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Home My WebLink About20052711 . (its CLERK TO THE BOARD PHONE (970)336-7215, Ext. 4225 I FAX: (970) 352-0242 WI D P. O. BOX 758 C. GREELEY, COLORADO 80632 COLORADO August 3, 2005 Premier Members Federal Credit Union 2142 North Main Longmont, Colorado 80501 RE: Cancellation and release of Collateral - Hoskins Construction, Inc., do Dave Hoskins 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: Carol A. Harding, Deputy Clerk to the Board C--)(0�5 2005-2711 Fk ),4—A,et CLERK TO THE BOARD liir P. O. BOX 758 .JR' i r---%%.an GREELEY, COLORADO 80632 .1. 'ty�h g r ` Lea_f.` piny uuen--s Elk ;. :4�';y,, 02 4A $ 370 -* .it,tF' 000435295 7 AUG 09 2005 +w-+`*:l MAILED FROM ZIP CODE 80631 COLORADO Hoskins 4 onstruction, Inc. \15( �, « • ;, ve Hoskins 151 Weld County Road 40.5 Berthoud, Colorado 80513 I.OSKS61 805133076 1804 22 09/13/05 Ih,I.lI FORWARD TIME EXP RTN TO SEND ORWIRD 698 CRAWFORD CIR LONGMONT CO 80501-5208 W RETURN TO SENDER tr UZin82nrri i 777 (PREM1ERmemberc. 49. wti. FEDERAL CREDIT UNION .4• * .#:01Cb K. O� G ,co TO: Board of County Commissioners y Longmont Office Attn: Clerk of the Board 4)04-�' e:C 2142 North Main PO Box 758 4 G Longmont,CO 80501 CI Greeley,CO 80632 ..) South Longmont Office 4, 600 South Airport Road Ce I nugmont.CO 8050) Boulder Office IRREVOCABLE LETTER OF CREDIT 5495 Arapahoe Avenue Boulder,CO 80303 Denver Office LETTER OF CREDIT NO: 34541461-168-1 4700 South Syracuse Street FOR THE ACCOUNT OF: David G.Hoskins and Deann Hoskins/Hoskins Construction Inc. (Denver Tech Center) Denver.CO 80237 IBM Plant Office Bo.Box 9030 AMOUNT: $70,000.00 Boulder.CO 80301 EXPIRATION DATE: March 13,2007 StorayeTek Plant Office I Storagelek Drive To Whom It May Concern: Louisville,CO 80028 We herewith open our Irrevocable Letter of Credit in your favor for the above account in the maximum aggregate amount stated above, available by your draft at sight bearing this credit number and accomplished by the following document: Each draft so drawn must be marked Drawn under Premier Members Federal Credit Union Attn: WP of Lending, at 5495 Arapahoe Ave,Boulder, CO 80303, Letter of Credit Number 34541461- 168-1 and be accompanied by a "signed statement from the Board of County Commissioners of Weld County,Colorado stating Hoskins Construction Inc. has committed a material breach of the Improvements Agreement according to policy regarding collateral for improvements regarding the Agreement for Improvements for WCR 40.5 dated the 13th day of March, 2003 by and between Hoskins Construction Inc. and the Board of County Commissioners of the County of Weld. This credit is subject, so far as applicable , to "The Uniform Customs and Practice for Documentary Credits, 1993, Revision, The International Chamber of Commerce Publication No. 500." This Letter of Credit is not transferable. Partial drawings hereunder shall be permitted. This Letter of Credit shall be subject to the laws of the State of Colorado and to the Uniform Commercial Code as adopted therein. • We agree with the drawers, endorsers, and good faith holders of drafts properly drawn under and in compliance with the terms and conditions of this Letter of Credit that we will duly honor such drafts upon presentation to this office on or before the Expiration Date. Very truly yours, essica A. Wilensky Financial Specialist 800.468.0634 10 3.4 1".(.1600 W W W . P R E M I E R M E M B E R S . O R G EXHIBIT"A"TO LETTER OF CREDIT No. 34541461-168-2 The Letter of Credit shall be governed by the following Special Conditions: I. This Letter of Credit is subject to the International Standby Practices 1998, International Chamber of Commerce Publication No. 590. 