HomeMy WebLinkAbout20052718 CLERK TO THE BOARD
PHONE (970)336-7215, Ext.4225
' pc
FAX: (970) 352-0242
WI P. O. BOX 758
GREELEY, COLORADO 80632
COLORADO
August 5, 2005
First National Bank of Longmont
• P. O. Box 1159
Longmont, Colorado 80502-1159
RE: Cancellation and release of Collateral - Horizon Investments, LLC, for Vista Commercial
Center
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: 0
Carol A. Harding,
Deputy Clerk to the Board
S � Ico
2005-2718
n
en-114-O �� D �b�
First Maim,'Bank of longmm�l
401 Main a P.O.Box 1159
• First National Longmont.Colorado 80502-1159
BANK of LONGMONT Telephone 303-776-5800
April 27, 2000 c
First National Bank a!Thin rah),
S.Hover at Bent Way + .Box 1159
Clerk to the Board of County Commissioners Longmont,Colorado 8 2-1159
915 10th Street, PO Box 758 �/ Telephone 303-776- 00
Greeley, CO 80632
LETTER OF CREDIT
ATTN: Carol Harding
We hereby open our irrevocable Letter of Credit No. 385 (replacing Le of Credit No. 384)
in your favor for the account of Horizon Investments, LLC for a sum not exceed the
aggregate of$868,845.00. Which amount shall be paid at sight and is vailable by beneficiary's
draft or drafts.
Each draft so drawn must be marked "Drawn under First Nation Bank of Longmont, 401 Main
St., Longmont, CO , Letter of Credit No. 385 (replacing Le r of Credit#384) and be
accompanied by a "signed statement from the Board of Co ty Commissioners of Weld
County, Colorado stating Horizon Investments, LLC has mmitted a material breach of the
Improvements Agreement According to Policy Regardi collateral for Improvements at Vista
Commercial Center Subdivision at Weld County Roa 1/2 and State Highway 119, Filing II.
Such agreement dated the 28th day of April, 1997 and between the Board of County
Commissioners of the County of Weld" and Hori n Investments, LLC.
This credit is subject , so far as applicable, t 'The Uniform Customs and Practice for
Documentary Credits 1983 Revision, The temational Chamber of Commerce Publication No.
400."
We hereby agree with you that all d fts drawn under and in compliance with the terms of this
credit will be duly honored and pr ented for payment to our main office, First National Bank of
Longmont, 401 Main St., Long ont, CO 80501. This letter of credit will expire on April 27,
2001.
This letter of credit is au matically extended for additional one year periods from the current
expiration and future piration unless 60 days prior to such expiration date First National Bank
notifies beneficiary i writing that the letter of credit will not be renewed. In the case you
receive such notif ation, you may draw by presentation of the following: (a) a draft on First
National Bank o ongmont; (b) a statement purportedly signed by an official of the Board of
County Com ssioners of Weld County, Colorado stating that we have received notice from
First Natio Bank of Longmont the Letter of Credit No. 385 (replacing Letter of Credit No. 384)
will not b renewed and that Horizon Investments, LLC has failed to provide proof of adequate
collater and substitution of this Letter of Credit No. 385 (replacing Letter of Credit No. 384) (c)
Cop f letter from First National Bank stating non-renewal of Letter of Credit No. 385 and
ac mpanied by the original letter of credit
ours truly,
•
Gordon T. Hills
Vice President
‘tof
CLERK TO THE BOARD
PHONE (970)336-7215, Ext. 4225
FAX: (970)352-0242
P. O. BOX 758
O GREELEY, COLORADO 80632
•
COLORADO
August 5, 2005
Horizon Investments, LLC
1835 Faith Place
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 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: ( 'fi
Carol A. Harding,Deputy Clerk to the Board
COLLATERAL RELEASED
IN CONJUNCTION WITH
OTHER CASES
SEE #2005-2091
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