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Home My WebLink About20111293 6j RESOLUTION RE: APPROVE PARTIAL CANCELLATION AND RELEASE OF COLLATERAL FOR USE BY SPECIAL REVIEW PERMIT#1630- REJOICE LUTHERAN CHURCH WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to Colorado statute and the Weld County Home Rule Charter, is vested with the authority of administering the affairs of Weld County, Colorado, and WHEREAS, by Resolution dated February 27, 2008, the Board approved the application of Rejoice Lutheran Church, P.O. Box 1244, Erie, Colorado 80516, for a Public and Quasi-public Building (church) in the A (Agricultural) Zone District on the following described real estate, to wit: Lot 5, Block 4, Ranch Eggs, Inc., Subdivision; Filing No. 2, being part of the NW1/4 of Section 34, Township 1 North, Range 68 West of the 6th P.M., Weld County, Colorado, and WHEREAS, on September 13, 2010, the Board of County Commissioners of Weld County, Colorado, approved an Improvements Agreement According to Policy Regarding Collateral for Improvements (On-Site Only) between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and Rejoice Lutheran Church, with terms and conditions being as stated in said agreement, and accepted Irrevocable Standby Letter of Credit#2065833035, drawn on Summit Bank and Trust, 199 Briggs Street, P.O. Box 173, Erie, Colorado 80516, in the amount of$53,123.00, and WHEREAS, staff from the Weld County Departments of Planning Services and Public Works have conducted a visual inspection and recommend partial release of said collateral, in the amount of$42,904.55. WHEREAS,the Board has been presented with replacement Letter of Credit#2065833035, drawn on Summit Bank and Trust, 199 Briggs Street, P.O. Box 173, Erie, Colorado 80516, in the amount of$10,218.45, which shall be retained for one year as warranty collateral. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that Irrevocable Standby Letter of Credit#2065833035, drawn on Summit Bank and Trust, in the amount of $53,123.00 be, and hereby is, canceled and released, and the replacement Irrevocable Standby Letter of Credit, in the amount of$10,218.45 be accepted. NOW,THEREFORE, BE IT FURTHER RESOLVED by the Board that the Clerk to the Board be, and hereby is, directed to return said collateral to the appropriate issuing party. IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII �� PW 2011-1293 3771817 06/0212011 12.36P Weld County, CD _ tI PL1951 1 of 2 R 0.00 D 0.00 Steve Moreno Clerk& Recorder CANCEL COLLATERAL— REJOICE LUTHERAN CHURCH PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 23rd day of May, A.D., 2011. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO a ATTEST: 7, . !� �. % XCUSED .a•.., �.l arbara Kirkmeyer, Chair Weld County Clerk to the B XCUSE Sean P. Co w , Pro-Tern Deputy Cler • the Boar. ârcia ��PRO D,ikt3- FORM: cs • � David E. Lo g, Acting Chai Aro-Tem County Attorney Dougl adem her Date of signature: 5/ 3/.a'C// I Inn IIII 1111111 III 11111 IIII 1111 2011-1293 3771817 06/02/2011 12:36P Weld County, CO PL1951 2 of 2 R 0.00 D 0.00 Steve Moreno Clerk& Recorder 444titrn MEMORANDUM WI TO: Board of County Commissioners COLORADO DATE: May 17, 2011 FROM: Michelle Martin SUBJECT: USR-1630 Revised of Letter of Credit#2065833035 The Department of Planning Services received an email from the applicant's contractor dated 4/29/2011 indicating the improvements have been done on the site. A site inspection was conducted on 5/6/2011 by the Weld County Department of Public Works and the Planning Department indicating most of the improvements have been completed. The only remaining items were two (2) ADA parking spaces. The Department of Public Works and the Department of Planning Services is recommending revising the letter of credit to the amount of$10,218.45 for the two (2) ADA parking spaces and the one year warranty. After review of the collateral by the Weld County Attorney, the Department of Public Works and Department of Planning Services, it has been determined that the amount of the agreement will be sufficient to complete the on-site improvements required for USR-1630. Background Information BOCC: USR-1630 was approved by the Board of County Commissioners on February 27, 2008 for a Site Specific Development Plan and a Special Review Permit for a Use by Special Review for a Public and Quasi-public building (Church) in the A (Agricultural) Zone District. The original letter of credit was accepted by the BOCC on September 13, 2010 in the amount of $53,123.00, for the on-site improvements. Legal: Lot 5 Block 4 Ranch Eggs Inc Subdivision Filing 2 being a Pt NW4 of Section 34, Ti N, R68W of the 6th P.M., Weld County, CO. Location: North of and adjacent to Lowell Lane, approximately 'A mile