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Home My WebLink About20011562 1�+ 7 RESOLUTION RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL AND ACCEPT REPLACEMENT COLLATERAL FOR PLANNED UNIT DEVELOPMENT FINAL PLAN, S#557 - DONALD LAFAVER WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to Colorado statute and the Weld County Home Rule Charter, is vested with the authority of administering the affairs of Weld County, Colorado, and WHEREAS, by Resolution dated October 27, 2000, the Board did approve an Improvements Agreement According to Policy Regarding Collateral for Improvements (Publicly Maintained Roads) with Donald LaFaver, 2185 Pine Drop Land, Golden, Colorado 80401, concerning property described as part of the SW1/4 SW1/4 of Section 29, Township 2 North, Range 68 West of the 6th P.M., Weld County, Colorado , and WHEREAS, pursuant to said Improvements Agreement, Irrevocable Standby Letter of Credit#000104, drawn on the Centennial Bank of the West, 3561 Stagecoach Road, Longmont, Colorado 80504, in the amount of$83,499.00, was submitted to Weld County, and WHEREAS, staff from the Weld County Department of Public Works has conducted a visual inspection of the project and recommends cancellation and release of said collateral, with 15 percent of the total amount to be retained for a one-year period, and WHEREAS, the Board of County Commissioners deems it advisable to cancel and release Irrevocable Standby Letter of Credit#000104, drawn on the Centennial Bank of the West, 3561 Stagecoach Road, Longmont, Colorado 80504, in the amount of$83,499.00, with the cancellation being conditional upon a replacement form of collateral, in the amount of $6,517.50, being received by the Clerk to the Board's Office, to be held for the period of one year. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that Irrevocable Standby Letter of Credit#000104, drawn on the Centennial Bank of the West, 3561 Stagecoach Road, Longmont, Colorado 80504, in the amount of$83,499.00, be, and hereby is, canceled and released. BE IT FURTHER RESOLVED by the Board that the Clerk to the Board be, and hereby is, directed to return said collateral to the appropriate issuing party. BE IT FURTHER RESOLVED by the Board that the cancellation is conditional upon a replacement form of collateral in the amount of$6,517.50, being submitted to the Clerk to the Board's Office, to be held for the period of one year. AIM 111111111111111111111111111111111111111111 VIII 2860547 06/25/2001 04:14P JA Suki Tsukamoto 2001-1562 1 of 2 R 0.00 D 0.00 Weld County CO PL1458 PC : PC, Pw, Jop-v4 v CANCEL COLLATERAL - DONALD LAFAVER (S #557) PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 11th day of June, A.D., 2001. BOARD OF COUNTY COMMISSIONERS WCOUN , COLORADO ATTEST: £4' sf' E/L®P\ ��"11 . J. Geile, Chair Weld County Clerk to they SA ring Aring XCUSED lenn Vaad, Pro-Tem BY: Wed" ) I/1 I: Deputy Clerk to the Boa ~ ?•1C � '41 - is✓�,� - Willi Jerke APPROVb A TMM,: avi E Long my Attorn¢y Robert D. Masden 111111111111111111 I I 1111111 I I I 11111111 I I 111111 I I I I I I I I 2860547 06/25/2001 04:14P JA Suki Tsukamoto 2001-1562 2 of 2 R 0.00 D 0.00 Weld County CO PL1458 MEMORANDUM VITO: Board of County Commissioners May 29, 2001 COLORADO From: Julie A. Chester, Lead Planner SUBJECT: Release of Collateral for S-557 The Department of Planning Services and Public Works have determined that the requirements of the Improvements Agreement for S-557, Reflection Bay PUD have been met. Staff's recommendation is to release all but 15%of the collateral. The 15%or$6517.50 shall be retained for a period of one year, in the form of a Letter of Credit or some other acceptable form of collateral. At the end of the one year time frame, the applicant shall contact the Weld County Public Works Department for a reinspection of the road. If no repairs are needed, the remaining 15% shall be released at that time. Thank you for your consideration in this matter. 2001-1562 PLIH5$ MEMORANDUM TO: Julie Chester, Lead Planner DATE: May 25, 2001 FROM: Donald Carroll, Engineering Administrator t COLORADO SUBJECT: S-557; Reflection Bay PUD Release of Collateral At the request of the applicant, I made a final inspection of the site on April 13, 2001. The Weld County Public Works Department recommends the release of the transportation collateral for the street grading ,road base, and all but 15% of the paving item. In the Improvements Agreement, Item 8.1.5 and Item 8.1.6 state that 15% shall be retained for a period of one year. At the end of the one year, if no distress or repairs are needed to the asphalt, the 15% collateral ($6, 517.50) shall be released. A replacement letter of credit or collateral shall be posted. Weld County Public Works Department recommends that the Board of County Commissioners