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Home My WebLink About20052713 ‘ice. CLERK TO THE BOARD PHONE (970)336-7215, Ext. 4225 FAX: (970) 352-0242 CP. O. BOX 758 GREELEY, COLORADO 80632 COLORADO August 4, 2005 Compass Bank P. O. Box 444 Houston, Texas 77210-4444 RE: Cancellation and release of Collateral - Karen Libin 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: Cep Carol A. Harding, Deputy Clerk to the Board 55<< 2005-2713 vry �v-05-- pi_ l � C Compass Bank International Trade Services Compass Bank P.O.Box 4444 Houston,TX 77210-4444 Phone 713-867-2717 Fax 713-867-2700 Telex 6737349 AMENDMENT TO LETTER OF CREDIT NO. 257 n DATE: FEBRUARY 15,2001 }� APPLICANT: BENEFICIARY: J KAREN LIMN Weld County Planning Dept. WELD COUNTY,COLORADO P.O.BOX 1631 DEPT OF PLANNING SERVI ` LYONS,CO 80540 [' b 2001 1400 NORTH 17"`AVE. 1GREELEY,CO 80613 ISSUING BANK: RECEIVED FIRSTIER BANK \� NORTHGLENN,CO \\\ AMENDMENT NO.:ONE(1) GENTLEMEN: PLEASE BE ADVISED THAT THE SUBJECT LETTER OF CREDIT HAS BEEN AMENDED AS FOLLOWS: • THE NAME OF THE ISSUING BANK IS AMENDED TO READ COMPASS BANK. • THE LETTER OF CREDIT NUMBER IS AMENDED FROM 257 TO 524931C. • EFFECTIVE FEBRUARY 15, 2001 DOCUMENTS MUST BE PRESENTED TO THE BELOW ADDRESS. • PREVIOUS REFERENCE TO FIRSTIER BANK AMEND TO: COMPASS BANK INTERNATIONAL TRADE SERVICES 204 W. 19"`STREET,3"°FLOOR HOUSTON,TEXAS 77008 THIS AMENDMENT IS TO BE CONSIDERED AS PART OF THE ABOVE CREDIT AND MUST BE ATTACHED THERETO. ALL OTHER TERMS AND CONDITIONS OF THE CREDIT REMAIN UNCHANGED. PROVISIONS APPLICABLE TO THIS CREDIT:THIS LE VIER OF CREDIT SHALL BE GOVERNED BY THE LAWS OF THE STATE INDICATED IN LENDER'S ADDRESS TO THE EXTENT NOT GOVERNED BY THE INTERNATIONAL CHAMBER OF COMMERCE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS 1993. REVISION,ICC PUBLICATION NO.500,AND TO THE EXTENT SUCH LAW NOT WITH THE TERMS OF THIS LETTER OF CREDIT. ORIZ NA KC pU3a3 Le :11. 0 CLERK TO THE BOARD PHONE (970)336-7215, Ext. 4225 Wage FAX: (970) 352-0242 P. O. BOX 758 GREELEY, COLORADO 80632 COLORADO August 4, 2005 Karen Libin P. O. Box 1631 Lyons, Colorado 80540 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 Compass Bank, P. O. Box 444, Houston, Texas 77210-4444. 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: Carol A. Ha d ng, Deputy Clerk to the Board ?L, 13; 3 % FIRs1iER BENEFICIARY BANK C•K■ IRREVOCABLE WELD COUNTY,DEPT OF PLANNING COLORADO SERVICES LETTER OF CREDIT ADDRESS FIRSTIER BANK NO.:_11-257 11210 HURON NORTHGLENN,CO 80234 TELEPHONE NO. cIDENTIFICATI0N NO. 303-451-10 Lender) BORROWER f EXPIRATION DATE KAREN LIBIN This Letter of Credit shall expire upon the earlier of: 1. the close of business on MAY 1, 2001 and all drafts and accompanying statements or documents ADDRESS must be presented to Lender on or before that time; or P.O. BOX 1631 KAREN the day that Lender honors a draw under which the full LYONS, CO 80540 TELEPHONE NO IDENTIFICATION NO. amount of this Letter of Credit is drawn. 524-11-4595 Lender identified above hereby establishes an Irrevocable Letter of Credit in favor of Beneficiary for a sum not exceeding the aggregate amount of ONE HUNDRED FIVE THOUSAND AND NO/100 Dollars ($ 105, 000.00 ). These funds shall be made available by Beneficiary's drafts drawn at sight on Lender at its address indicated above (or such other address that Lender may provide Beneficiary with written notice of in the future) 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 THE PARTY IN WHOSE FAVOR THIS LETTER OF CREDIT IS BEING ISSUED 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. 1. DRAFT TERMS AND CONDITIONS Lender shall honor the drafts submitted by Beneficiary under the following terms and conditions: EACH DRAFT MUST BEAR UPON ITS FACE THE CLAUSE "DRAW UNDER LETTER OF CREDIT NO. 11-257, DATED NOVEMBER 30, 1999, OF FIRSTIER BANK. EACH DRAFT MUST BE ACCOMPANIED BY A STATEMENT BY A DULY AUTHORIZED OFFICER OF WELD COUNTY STATING THAT THIS DRAFT IS IN CONNECTION WITH FUNDS FOR THE ACCOUNT OF KAREN LIBIN. Upon Lender's honor of such drafts and payment to the Beneficiary, Lender, once the full amount of credit available under this Letter of Credit has been drawn, shall be fully discharged of its obligations under this Letter of Credit and shall not thereafter be obligated to make any further payments under this Letter of Credit in respect of such demand for payments to Beneficiary or any other person. Beneficiary shall have no recourse against Lender for any amount paid under this Letter of Credit after Lender honors 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 any party or under the name of any party purporting to act for Beneficiary, purporting to claim through Beneficiary, or posing as Beneficiary. By presenting upon Lender or confirmer, 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 and confirmer any funds received by Beneficiary in excess of the Letter of Credit's maximum drawing amount. 