east of County Road 7 and approximately 1/2 mile north of County Road 2 / Baseline Road. Parcel No.: 1467 34 204015 • 2011-1293 MEMORANDUM 0 ' (ti, TO: Michelle Martin, Planning Services Inge DATE: 5/12/2011 COLORADO FROM: Richard Hastings, Public Works Department SUBJECT: BOCC Agenda Item: Partial Release of Collateral Rejoice Lutheran Church (PL1951, #2010-2110, USR-1630) Request for Partial Release of Collateral: The Department of Public Works received a request from the applicant, Pastor Ruby Narucki, requesting an inspection of the property in order to obtain the partial release of collateral and to begin the one-year warranty period, for the Rejoice Lutheran Church (USR-1630), located on WCR 7 and Lowell Lane,just north of Broomfield. Weld County Public Works Department performed a site inspection, at the above mentioned site, and observed the following: • All Public Works related items on Exhibit A, of the Improvements Agreement According To Policy Regarding Collateral For Improvements Document#2010-2110, have been completed and are found to be acceptable. Weld County Collateral List: Rejoice Lutheran Church, (PL1951, #2010-2110) Imps Agrmt— Irrevocable Standby Letter of Credit#2065833035 From Summit Bank and Trust, Erie, Colorado Expires 09/07/2011 with auto renewal Unless 90 days notice $53,123.00 Recommendation: The Department of Public Works is recommending partial release of collateral, as shown above from the Weld County Collateral List, in the amount of $42,904.55. This leaves a balance of $10,218.45 to serve as Warranty Collateral for a period of one year from the date the Board of County Commissioners approves this request. pc:Don Carroll,Weld County Public Works USR-1630 C:\Documents and Settings\dbechler\Local Settings\Temporary Internet Files\Content.Outlook\HDO4AU84\Partial Collateral Release(Rejoice Lutheran Church USR-1630)-MEMO.docx Michelle Martin From: diandgreg@comcast.net Sent: Friday, April 29, 2011 11:17 AM To: Richard Hastings; Michelle Martin Cc: Rick Nearman; Pastor Ruby Narucki Subject: Rejoice Lutheran Church Case number: USR 1630 Grading Permit number: 10-00010 Rich and Michelle, We will have the site ready for your inspection by next Wednesday, May 4th. Please accept this email as notification for the release of the funds that were set aside for the utility and site work. Please let us know when you both are able to meet us at the site. Thanks, Greg Alpine Build & Design 303.842.6072 1 ALPINE BUILD & DESIGN AS16. Providing A Quality and Personalized Building Experience May 6, 2011 ESTIMATE TO: Rejoice Lutheran Church, Inc. 3413 Lowell Lane Erie, CO 80516 Subject: Remodeling of Rejoice Lutheran Church Scope of work: Add 3' wide x 6" thick access lane around three sides of existing concrete parking pad. Includes excavating existing road base, forming, pouring and finishing new concrete to match existing and including cross hatch striping and handicap marking. (see attached sketch). Cost Summary: The hard construction cost (labor and materials) $ 1950.00 General Contractors overhead and profit $ 300.00 Total cost estimated $ 2250.00 Sincerely, / �v Greg W mag/�er 3957 Dale Drive - Lafayette, CO 80026 - Phone 303.842.6072 - Fax 303.828.0497 I pp C; .7/ pro %A- G}c tn5itk1 f 4‘..- Fla c,:i t \\:\\N \, ' ,,,, _ \- - —-,N. � Jc t.k ..,..i 1 j...H\c, 4ia \ \ \ \ N ,I LN\ I CP fie-CC:lit tOkeektkr I Cott., 4-0 La -Moo& teMolet_UtiataD aleuie,110 . E/z/E Go 3 homei IT BANK & TRUST 199 S. RIuccS STREET P.O. BOX 173 ERIE, CO 80516 Memorandum Date: May 13, 2011 To: Michelle Marlin, Planning Services From: John R. Dill, Summit Bank & Trust RE: Exchange/Modification of Letter of Credit #2065833035 Attached please find the revised replacement Letter of Credit for Rejoice Lutheran Church located at 3413 Lowell Lane, Erie, CO 80516. The original Letter of Credit in the amount of$53,123 was provided to Weld County in September 2010, to guarantee improvements to above property. It is our understanding per memorandum dated 5/12/11, that the original Letter of Credit for the $53,123 will be released and replaced with this revised Letter of Credit for $10,218.45. The new expiration will be one year 6/01/12. Please return the original Letter of Credit in the amount of$53,123 to my attention. Regard Jo -IR. Dill Branch President P.O. Box 173 199 S. Briggs St Erie, CO 80516 • PHONE 303.439.4888 WWW.SUMMITBT.COM FAX 303.439.4899 onikAl is BANK & TRUST 199 S. BRIGGS MELT 8O. BOX 173 IRREVOCABLE STANDBY LETTER OF CREDIT FOR r.11E. CO 89516 BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO Date: 5/13/11 Beneficiary: BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO 915 Tenth Street Greeley, Colorado 80631 Attn: Clerk to the Board Company Name: Rejoice Lutheran