accepts Reflection Bay PUD for partial maintenance by the County. Partial maintenance consists of snow removal only. Not sooner than nine months after acceptance for partial maintenance, the applicant may request the County Engineer or his representative to inspect the streets and notify the applicant of any deficiencies. The County Engineer or his representative shall then re-inspect the streets to determine if the deficiencies have been corrected. If the County finds that the streets are constructed according to County Standards,we will recommend acceptance of the streets for full maintenance. All other non-transportation items shall be verified by Planning Services prior to release. pc: Carol Harding, Clerk to the Board S-534 planl ls.wpd Weld County Planning Dept. 2 9 2001 RECEIVED Rug 25 00 0S; 10p LRFRVER 1 -720-. 746-0860 p. 2 EXHIBIT"A" µ Name of Subdivision: R&L ETIIN RAY e Fri: 4. Location: 1 Mile North. of State Hiway 52 on IC& 3; sn Intending to be legally bound, the twdasigned Applicant hereby agrees to provide throughout th subdivision and as shown on the subdivision final plat County dated ,19 , recorded on , 19_, in Book Page No. Reception No:� the following impiovementa. ' (Leave spaces blank where they do not apply) v° Estimated b N . inzacats Unites Qammtigi.CM V t Street grading Street base K Sheet caviar_ $43,450 f i'✓ it cu � Curbs p6ters.&adverts Sidewalk Strom serer facilitiee Retentive ponds nitdi ugpmvemnnh . Sek%nfscr.drainaae Sanitary sewers attar:"se,ren • • Tnmk&forced lines Its Entomb(Louse amnectedl On-sit,acetate facilities On-site water s7213oiv&stony Water mainadnck elea Bat ; Fae hvdramts 4,000 c env&rent alaMil &&bona Street!With a !. .-.,- Street name signs '1Q0 j enc.opencme rnnai& Pa • PAW(Culvert_ Gran Tined Swale 500 Teleotieoe 1,356 Sias J c 14 Inn WaaerTinnstu: 7 4f n SIIR.TCYTAi. $78,499.00 APR-30-01 11 :31 AM EHRHART GRIFFIN & ASSOC. 303 828 3418 P. 02 EHRHART GRIFFIN &ASSOCIATES, INC. ENGINEERING•PLANNING•LAND SURVEYING April 27, 2001 Donald Carroll Weld County Public Works P.O.Box 758 Greeley,CO. 80632 RE:Reflection Bay Subdivision EGA Project No. O)05011 Mr. Carroll. On behalf of Don Lafaver, Ehrhart Griffin&Associates respectfully requests the final inspection for the asphalt and grading improvements at Reflection Bay. To our knowledge all improvements have been completed and are ready for inspection. As-built drawings of the potable water system have been forwarded to Terry Magneson at Left Hand Water District for their records. We understand after final inspections Public Works will release the escrow money for this project less 15%of the constructed cost of the asphalt. Further,we understand the one-year warranty period begins at the time of the final inspection. Thank you for your assistance with this project and should you have questions or concerns please feel free to contact me at 303-828-3340. Sincerely,tales/Christopher .Huffer,E.I. Cc: Don Lafaver Shoreline Realty&Development 2185 Pinedrop Lane Golden, CO. 80401 EHRHART GRIFFIN 8 ASSOCIATES•P.O.Box 930.885 Briggs Street•Erie,Colorado 80518.303,828.3340.303-828-3418 fax APR-30-01 11 :31 AM EHRHART GRIFFIN & ASSOC. 303 828 3418 P. 03 nr+r au u1 ousts LAFAVER 1 -720-746-0860 p. 1 LEFT HAND WATER DISTRICT April 27, 2001 Don LeFaver 2185 Pinedmp Lane Golden,CO 80401 Re: 'deflection Ray TO WHOM IT MAY CONCERN: The above referenced project has satisfactorily passed all necessary tests and inspections. and the required documents and drawings have been received, Therefore, the two-year warranty period to be provided by the developer shall commence as of April 27. 2001 . Thank you, S':ncerely, --7.-:: Kathryn A. Peterson • District Manager cc: Connie F. Todd P. Chris S. P.O. Rex 210•'dtwot CO. 80544•(303)530-4200 a FAX(303)530.5252 APR-30-01 11 :31 AM EHRHART GRIFFIN & ASSOC. 303 828 3418 P. 01 P.O.BOX 930 885 Briggs Street Erie,Colorado 80516 Ehrhart Griffin & Phone:303/6284340 Fax:303/828.3418 Associates E-mail: cghCegaco.eom Fax Te: Don Carroll Fax: 970-304.8497 Phone: 970-356-4000 Frans Chris Huffer 'f Pages: 3 Inducting Cover Project. Reflection Bay Subdivision Dater April 19,2001 Re: Final Inspection Request EGA Prof.0:C005011 ❑Urgent O For Review O Please Comment O Please Reply ❑Please Recycle •Comment•1 This Is the letter requesting final Inspection of Reflection Bay Subdivision. I will forward the original copy by mall. Also included is a copy of the letter from Left Hand Water accepting the potable water system for the warranty period. I am still trying to get copies of the asphalt and compaction test results to forward to you. I think I can get them today and will man with the original letter. Thank you for your assistance with these mailers. rL_(J64) CIC t IRREVOCABLE STANDBY LETTER OF CREDIT Standby Letter of Credit