount
of ONE HUNDRED THREE THOUSAND AND NO/100 DOLLARS ($103, 000. 00)
available by your drafts at sight accompanied by:
1. This letter of credit.
2. Your official signed statement that Mr Knaus has failed
to comply with the terms and conditions of the Improvement
Agreement with Weld County as shown in Revised Subdivision
Improvements Agreement Exhibit "A" dated May 8, 1975 (copies
attached and made a part hereof) , providing for grading &
paving, Fire Hydrants, Street monuments and boxes and street
signs. Such amounts to be honored are as follows:
Knaus Subdivision, 2nd filing $36 , 000. 00
Knaus Subdivision, 3rd filing $67, 000. 00
TOTAL $103, 000. 00
It is our understanding that the amounts required under this letter
of credit will be reduced from time to time as improvements are
completed. As the terms of our agreement with Mr. Knaus provide
for an annual review of terms and the payment of a fee upon renewal,
we ask that official advice from your office be provided as to any
amounts required 30 days prior to the anniversary date.
All drafts drawn under this credit must be endorsed hereon and
must bear the clause: "Drawn under Greeley National Bank' s letter
of credit # 13 Dated June 2, 1975" and the drafts must be drawn
not later than June 2 , 1976 . One year extensions of the expiration
date will be provided by the Bank as required, but in no event
will this letter be effective after June 2 , 1978.
750616
Post Office Box 1098 • Greeley,Colorado 80631 • Phone (303)356-1234
PLUI1�
Irrevocable Letter of Credit #13
Page Two
Knaus Subdivision
We hereby agree with drawers, that drafts drawn in compliance
with the terms of this credit shall be duly honored upon
presentation to the drawee.
Yours very truly,
THE GREELEY NATIONAL BANK
By:
ame W. Parker III
V e President
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