Church Company Address 3413 Lowell Lane Company Address Erie, Co 80516 Ladies and Gentlemen: Effective immediately, at the request of and on behalf of Rejoice Lutheran Church, we hereby issue this Revised Letter of Credit#2065833035 for$10,218.45 in favor of the Board of County Commissioners of Weld County, Colorado, (hereinafter "Beneficiary"). This Letter of Credit is issued to permit Rejoice Lutheran Church to meet the requirements of the Improvements Agreement According to Policy Regarding Collateral for Improvements (On-Site Only) Rejoice Lutheran Church, - USR-1630. Dated August 12, 2010, (hereinafter "Improvements Agreement"). This amount may be drawn on at our office located at Summit Bank and Trust— 199 S. Briggs St, Erie, CO 80516. We hereby undertake to honor your sight draft drawn on us bearing upon its face the clause: "Drawn under the Bank of Summit Bank and Trust-Letter of Credit Number 2065833035, dated 6/1/11", when accompanied by the following: 1. The original of this Letter of Credit and any subsequent amendments, if any; and 2. Original of Beneficiary's statement purportedly manually signed by a member of the Board of County Commissioners of Weld County, Colorado stating one or more of the following: • a. "The Board of County Commissioners of Weld County, Colorado hereby certifies that it is entitled to draw US Dollars (Written Amount of Withdrawal) ($ ) under the Bank of (Name of Bank), Letter of Credit Number dated because (Name of Company) has defaulted on its obligations under PHONE 303.439.4888 W W W.SUMMITBTCOM FAX 303.439.4899 • the (Insert full name of Improvements Agreement), by (State Nature of Default)." b. "The Board of County Commissioners of Weld County, Colorado hereby certifies that it is entitled to draw US Dollars (Written Amount of Withdrawal) ($ ) under Bank of (Name of Bank), Letter of Credit Number dated because (Name of Company) has not, to the satisfaction of the Board of County Commissioners of Weld County, Colorado, within sixty (60) days of the expiration date of this Letter of Credit replaced or renewed this Letter of Credit." The above statements are acceptable if presented in the form of a Resolution formally adopted by the Board of County Commissioners of Weld County, Colorado. Additionally, a copy of one or both of the above statements may be submitted by facsimile transmission or by electronic mail, if'said transmission source can be verified by us. 3. It is a condition of this Irrevocable Letter of Credit that it be considered automatically extended without amendment for additional periods of one year from the present or any future expiration date unless we notify you, the Beneficiary, in writing, not less than ninety (90) days before such date that we elect not to extend this Letter of Credit for such additional term. This notice will be sent to the address herein, by certified mail, return receipt requested. Upon your receipt of said notice, you may draw on us at sight for the balance remaining under this Letter of Credit within the then applicable expiration date. 4. Partial drawings under this Letter of Credit are permitted. 5. For purposes of the Letter of Credit, Rejoice Lutheran Church shall be deemed in default if one or more of its obligations under the Improvements Agreement According to Policy Regarding Collateral for Improvements (On-Site Only) Rejoice Lutheran Church, - USR-1630. Dated August 12, 2010 is/are not met within the time frame(s) set forth in said Improvements Agreement. 6. This Credit shall be transferable, as directed by an authorized representative of the Board of County Commissioners of Weld County, Colorado, in compliance with Article 48 of UPC 500. { We hereby promise you that a draft drawn under and in compliance with the terms and conditions of this Letter of Credit will be duly honored by us if presented at this office or by registered mail on or before the current expiration date, currently 6/1/12. (Expiration Date), or any future applicable expiration date as described herein. Draft presentation before 10:00 a.m. Mountain Standard Time on any Business Day shall be honored before 5:00 p.m. on the same Business Day by wire transfer in immediately available hinds to any account designated by an authorized representative of Board of County Commissioners of Weld County, Colorado, (or any other reasonable means • • specified by said authorized representative). Draft presentation between 10:00 a.m. and • 5:00 p.m. Mountain Standard Time on any Business Day shall he honored before 5:00 p.m. on the following Business Day by wire transfer in immediately available funds to any account designated by an authorized representative of Board of County Commissioners of Weld County, Colorado, (or any other reasonable means specified by said authorized representative). As used in this Credit, the term "Business Day" shall mean a day other than Saturday or Sunday or any day in which Banking Institutions in the State of Colorado are authorized or required by law to close. The parties to this Letter of Credit acknowledge that through the Improvements Agreement, Beneficiary reserved the right to require (Name of Company) to obtain a different Letter of Credit from a financial institution other than this Bank in the event that the rating of this Bank by Bauer Financial falls below a three star rating. 