Number: 000104 Date: November 16, 2000 Beneficiary: COUNTY OF WELD CLERK TO THE BOARD 1555 NORTH 17TH AVE GREELEY, CO 80631 To Whom It May Concern: We, CENTENNIAL BANK OF THE WEST, hereby issue our IRREVOCABLE STANDBY LETTER OF CREDIT Number 000104 in your favor for the account of DONALD G LAFAVER, up to the aggregate amount of Eighty Three Thousand Four Hundred Ninety Nine & 00/100 Dollars (S 83,499.00). This amount is available upon presentation of your sight drafts or drafts drawn upon us, and accompanied by the following: EACH DRAFT MUST BE ACCOMPANIED BY A WRITTEN STATEMENT SIGNED BY A DULY AUTHORIZED OFFICER OF COUNTY OF WELD, STATING THAT THIS DRAW PERTAINS TO THE OBLIGATIONS SPECIFIED IN THE IMPROVEMENTS AGREEMENTS FOR REFLECTION BAY AND HAS NOT PERFORMED THE OBLIGATIONS AS SPECIFIED This Letter of Credit expires on November 16, 2001 . All drafts drawn under this Letter of Credit must contain the following statement: "Drawn under CENTENNIAL BANK OF THE WEST Irrevocable Letter No 000104 dated November 16, 2000." If the credit is available by negotiation, each presentation must be noted on the reverse of the advice by the bank where the credit is available. We hereby agree with the drawers, endorsers, and holders in due course of all drafts drawn under and in compliance with the terms of this Letter of Credit that such drafts will be duly honored by us upon presentation. The terms of this Letter of Credit will be duly honored at: CENTENNIAL BANK OF THE WEST 3561 STAGECOACH ROAD LONGMONT, CO 80504 This Letter of Credit is irrevocable, unconditional, nontransferable and non-assignable. Unless otherwise expressly stated, this Letter of Credit is subject to the International Chamber of Commerce, Uniform Customs and Practice for Commercial Documentary Credits; 1993 Revision - International Chamber of Commerce Publication No. 500. Sincerely, i By: v 4- .� /. r� � By: Authorized Signer Authorized Signer Title: Title: t 1 Date Tax Opened: 06/13/01 Term: 12 Month(s) ID: 525-92-0553 Number: 500500045 Certificate of Deposit Account Number: 500500045 Amount of Deposit: Six thousand five hundred seventeen & 50/100 $ 6, 517. 50 This Time Deposit is Issued to: Issuer: • • CENTENNIAL BANK OF THE WEST • Donald G Lafaver Asgnd to WCBd of Cty Comm any draw Longmont Branch on sec req sig of comm of board 3561 Stagecoach Road 2185 Pinedrop Lane• Longmont, CO 80504 Golden CO 80401 � Not Negotiable-Not Transferable-Additional terms are below. By U qf 4 AMBER SALAZ Additional Terms and Disclosures This form contains the terms for your time deposit. It is also the Minimum Balance Requirement: You must make a minimum deposit to Truth-in-Savings disclosure for those depositors entitled to one. There are additional terms and disclosures on page two of this form, some of open this account of$ 1, 000 . 00 which explain or expand on those below. You should keep one copy of this form. ® You must maintain this minimum balance on a daily basis to earn the Maturity Date: This account matures 06/13/02 annual percentage yield disclosed. (See below for renewal information.) Withdrawals of Interest: Interest © accrued ❑ credited during a Rate Information: The interest rate for this account is 4.3100 % term can be withdrawn:with bank's permission with an annual percentage yield of 4.40 %. This rate will be paid until the maturity date specified above. Interest begins to accrue on Early Withdrawal Penalty: If we consent to a request for a withdrawal the business day you deposit any noncash item (for example, a check). that is otherwise not permitted you may have to pay a penalty. The Interest will be compounded daily . penalty will be an amount equal to: 3 months simple interest Interest will be credited quarterly on the principal balance in the account. to your account interest on the amount withdrawn. © The annual percentage yield assumes that interest remains on deposit Renewal Policy: until maturity. A withdrawal of interest will reduce earnings. ❑ Single Maturity: If checked, this account will not automatically © If you close your account before interest is credited, you will not renew. Interest ❑ will ❑ will not accrue after maturity. receive the accrued interest. ® Automatic Renewal: If checked, this account will automatically The NUMBER OF ENDORSEMENTS needed for withdrawal or any renew on the maturity date. (see page two for terms) other purpose is: 1 . Interest will ❑ will not accrue after final maturity. ACCOUNT OWNERSHIP: (select one and initial) © Single Party Account TIN: 525-92-0553 ❑ Multiple Party Account Social Security or Employer's I.D. Number: A correct ❑ Trust-Separate Agreement dated: . taxpayer identification number is required for almost ❑ • every type of account. A certification of this number is also required and is contained on the first copy