2. USE RESTRICTIONS All drafts must be marked"DRAWN UNDER IRREVOCABLE LETTER OF CREDIT NO. 11-257 DATED NOVEMBER 30, 1999 ". 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. Pc If checked, a copy of this Letter of Credit must accompany each draft and the amount of each draft shall be marked on the draft. Beneficiary shall maintain possession of Letter of Credit until the full amount of this Letter of Credit has been drawn. Once the full amount is drawn, Beneficiary shall return the Letter of Credit to Lender. Partial draws v I n 'e_ this l etto of andcr'e honor of draw ch al!--I are pennitceu I I alc IIJi Neill lift ti uiluc, this �cucr Credit. I - honor h I automatically reduce the amount of credit available under this Letter. 3. ASSIGNMENT OR TRANSFER LlThis Letter of Credit may be assigned or transferred by Beneficiary upon providing Lender with prior written notice of the assignment or transfer. I,�I+� The right to draw under this Letter of Credit shall be nontransferable, except for: A. A transfer by direct operation of law to the original beneficiary's administrator, executor, bankruptcy trustee, receiver, liquidator, successor, or other representatives at law; and B. The first immediate transfer by such legal representative to a third party after express approval of a governmental body (judicial, administrative, or executive). 4. TRANSFEREE'S REQUIRED DOCUMENTS When the presenter is a legal respresentative under subparagraph 3.A. or a third party under subparagraph 3.B., the documents required for a draw shall include: A. All documents required elsewhere in this Letter of Credit, except that such documents may be in the name of either the original beneficiary or the presenter permitted by paragraph 3; and B. 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. LP-CO602©FormAtion Technologies,Inc. (12/17/93) (800)93)-3]99 5. TIMING OF DISHONOR To the extent not prohibited by law, Lender shall be entitled to honor or dishonor any draw submitted in connection with this Letter of Credit within five (5) banking days. Although Lender shall be entitled to honor or dishonor a draw beyond the Expiration Date of this Letter of Credit, Beneficiary shall not be entitled to submit a draw request or provide Lender with any documents in support of a draw after the Expiration Date hereof. 6. MODIFICATION The modification or waiver of any of Lender's or Beneficiary's obligations or rights under this Letter of Credit must be contained in a writing signed by Lender. A waiver on one occasion shall not constitute a waiver on any other occasion. 7. COMPLIANCE BURDEN Under no circumstances shall Lender be held 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 (ii) that Lender is relying upon the lack of such amendment as constituting Beneficiary's initial and continued approval of such wording. 8. 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 the Letter's body. 9. CHOICE OF LAW/JURISDICTION This Letter of Credit shall be governed by the laws of the state indicated in Lender's address to the extent not governed by the International Chamber of Commerce Uniform Customs and Practice for Documentary Credits 1993. Revision, ICC Publication No. 500, and to the extent such laws are not inconsistent with the terms of this Letter of Credit. Lender and Beneficiary consent to the jurisdiction and venue of any court located in the state indicated in Lender's address in the event of any legal proceeding under this Letter of Credit. 10.EXPIRY 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 the Lender on or before MAY 1 2001 Dated: NOVEMBER 30, 1999 LENDER: FIRSTIER BANK BY: H. B l f l LE: BRANCH PRESIDENT ENDORSEMENT OF DRAFTS DRAWN: Amount Amount Date Negotiated By In Words In Figures LP-OO602©FormAlion Technologies,Inc. (12/17/93) (800)937-3799 COLLATERAL RELEASED IN CONJUNCTION WITH OTHER CASES SEE #2005-2091 Hello