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 reference to any document, instrument or agreement referred to herein or to which this Letter of Credit relates. Except to the extent terms hereof are inconsistent with its provisions, in which case this Letter of Credit shall govern, this Letter of Credit is subject to the Uniform Customs and Practice for Documentary Credits (1993 Revision), the international Chamber of Commerce Publication No. 500. Yot uly, Jo . Dill Branch President- Erie Summit Bank & Trust P.O. Box 173 199 S. Briggs St Eric, CO 80516 303-439-4888 303-439-4899 III • Donna Bechler From: Dill, John R. [JDill@summitbt.com] Sent: Monday, May 16, 2011 12:43 PM To: Donna Bechler Cc: 'rnarucki@comcast.net' Subject: RE: Partial release of collateral Attachments: image001.png; image002.jpg; Memorandum -5-13-11 revised Itr.pdf; revised letter of credit- 10,218 - 5-13-11.pdf; John R Dill.vcf Donna— attached is the copy of the revised Letter of Credit and Memorandum. I will fed-ex the Originals'to your attention at the address provided below. You should have it tomorrow. I will not be releasing the funds of the Original $53,123 until I have the corresponding Original Letter of Credit for that amount marked "cancelled or released". If you have questions, please don't hesitate to call me. Thanks for your assistance in this matter for Pastor Ruby and the Rejoice Lutheran Church. Sincerely, John John R. Dill Branch President.Erie (303)439-4855(direct) (303)968-0484(cell) JDill@summitbt,com P.O.Box 173 SUMMIT 199 S.Briggs$l. BANK&TRUST Erie,CO 80516 Great Things happen From: Donna Bechler Jmailto:dbechler@alco.weld.co.usl Sent: Monday, May 16, 2011 12:26 PM To: Dill, John R. Subject: RE: Partial release of collateral Mr. Dill, Yes, you can send it directly to me at the following address: Donna Bechler Clerk to the Board 915 10th Street PO Box 751 Greeley, CO 80632 1. If it's being sent by FedEx, please include "3`d Floor" in the address. Thank you for your help. Donna Donna Bechler Deputy Clerk to the Board 915 10th Street Greeley, Colorado 80631 970-336-7215 ' Y4 ZJII W EtD__COJN TY u Confidentiality Notice: This electronic transmission and any attached documents or other writings are intended only for the person or entity to which it is addressed and may contain information that is privileged, confidential or otherwise protected from disclosure. If you have received this communication in error, please immediately notify sender by return e-mail and destroy the communication. Any disclosure, copying,distribution or the taking of any action concerning the contents of this communication or any attachments by anyone other than the named recipient is strictly prohibited. From: Dill, John R. f mailto:JDill@ summitbt.coml Sent: Monday, May 16, 2011 12:19 PM To: Donna Bechler Subject: RE: Partial release of collateral Donna—Can I mail the memo and revised letter of credit to your office directly? Please let me know. John John R. bill Branch President - Erie Summit Bank & Trust ph - 303-439-4855 cell - 303-968-0484 jdill@summitbt.com From: Donna Bechler fmailto:dbechler(7aco.weld.co.usl Sent: Thursday, May 12, 2011 2:58 PM To: Dill, John R. Cc: Richard Hastings; Stephanie Arries Subject: Partial release of collateral Mr. Dill, I have attached a copy of the letter from the Department of Public Works asking for a partial release of the collateral for Rejoice Lutheran Church,and that replacement collateral be accepted for the Warranty Collateral. 