of this Rights at Death: (select one and initial) certificate. ❑ Single Party Account Backup Withholding - A certification that you are not ❑ Multiple Party Account with Right of Survivorship subject to backup withholding is necessary for almost all accounts (except for persons who are exempt altogether). ❑ Multiple Party Account without Right of Survivorship This certification is contained on the first copy of this ❑ Single Party Account with Pay on Death form. Failure to provide this certification when required IDMultiple Party Account with Right of Survivorship and Pay on Death will cause us to withhold 31% of the interest earned (for payments to the IRS). Providing a false certification can Pay On Death Beneficiaries: To add Pay On Death Beneficiaries' result in serious federal penalties. name one or more: ENDORSEMENTS-SIGN ONLY WHEN YOU REQUEST WITHDRAWAL X X X E."-e ? c 1993 Bankers Systems,Inc.,St.Cloud.MN Farm co-AA-co 111 1/3/2001 READ PAGE TWO FOR ADDITIONAL TERMS (page 1 of 3( • DEFINITIONS: "We," "our," and "us" mean the issuer of this account to which the deceased party, immediately before death, was beneficially and "you" and "your" mean the depositor(s). "Account" means the entitled by law belongs to the surviving spouse. If two or more parties original certificate of deposit as well as the deposit it evidences. "Party" survive and none is the spouse of the decedent, the amount to which the means a person who by the terms of the account, has a present right, deceased party, immediately before death, was beneficially entitled by law subject to request, to payment from a multiple-party account. belongs to the surviving parties in equal shares. Multiple-Party Account without Right of Survivorship - At death of TRANSFER: "Transfer" means any change in ownership, withdrawal party, deceased party's ownership passes as part of deceased party's rights, or survivorship rights, including (but not limited to) any pledge or estate. assignment of this account as collateral. You cannot transfer this account Single-Party Account with POD (Pay-On-Death) Designation - At without our written consent. death of party, ownership passes to POD beneficiaries and is not part of party's estate. PRIMARY AGREEMENT: You agree to keep your funds with us in this Multiple-Party Account with Right of Survivorship and POD account until the maturity date. (An automatically renewable account (Pay-on-Death) Designation-At death of last surviving party, ownership matures at regular intervals.) You may not transfer this account without passes to POD beneficiaries and is not part of last surviving party's estate. first obtaining our written consent. You must present this certificate when you request a withdrawal or a transfer. SET-OFF: You each agree that we may (without prior notice and when This account is void if the deposit is made by any method requiring permitted by law) set off the funds in this account against any due and collection (such as a check)and the deposit is not immediately collected in payable debt owed to us now or in the future, by any of you having the full. If the deposit is made or payable in a foreign currency, the amount of right of withdrawal, to the extent of such person's or legal entity's right to the deposit will be adjusted to reflect final exchange into U.S. dollars. withdraw. The amount subject to set-off is that proportion to which you We may change any term of this agreement. Rules governing changes are or were immediately before your death, beneficially entitled, and in in interest rates have been provided. For other changes we will give you the absence of proof of net contributions, to an equal share with all parties reasonable notice in writing or by any other method permitted by law. having present rights of withdrawal. If the debt arises from a note, "any If any notice is necessary, you all agree that the notice will be due and payable debt" includes the total amount of which we are entitled sufficient if we mail it to the address listed on page one of this form. You to demand payment under the terms of the note at the time we set off, must notify us of any change. including any balance the due date for which we properly accelerate under the note. This right of set-off does not apply to this account if: (a) it WITHDRAWALS AND TRANSFERS: Only those of you who sign the is an Individual Retirement Account or other tax-deferred retirement permanent signature card may withdraw funds from this account. (In account, or (b) the debt is created by a consumer credit transaction under appropriate cases, a court appointed representative, a beneficiary of a a credit card plan, or (c) the debtor's right of withdrawal arises only in a trust or pay-on-death account whose right of withdrawal has matured, or a representative capacity. You