2. Issuer agrees that it may not defer honor beyond the close of the first banking day after presentment of a sight draft drawn hereunder and accompanying documents. 3. This Letter of Credit shall be transferable and assignable,without charge, to any person or entity who is the successor or assignee of Beneficiary's interest under the Lease entered into on or about M3 Properties, LLC and David Hoskins. Such transfer shall be accomplished by providing Premier Members Federal Credit Union with the appropriate transfer from and original Letter of Credit for endorsement; provided,however, that such transfer shall not be subject to the approval of Premier Members Federal Credit Union. - ,7 PREMIERmembers F OSIAL C * COIT UNION IRREVOCABLE LETTER OF CREDIT April 25,2003 Longmont Office 2142 North Main TO: Board of County Commissioners Longmont,CO 8050I Attn: Clerk of the Board South Longmont Office PO Box 758 600 S.Airport Road Longmont,CO 80503 Greeley, CO 80632 Boulder Office 54955 Arapahoe e Avenue LETTER OF CREDIT NO: 34541461-167 Boulder,CO 80303 FOR THE ACCOUNT OF: David G and Deann Hoskins/Hoskins Construction Inc. Denver Office AMOUNT: $70,000.00 Seventy Thousand Dollars and NO/100ths 6850 S.Yosemite EXPIRATION DATE: March 13,2007 Englewood,CO 80112 IBM Plant Office To Whom It May Concern: P.O.Box 9030 Boulder,CO 80301 We herewith open our Irrevocable Letter of Credit in your favor for the above account in the SrorageTek Plant Office maximum aggregate amount stated above, available by your draft at sight bearing this credit 1 StorageTek Drive Lousiville,CO 80028 number. Each draft so drawn must be marked Drawn under PREMIER MEMBERS FCU Attn: VP of Lending, at 5495 Arapahoe Ave. Boulder, CO 80303, Letter of Credit Number 34541461- 167 and be accompanied by a "signed statement from the Board of County Commissioners of Weld County, Colorado stating Hoskins Construction Inc. has committed a material breach of the Improvements Agreement According to Policy Regarding collateral for Improvements regarding the Agreement for Improvements for WCR 40.5 dated the 131° day of March, 2003 by and between Hoskins Construction Inc. and the Board of County Commissioners of the County of Weld. This credit is subject, so far as applicable, to "The Uniform Customs and Practice for Documentary Credits, 1993 Revision, The International Chamber of Commerce Publication No. 500." This Letter of Credit is not transferable. Partial drawings hereunder shall be permitted. This Letter of Credit shall be subject to the laws of the State of Colorado and to the Uniform Commercial Code as adopted therein. We agree with the drawers, endorsers,and good faith holders of drafts properly drawn under and in compliance with the terms and conditions of this Letter of Credit that we will duly honor such drafts upon presentation to this office on or before the Expiration Date. Sincerely, • eg Hil Vice President of Lending 800.468.0634 303.449.9600 WWW.PREMIERMEMBERS.ORG W.PREMIERMEMBERS.ORG (*lit0 CLERK TO THE BOARD PHONE (970)336-7215, Ext. 4225 C FAX: (970) 352-0242 P. O. BOX 758 GREELEY, COLORADO 80632 COLORADO August 3, 2005 Hoskins Construction, Inc. do Dave Hoskins 1511 Weld County Road 40.5 Berthoud, Colorado 80513 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 Premier Members Federal Credit Union,2142 North Main,Longmont,Colorado 80501. 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:/6 - �_,L�A 1 Carol A. a ding, Deputy Clerk to the Boar COLLATERAL RELEASED IN CONJUNCTION WITH OTHER CASES SEE #2005-2091 Hello