2 I am also enclosing the file for another client so you can see the process we go through to release the original collateral and accept the replacement collateral. These files are all public documents, so I am not disclosing any confidential information by doing so. You can see that the Board of County Commissioners have to approve the Resolution to release the original collateral, and at the same time, approve the replacement collateral. As soon as they sign the Resolution, the original collateral is returned to the issuing bank. I had mentioned to you that some banks send us riders, but they originally issued bonds rather than Letters of Credit. If you have any other questions, you can e-mail me, or call me at 970-356-4000, Ext 4227, or you can call Rich Hastings in our Department of Public Works, who is asking for the partial release of collateral, at 970-304-6496, Ext 3727, or e-mail him at rhastings@co.weld.co.us. Sincerely, Donna Bechler Deputy Clerk to the Board 915 10th Street Greeley, Colorado 80631 970-336-7215 II4 IOII W E t` C O N i Y u@_( Confidentiality Notice: This electronic transmission and any attached documents or other writings are intended only for the person or entity to which it is addressed and may contain information that is privileged, confidential or otherwise protected from disclosure. If you have received this communication in error, please immediately notify sender by return e-mail and destroy the communication. Any disclosure, copying, distribution or the taking of any action concerning the contents of this communication or any attachments by anyone other than the named recipient is strictly prohibited. 3 1861 - 2011 CLERK TO THE BOARD PHONE (970)336-7215, Ext. 4227 FAX: (970) 352-0242 • P. O. BOX 758 WELD�CO NTY GREELEY, COLORADO 80632 70104e -4303- 6 May 23, 2011 9996c1):3(3 Attn: Pastor Ruby Narucki Rejoice Lutheran Church 3413 Lowell Lane Erie, Colorado 80516 RE: Partial Cancellation and release of Collateral for Rejoice Lutheran Church, USR#1630 Pastor Ruby; On May 23, 2011, the Board of County Commissioners approved the partial cancellation and release of collateral for Rejoice Lutheran Church, USR #1630, in the amount of $53,123.00, as referenced above, and accepted replacement collateral from Summit Bank and Trust, in the amount of$10,218.45. Enclosed is a copy of the Resolution signed by the Board of County Commissioners. If you would like to receive a recorded copy of the resolution, please contact the Recording Department at Weld County Government. The original Letter of Credit No. 2065833035 for $53,123.00, has been returned to Summit Bank and Trust, 199 Briggs Street, P.O. Box 173, Erie, Colorado 80516. If you have questions or need additional information, please do not hesitate to contact me at (970) 356-4000, Extension 4227. Very truly yours, BOARD OF COUNTY COMMISSIONERS By: Donna J. Be o ler Deputy Clerk to the Board 1861 - 2011 CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4227 FAX: (970) 352-0242 • GREELEY, COLORADO 80632 j ELD�C jUNTY May 23, 2011 Attn: John Dill Summit Bank and Trust 199 South Briggs Street P.O. Box 173 Erie, Colorado 80516 RE: Partial Cancellation and release of Collateral — Rejoice Lutheran Church, USR#1630 Mr. Dill: Attached hereto please find the Board of County Commissioners Resolution partially releasing the collateral for Rejoice Lutheran Church, USR #1630, in the amount of $53,123.00, and the original Irrevocable Standby Letter of Credit #2065833035 issued by Summit Bank and Trust, in the amount of $53,123.00. We have received a replacement Irrevocable Standby Letter of Credit, #2065833035, from you for the remaining $10,218.45. If you would like a recorded copy of the Resolution, you can contact the Recording Department of the Clerk and Recorder's Office with Weld County Government. If you have questions or need additional information, please do not hesitate to contact me at (970) 356-4000, Extension 4227 Very truly yours, BOARD OF COUNTY COMMI SIONERS JOHN R DILL BRANCH PRESIDENT By: Donna J. B I r; • SUMMIT Deputy Clerk to the Board BANK & TRUST 1'19 S. BRIGGS 5-FREE! PO. Box 173 ERIE_COLORADO 80510 303 439 4855- PHONE 303 968 0484-CELL 303439.4899 FAx I DI LLU"5LIMM ITET COM col/Q'a°e'le c -LillCV 40 r . . B.Y,.ater eoeA o.e ed% . er°'1 oteo' CoL 4) 4 ado a �l 4‘ '1" .lea 4 SUMMIT °a ° se t e ce e Ys a o oycch14 % BANK & TRUST 69S. BRI ST. ET PC BOX 173 --IRREVOCABLE STANDBY LETTER OF CREDIT FOR ERIE. C c0516 BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO 4O9, Date: 9/7/10 Beneficiary: BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO 915 Tenth Street Greeley, Colorado 80631 Attn: Clerk to the Board Company Name: Rejoice Lutheran Church Company Address 3413 Lowell Lane Company Address Erie, Co 80516 Ladies and Gentlemen: Effective immediately, at the request of and on behalf of Rejoice Lutheran Church, we hereby issue this Letter of Credit #2065833035 for$53,123.00 in favor of the Board of County Commissioners of Weld County, Colorado, (hereinafter "Beneficiary"). This Letter of Credit is issued to permit Rejoice Lutheran Church to meet the requirements of the Improvements Agreement According to Policy Regarding Collateral for Improvements (On-Site Only) Rejoice Lutheran Church, - USR-1630. Dated August 12, 2010, (hereinafter "Improvements Agreement"). This amount may be drawn on at our office located at Summit Bank and Trust— 199 S. Briggs