HomeMy WebLinkAbout20052715 •
citCLERK TO THE BOARD
PHONE (970)336-7215, Ext. 4225
ip
FAX: (970) 352-0242
P. O. BOX 758
O GREELEY, COLORADO 80632
•
COLORADO
August 4, 2005
United Bank of Greeley
P. O. Box 1058
Greeley, Colorado 80632
RE: Cancellation and release of Collateral -Fred Sekich, Nick Sekich, Jr., and Sekich
Business Park
To Whom It May Concern:
Attached hereto please find a copy of the Board of County Commissioner's Resolution approving
the cancellation and release of collateral, as referenced above. The original Irrevocable Letter of
Credit is enclosed.
If you have questions or need additional information, please do not hesitate to contact me at
(970) 356-4000, Extension 4217.
Very truly yours,
BOARD OF COUNTY COMMISSIONERS
By: /1;1_4_41-719,---jaa
Carol A. Harding,
Deputy Clerk to the Board
y 2005-2715
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69-/Y ,L 0D'77
+ United Bank of Greeley N."'aI Association
1025 Ninth Avenue
PO. Box 1058 /
Greeley,Colorado 80632 i
/
Telephone:(303)356-1000
X United Bank /2' ‘
IRREVOCABLE STAND—BY LETTER OF REDIT
OUR LETTER OF CREDIT NUMBER: 1181
DATE OF ISSUANCE: FEBRUARY 17, 1988 d
BENEFICIARY: WELD COUNTY BOARD OF COMMISSIONE \�
GENTLEMEN:
AT THE REQUEST OF : FRED M. SEKICH AKA FRE ERICK M. SEKICH
NICK SEKICH, JR.
DONNA L. SEKICH
KAREN S. SEKICH
P.O. BOX 508
LONGMONT, COLORAD 80501
AND FOR THE ACCOUNT OF: FRED M. SEK CH AKA FREDERICK M. SEKICH, NICK SEKICH, JR. ,
DONNA L. S ICH, KAREN S. SEKICH
WE HEREBY ISSUE OUR IRREVOCABLE S ANDBY LETTER OF CREDIT NUMBER 1181 WHICH IS
AVAILABLE BY PAYMENT AGAINST BEN ICIARY' S DRAFT AT SIGHT, DRAWN ON UNITED BANK
OF GREELEY NATIONAL ASSOCIATION
THIS CREDIT IS FOR AN AGGREGA E AMOUNT NOT TO EXCEED A TOTAL OF U.S. DOLLARS
$47,025.00. THE DRAFT SUBMI ED MUST BE ACCOMPANIED BY THE FOLLOWING DOCUMENTS:
1. THIS LETTER OF CREDIT
2. A WRITTEN STATEMENT RPORTEDLY SIGNED BY AN AUTHORIZED SIGNER OF WELD COUNTY
BOARD OF COMMISSIONERS ATING THAT SEKICH BUSINESS PARK, OR FREDERICK M. AND NICK
SEKICH, JR. , HAVE FAIL TO MEET CERTAIN TERMS AND CONDITIONS OF THE ROAD
IMPROVEMENTS AND MAIN NANCE AGREEMENT BETWEEN SEKICH BUSINESS PARK, FREDERICK M.
AND NICK SEKICH, JR. AND THE BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, ON
BEHALF OF THE COUN OF WELD, STATE OF COLORADO. FAILURE TO COMPLY MAY INCLUDE
BUT NOT BE LIMITED 0:
(a) a failur to provide a commitment for a subsequent Letter of Credit
thirty 30) days prior to the expiration of this Letter of Credit in
an amo t equal to the current value of the Letter plus any increase
in th Consumer Price Index over the preceding twelve (12) months.
(b) a f ilure to provide maintenance or payment in lieu thereof or a
fa' ure to provide dust abatement for Weld County Road 91 as
s ecified in the Agreement.
(c) a failure to provide the appropriate share of expenses for
improvements to Weld County Road 91.
