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Home My WebLink About20052719 CLERK TO THE BOARD PHONE (970)336-7215, Ext. 4225 FAX: (970) 352-0242 P. O. BOX 758 C. GREELEY, COLORADO 80632 COLORADO August 5, 2005 NESG-XXVIII, LLC, dba Wellborn Machining, Inc. 1530 Vista View Drive Longmont, Colorado 80504 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 First National Bank of Longmont, P. O. Box 1159, Longmont, Colorado 80502-1159. 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: arol A. Harding, Deputy Clerk to the Board SPR :Air nn 2005-2719 COuseFH AcinowA )C3. 04—RN -C 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 5, 2005 Community First National Bank 1610 Hover Road Longmont, Colorado 80501 RE: Cancellation and release of Collateral NESG-XXVIII, LLC, dba Wellborn Machining, Inc. 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: 11. t'?fd �c ti Carol A. Har ing, Deputy Clerk to the Board COCommunity First Community First National Bank • Member FDIC / n 11)(1 Issue Date: May 15, 2001 Irrevocable Standby Letter of Credit Number 159 Applicant: Beneficiary: NESG-XXVIII, LLC Board of County `ommissioners of 1731 15th St., Suite 103 Weld County/Amt: Clerk to the Board Boulder, CO 80302 P.O. Box 75 +Greelev, C 80617 Amount: USD $70,000.00 Expira ' n: May 15, 2002 Seventy thousand dollars and Com unity First National Bank no/100 United States Dollars Co ercial Loan Department 1 0 Hover Road .ongmont, CO 80501 At the request and on the instruction of o r customers,NESG-XX VIII, LLC ("Account Party") we hereby establish in favor of oard of County Commissioners of Weld County, its successors and assigns ('"Benefici y")this irrevocable Standby Letter of Credit ("Letter of Credit") in the aguregat amount of USD $70,000.00 (Seventy thousand dollars and no/.00 United States Dollars) Subject to the further ovisions of this Letter of Credit, one or more drawings may be made by the eneficiary hereunder by presentation of the following to Community First tional Bank, 1610 Hover Road, Longmont, CO 80501. (a) a certifi to in the form attached as Exhibit A hereto signed by one who states erein that he/she is a duly authorized representative of Ben ncianl anrd rl :e dirt , c 1 ;1 here,ut der: ani? (b) draft in the form attached as Exhibit B hereto (A) Drawn by and payable o the Beneficiary or to its order on us, (B) bearing the number of this Letter of Credit, (C) dated the date of the certificate referred to in clause (a) above, presented with such draft and (D) having inserted therein where indicated a dollar amount not in excess of the aggregate maximum amount then drawable under this Letter of Credit. 2 This Letter of Credit executed on May 15, 2001, shall have a 12 month term and expires on May 15, 2002. Continued on page two which forms an integral part of this Letter of Credit No 159 1610 Hover Road • Longmont, Colorado 80501 • (303)651-7777 • (303)651-3177 Fax This is page two which forms an integral part of this Letter of Credit No 159 3. This Letter of Credit sets forth in full the terms of our undertaking, and such undertaking shall not in any way be modified or amended in any manner, unless in writing and with Beneficiary's prior consent. We acknowledge that our obligations hereunder to the Beneficiary are unconditional, except as set forth herein, and represent our independent obligations to the Beneficiary. 4. This Letter of Credit is transferable by Community First National Bank and assignable by Beneficiary. No letter of Credit should be issued as a replacement or substitution for this Letter of Credit. This Letter of Credit will be issued by us without your prior written consent. This Letter of Credit shall be governed by, and construed in accordance with the terms of the Uniform Customs and Practice for Documentary Credits (1993 revision). International Chamber of Commerce Publication No. 599. Communications with respect to this Letter of Credit shall be addressed to us at our address listed above specifically referring to the number of this Letter of Credit. 5. We agree to pay on sight drafts duly presented by Beneficiary hereunder by payment to Beneficiary directly or to any account in the name of the beneficiary at any bank designated by Beneficiary. Beneficiary shall designate such account upon presentation of the draft. If a demand for payment made by Beneficiary hereunder does not, in any instance conform to the terms and conditions of this Letter of Credit, we shall give Beneficiary immediate notice that its purported negotiation of this Letter of Credit was not effected in accordance with the terms and conditions of this Letter of Credit, stating the reasons therefor and that we are holding any documents at its disposal or are returning the same to Beneficiary. 6. Lender shall honor the drafts submitted by Beneficiary under the following terms and conditions: Lender shall be permitted to pay any draft submitted pursuant to this Irrevocable Letter of Credit only if the draft is issued pursuant to the authority, direction and order of the Beneficiary. Continued on page three which forms an integral part of the Letter of Credit No. 159 This is page three,which forms an integral part of this Letter of Credit No. 159 7. 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 are permitted under this Letter of Credit. Lender's honor of a draw shall automatically reduce the amount of credit available under this Letter. 8. Assignment or Transfer: 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). Please direct any inquiries with regard to this Letter of Credit to Community First National Bank, Commercial Loan Department, 1610 Hover Road, Longmont, Co 80501 (303-651-7777). Very Truly Yo rs, By: / — Print Name: (2,1 5-r-rx: q( f�MM :Lc 7.cEkd Q c Title COCommunity First Community First National Bank•Member FDIC Exhibit A to Irrevocable Standby Letter of Credit Number 159 Certificate The undersigned, a duly authorized representative of Beneficiary hereby certifies as follows with respect to: (1) that certain Irrevocable Standby Lettpr of Credit No. 159 dated May 15, 2001, (the "Letter of Credit"), issued by Community First National Bank in favor of Board of County Commissioners of Weld County and its successors and assigns ("Beneficiary") for the account of NESG-XXVIII, LLC ("Account Party"), and (ii) one or more agreements by and between Board of County Commissioners of Weld County and Account Party and any amendments or supplements thereto and any guarantees, documents or agreements executed in connection therewith (collectively the "Agreements"): 1. The account Party has failed to pay or perform under the terms of one or more of the Agreements, and/or 2. The Letter of Credit has not been renewed or replaced or, Account Party has failed to provide sufficient proof to Beneficiary that the Letter of Credit was renewed or replaced within thirty (30) days prior to its expiration date, with any renewal or replacement in a form and in substance and from a bank satisfactory to the Board of County Commissioners of Weld County. 3. The amount of the draft presented with this Certificate does not exceed the aggregate maximum amount drawable under the Letter of Credit as provided therein. In Witness whereof,this Certificate has been executed , 19 Board of County Commissioners of Weld County (Beneficiary) Beneficiary By: Authorized Representative 1610 Hover Road • Longmont,Colorado 80501 • (303)651-7777 • (303)651-3177 Fax O `= Community First Community First National Bank • Member FDIC Exhibit B to Irrevocable Standby Letter of Credit Draft Pay on Presentation to the order of The Board of County Commissioners of Weld County (Beneficiary)the sum: [Not to exceed Seventy thousand dollars and no/100 ($70,000.00)] Drawn on Community First National Bank(Lender), 1610 Hover Road, Longmont, Co 80501 . Reference: Irrevocable Standby Letter of Credit No 159 dated May 15, 2001. Board of County Commissioners of Weld County (Beneficiary) By: Authorized Representative 1610 Hover Road • Longmont,Colorado 80501 • (303)651-7777 • (303)651-3177 Fax COLLATERAL RELEASED IN CONJUNCTION WITH OTHER CASES SEE #2005-2091 Hello