St, Erie, CO 80516. We hereby undertake to honor your sight draft drawn on us bearing upon its face the clause: "Drawn under the Bank of Summit Bank and Trust-Letter of Credit Number 2065833035. dated 9/7/10", when accompanied by the following: 1. The original of this Letter of Credit and any subsequent amendments, if any; and 2. Original of Beneficiary's statement purportedly manually signed by a member of the Board of County Commissioners of Weld County, Colorado stating one or more of the following: a. "The Board of County Commissioners of Weld County, Colorado hereby certifies that it is entitled to draw US Dollars (Written Amount of Withdrawal) ($ ) under the Bank of (Name of Bank), Letter of Credit Number dated because (Name of Company) has defaulted on its obligations under PHONE 303.439.4888 WWW.SUMMITI1T.COM FAX 303.439.4899 the (Insert full name of Improvements Agreement), by (State Nature of Default)." b. "The Board of County Commissioners of Weld County, Colorado hereby certifies that it is entitled to draw US Dollars (Written Amount of Withdrawal) ($ ) under Bank of (Name of Bank), Letter of Credit Number dated because (Name of Company)has not, to the satisfaction of the Board of County Commissioners of Weld County, Colorado, within sixty (60) days of the expiration date of this Letter of Credit replaced or renewed this Letter of Credit." The above statements are acceptable if presented in the form of a Resolution formally adopted by the Board of County Commissioners of Weld County, Colorado. Additionally, a copy of one or both of the above statements may be submitted by facsimile transmission or by electronic mail, if said transmission source can be verified by us. 3. It is a condition of this Irrevocable Letter of Credit that it be considered automatically extended without amendment for additional periods of one year from the present or any future expiration date unless we notify you, the Beneficiary, in writing, not less than ninety (90) days before such date that we elect not to extend this Letter of Credit for such additional term. This notice will be sent to the address herein, by certified mail, return receipt requested. Upon your receipt of said notice, you may draw on us at sight for the balance remaining under this Letter of Credit within the then applicable expiration date. 4. Partial drawings under this Letter of Credit are permitted. 5. For purposes of the Letter of Credit, Rejoice Lutheran Church shall be deemed in default if one or more of its obligations under the Improvements Agreement According to Policy Regarding Collateral for Improvements (On-Site Only) Rejoice Lutheran Church, - USR-1630. Dated August 12,2010 is/are not met within the time frame(s) set forth in said Improvements Agreement. 6. This Credit shall be transferable, as directed by an authorized representative of the Board of County Commissioners of Weld County, Colorado, in compliance with Article 48 of UPC 500. We hereby promise you that a draft drawn under and in compliance with the terms and conditions of this Letter of Credit will be duly honored by us if presented at this office or by registered mail on or before the current expiration date, currently 9/7/11 (Expiration Date), or any future applicable expiration date as described herein. Draft presentation before 10:00 a.m. Mountain Standard Time on any Business Day shall be honored before 5:00 p.m. on the same Business Day by wire transfer in immediately available funds to any account designated by an authorized representative of Board of County Commissioners of Weld County, Colorado, (or any other reasonable means specified by said authorized representative). Draft presentation between 10:00 a.m. and 5:00 p.m. Mountain Standard Time on any Business Day shall be honored before 5:00 p.m. on the following Business Day by wire transfer in immediately available funds to any account designated by an authorized representative of Board of County Commissioners of Weld County, Colorado, (or any other reasonable means specified by said authorized representative). As used in this Credit, the term "Business Day" shall mean a day other than Saturday or Sunday or any day in which Banking Institutions in the State of Colorado are authorized or required by law to close. The parties to this Letter of Credit acknowledge that through the Improvements Agreement, Beneficiary reserved the right to require (Name of Company) to obtain a different Letter of Credit from a financial institution other than this Bank in the event that the rating of this Bank by Bauer Financial falls below a three star rating. 