UP T5$22,500.00 OF THIS LETTER OF CREDIT MAY BE RELEASED TO THE BENEFICIARY UPON
PRESENTATION OF A STATEMENT SIGNED BY THE CHAIRMAN OF THE BOARD OF COUNTY COMMISSIONERS
AND ATTESTED TO BY THE CLERK TO THE BOARD STATING THAT DEVELOPER HAS A CURRENT
OBLIGATION TO PAY A SHARE OF IMPROVEMENT EXPENSES UNDER PARAGRAPH 8 OF THE ROAD
IMPROVEMENTS AND MAINTENANCE AGREEMENT WHEN ACCOMPANIED BY A STATEMENT FROM
SEKICH BUSINESS PARK, FREDERICK M. SEKICH AND NICK SEKICH, JR. , REQUESTING THAT
THE BENEFICIARY DRAW UPON THESE FUNDS.
EXPIRES AT OUR COUNTERS AT 3:00 P.M. MOUNTAIN STANDARD TIME DECEMBER 31, 1988.
PARTIAL DRAWS ARE NOT PERMITTED.
DRAFT MUST BE MARKED "DRAWN UNDER UNITED BANK OF GREELEY NATIONAL ASSOCIATION
IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER 1181 DATED FEBRUARY 17, 1988".
WE HEREBY AGREE TO HONOR THE DRAFT DRAWN IN COMPLIANCE WITH THE TERMS OF THIS
CREDIT IF DULY PRESENTED (TOGETHER WITH THE DOCUMENTS AS SPECIFIED) AT THIS
OFFICE ON OR BEFORE THE EXPIRATION DATE.
THIS CREDIT IS ISSUED SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY
CREDITS (1983 REVISION) , INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 400,
TO THE EXTENT THAT IT DOES NOT CONFLICT WITH ARTICLE 5 OF THE UNIFORM COMMERCIAL
CODE FOR THE STATE OF COLORADO.
UNITED BANK OF GREELEY NATIONAL ASSOCIATION
BY: O
ON L. MOSER, VICE ENT
•
CLERK TO THE BOARD
PHONE (970) 336-7215, Ext. 4225
FAX: (970)352-0242
P. O. BOX 758
WI D
O GREELEY, COLORADO 80632
COLORADO
August 4, 2005
Fred Sekich, Nick Sekich, Jr.
and Sekich Business Park
P. O. Box 508
Longmont, Colorado 80501
RE: Cancellation and release of Collateral
To Whom It May Concern:
Attached hereto please find copies of the Board of County Commissioner's Resolution approving
the cancellation and release of collateral, as referenced above. The original Letter of Credit was
returned to United Bank of Greeley, P. O. Box 1058, Greeley, Colorado 80632.
If you have questions or need additional information, please do not hesitate to contact me at(970)
356-4000, Extension 4217.
Very truly yours,
BOARD OF COUNTY COMMISSIONERS
By: 4. oj( J`�`�— � u .
Carol A. Hardi g, \ \
Deputy Clerk to the Board
_ __.
rt iltAlii>4 C TO THE BOARD
70) 336-7215, Ext. 4225
WI ipc
FAX: (970) 352-0242
P. O. BOX 758
EY, COLORADO 80632
COLORAD
August 4, 2005 _
Fred Sekich, Nick 5 b ^ rd
and Sekich Busine: .,;001v," , =
P. O. Box 508 �` � s'a,k _
Longmont, Colorac
4b F RE: Cancellatioi Y 0- coo _
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To WhomltMayC g _ �." 0 .c a
Attached hereto pit c-ham m c" v = = Jtion approving
the cancellation an Y . x c :r of Credit was
returned to United co -',..= m
co 'i o =
� aO c" _
If you have questio i o. = i.rri 'tact me at(970)
356-4000, Extensio — ay
`4 (LID
Very truly yours, `"
M
O Mt,
BOARD OF COWx)
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By: /flX 4.9,/, Oce '.
Carol A. Haru m p c"
Deputy Clerk I Lu 2 O I.n
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COLLATERAL RELEASED
IN CONJUNCTION WITH
OTHER CASES
SEE #2005-2091
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