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 reference to any document, instrument or agreement referred to herein or to which this Letter of Credit relates. Except to the extent terms hereof are inconsistent with its provisions, in which case this Letter of Credit shall govern, this Letter of Credit is subject to the Uniform Customs and Practice for Documentary Credits (1993 Revision), the International Chamber of Commerce Publication No. 500. Yo ly, o, Jo R. Dill Br nch President- Erie Su mit Bank & Trust P.O. Box 173 199 S. Briggs St Erie, CO 80516 303-439-4888 303-439-4899 "1520" IRREVOCABLE LETTER OF CREDIT Borrower: REJOICE LUTHERAN CHURCH (TIN: 54-2065833) Lender: SUMMIT BANK &TRUST 3413 LOWELL LANE ERIE OFFICE ERIE, CO 80516 PO BOX 173 199 S BRIGGS ST ERIE, CO 80516 (303)439-4888 Beneficiary: BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO 915 TENTH STREET GREELEY, CO 80631 NO.: 2065833035 EXPIRATION DATE. This letter of credit shall expire upon the close of business on 09-07-2011 and all drafts and accompanying statements or documents must be presented to Lender on or before that time (the "Expiration Date"). AMOUNT OF CREDIT. Lender hereby establishes at the request and for the account of Borrower, an Irrevocable Letter of Credit in favor of Beneficiary for a sum of Fifty-three Thousand One Hundred Twenty-three & 00/100 Dollars ($53,123.001 (the "Letter of Credit"). These funds shall be made available to Beneficiary upon Lender's receipt from Beneficiary of sight drafts drawn on Lender at Lender's address indicated above (or other such address that Lender may provide Beneficiary in writing) during regular business hours and accompanied by the signed written statements or documents indicated below. WARNING TO BENEFICIARY: PLEASE EXAMINE THIS LETTER OF CREDIT AT ONCE. IF YOU FEEL UNABLE TO MEET ANY OF ITS REQUIREMENTS, EITHER SINGLY OR TOGETHER, YOU SHOULD CONTACT BORROWER IMMEDIATELY TO SEE IF THE LETTER OF CREDIT CAN BE AMENDED. OTHERWISE, YOU WILL RISK LOSING PAYMENT UNDER THIS LETTER OF CREDIT FOR FAILURE TO COMPLY STRICTLY WITH ITS TERMS AS WRITTEN. DRAFT TERMS AND CONDITIONS. Lender shall honor drafts submitted by Beneficiary under the following terms and conditions: IT IS A CONDITION OF THIS IRREVOCABLE LETTER OF CREDIT THAT IT BE CONSIDERED AUTOMATICALLY EXTENDED WITHOUT AMENDMENT FOR ADDITIONAL PERIODS OF ONE YEAR FROM THE PRESENT OR ANY FUTURE EXPIRATION DATE UNLESS WE NOTIFY YOU, THE BENEFICIARY, IN WRITING, NOT LESS THAN NINETY (901 DAYS BEFORE SUCH DATE THAT WE ELECT NOT TO EXTEND THIS LETTER OF CREDIT FOR SUCH ADDITIONAL TERM. THIS NOTICE WILL BE SENT TO THE ADDRESS HEREIN, BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED. UPON YOUR RECEIPT OF SAID NOTICE, YOU MAY DRAW ON US AT SIGHT FOR THE BALANCE REMAINING UNDER THIS LETTER OF CREDIT WITHIN THE THEN APPLICABLE EXPIRATION DATE. Upon Lender's honor of such drafts, Lender shall be fully discharged of Lender's obligations under this Letter of Credit and shall not be obligated to make any further payments under this Letter of Credit once the full amount of credit available under this Letter of Credit has been drawn. Beneficiary shall have no recourse against Lender for any amount paid under this Letter of Credit once Lender has honored any draft or other document which complies strictly with this Letter of Credit, and which on its face appears otherwise in order but which is signed, issued, or presented by a party or under the name of a party purporting to act for Beneficiary, purporting to claim through Beneficiary, or posing as Beneficiary without Beneficiary's authorization. By paying an amount demanded in accordance with this Letter of Credit, Lender makes no representation as to the correctness of the amount demanded and Lender shall not be liable to Beneficiary, or any other person, for any amount paid or disbursed for any reason whatsoever, including, without limitation, any nonapplication or misapplication by Beneficiary of the proceeds of such payment. By presenting upon Lender or a confirming bank, Beneficiary certifies that Beneficiary has not and will not present upon the other, unless and until Beneficiary meets with dishonor. Beneficiary promises to return to Lender any funds received by Beneficiary in excess of the Letter of Credit's maximum drawing amount. USE RESTRICTIONS. All drafts must be marked "DRAWN UNDER SUMMIT BANK & TRUST IRREVOCABLE LETTER OF CREDIT NO. 2065833035 DATED 09-07-2010," and the amount of each draft shall be marked on the draft. Only Beneficiary may complete a draft and accompanying statements or documents required by this Letter of Credit and make a draw under this Letter of Credit. This original Letter of Credit must accompany any draft drawn hereunder. Partial draws are permitted under this Letter of Credit. Lender's honor of a partial draw shall correspondingly reduce the amount of credit available under this Letter of Credit. Following a partial draw, Lender shall return this original Letter of Credit to Beneficiary with the partial draw noted hereon; in the alternative, and in its sole discretion, Lender may issue a substitute Letter of Credit to Beneficiary in the amount shown above, less any partial drawls). PERMITTED TRANSFEREES. The right to draw under this Letter of Credit shall be nontransferable, except for: A. A transfer (in its entirety, but not in part) by direct operation of law to the administrator, executor, bankruptcy trustee, receiver; liquidator, successor, or other representative at law of the original Beneficiary; and • B. The first immediate transfer (in its entirety, but not in part) by such legal representative to a third party after express approval of a governmental body (judicial, administrative, or executive). TRANSFEREES REQUIRED DOCUMENTS. When the presenter is a permitted transferee (i) by operation of law or (ii) a third party receiving transfer from a legal representative, as described above, the documents required for a draw shall include a certified copy of the one or more documents which show the presenter's authority to claim through or to act with authority for the original Beneficiary. COMPLIANCE BURDEN. Lender is not responsible for any impossibility or other difficulty in achieving strict compliance with the requirements of this Letter of Credit precisely as written. Beneficiary understands and acknowledges: (i) that unless and until the present wording of this Letter of Credit is amended with Lender's prior written consent, the burden of complying strictly with such wording remains solely upon Beneficiary, and Iii) that Lender is relying upon the lack of such amendment as constituting Beneficiary's initial and continued approval of such wording. NON-SEVERABILITY, If any aspect of this Letter of Credit is ever declared unenforceable for any reason by any court or governmental body having jurisdiction, Lender's entire engagement under this Letter of Credit shall be deemed null and void ab initio, and both Lender and Beneficiary shall be restored to the position each would have occupied with all rights available as though this Letter of Credit had never occurred. This non-severability provision shall override all other provisions in this Letter of Credit, no matter where such provision appears within this Letter of Credit. GOVERNING LAW. This Agreement will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the IRREVOCABLE LETTER OF CREDIT Loan No: 2065833035 (Continued) Page 2 laws of the State of Colorado without regard to its conflicts of law provisions, and except to the extent such laws are inconsistent with the 2007 Revision of the Uniform Customs and Practice for Documentary Credits of the International Chamber of Commerce, ICC Publication No. 600. This Agreement has been accepted by Lender in the State of Colorado. EXPIRATION. Lender hereby agrees with Beneficiary that drafts drawn under and in compliance with the terms of this Letter of Credit will be duly honored if presented to Lender on or before the Expiration Date unless otherwise provided for above. Dated: September 7, 2010 LENDER: SUMMIT BANK RU By: Authoriz:d S'.. 'r ENDORSEMENT OF DRAFTS DRAWN: Amount Amount Date Negotiated By In Words In Figures LASER PRO E.'d,' va.5.52 W.pJ5 CR,.xvind innR, scw5nn.,IE,.1997,rom. •I R,r,,F.rrw. co P¢RuvucnmcFC TA.BEe.75.794 U.S. Postal ServiceTM o CERTIFIED MAIL,,., RECEIPT m (Domestic Mail Only;No Insurance Coverage Provided) cO F•r•elivery inf•rmati•n visit •ur we.site at www.us•s.c•m ru U, Postage $ m p Certified Fee I p P t �C/ p Return Receipt Fee rd (Endorsement Required) p Restricted Delivery Fee rl-I (Endorsement Required) ion a Total Postage 8 Fees Lrl p Soot To IP &Mail 1 I,�// '� •rEl rPO Ap[N. /. /- or ,th PC Box No.1�-/9S..[3rI0_� City,St�e ZIP+4♦♦ V� ji P �D fi0 ih ,r SENSE': C•M'LETE THIS SECTION C•MYETE THIS SECTION ON DELIVERY • Complete items 1,2,and 3.Also complete A. Signature item 4 if Restricted Delivery Is desired. I 2(Agent • Print your name and address on the reverse X 1 .1 - - � O Addressee so that we can return the card to you. B. R:.: by(Printed Name) C. Date of Delivery • Attach this card to the back of the mailpiece, or on the front if space permits. D. Is delivery address different from item 1? O Yes 1. Article Addressed to: If YES,enter delivery address below: O No iggil Sum/n%ft3c�nk�- T u5± /99,5; jr%59s 3. Type PO O 96( / / Certified Mail O rrr MFI= DO J/.7 O Registered dice 6-r; e �� 1 O Insured Mall O C.O.D. 4. Restricted Delivery?(Extra Fee) 0 Yes 2. Article Number (Trransferfrom service rebel) 7005 1820 0003 5224 8300 PS Form 3811,February 2004 Domestic Return Receipt 1025M-02-na1540 Hello