agree to hold us harmless from any claim newly appointed and authorized representative of a legal entity may also arising as a result of our exercise of our right of set-off. withdraw from this account.) The specific number of you who must agree to any withdrawal is written on page one in the section bearing the title BALANCE COMPUTATION METHOD: We use the daily balance " . . . Number of Endorsements . . . . " This means, for example, that if method to calculate the interest on this account. This method applies a two of you sign the signature card but only one endorsement is necessary daily periodic rate to the principal in the account each day. for withdrawal then either of you may request withdrawal of the entire account at any time. TRANSACTION LIMITATIONS: You cannot make additional deposits These same rules apply to define the names and the number of you to this account during a term (other than credited interest). You cannot who can request our consent to a transfer. withdraw principal from this account without our consent except on or after maturity. (For accounts that automatically renew, there is a ten day PLEDGES: Any pledge of this account (to which we have agreed), must grace period after each renewal date during which withdrawals are first be satisfied before the rights of any joint account survivor, permitted without penalty.) pay-on-death beneficiary or trust account beneficiary become effective. In certain circumstances such as the death or incompetence of an For example, if one joint tenant pledges the account for payment of a debt owner of this account, law permits, or in some cases requires, the waiver and then dies, the surviving joint tenant's rights in this account are subject of the early withdrawal penalty. first to the payment of the debt. FOR ACCOUNTS THAT AUTOMATICALLY RENEW: Each OWNERSHIP OF ACCOUNT AND BENEFICIARY renewal term will be the same as this original one, beginning on the DESIGNATION: You intend these rules to apply to this account maturity date (unless we notify you, in writing, before a maturity date, of depending on the form of ownership and beneficiary designation, if any, a different term for renewal). specified on page 1. We make no representations as to the appropriateness You must notify us in writing before, or within a ten day grace period or effect of the ownership and beneficiary designations, except as they after, the maturity date if you do not want this account to automatically determine to whom we pay the account funds. renew. Single-Party Account-Such an account is owned by one party. Interest earned during one term that is not withdrawn during or Multiple-Party Account - Parties own account in proportion to net immediately after that term is added to principal for the renewal term. contributions unless there is clear and convincing evidence of a different The rate for each renewal term will be determined by us on or just intent. before the renewal date. You may call us on or shortly before the maturity Trust Account Subject to Separate Agreement - We will abide by date and we can tell you what the interest rate will be for the next renewal the terms of any separate agreement which clearly pertains to this term. On accounts with terms of longer than one month we will remind certificate and which you file with us. Any additional consistent terms you in advance of the renewal and tell you when the rate will be known stated on this form will also apply. for the renewal period. RIGHTS AT DEATH: Single-Party Account- At death of party, ownership passes as part of See your plan disclosure if this account is part of an IRA or Keogh. party's estate. Multiple-Party Account with Right of Survivorship - At death of party, ownership passes to surviving parties. If two or more parties survive and one is the surviving spouse of the deceased party, the amount (page 2 of 2) -^Fr-"•r-s s 1993 Bankers Systems,Inc.St.Cloud,MN Form CD-AA-CO 1/3/2001 CENTENNIAL BANK OF THE WEST Longmont Branch 3561 Stagecoach Road Longmont, CO 80504 TRUTH IN SAVINGS DISCLOSURE FOR TIME ACCOUNTS Terms following a ® apply only if checked. ❑ The interest rate will not be less than ^/e Acct: 7-12 Mo Certificate of Deposit or more than %. Acct #: 500500045 In The interest rate will not Date: June 13, 2001 © The interest rate and annual percentage yield stated below the interest rate initially disclosed to you. are accurate as of the date printed above. If you would like more Compounding and Crediting current rate and yield information please call us at 2 Frequency- Interest will be (303) 684-0505 . compounded daily This disclosure contains the rules which govern your deposit Interest will be Paid quarterly account. Unless it would be inconsistent to do so, words and added back to the principal phrases used in this disclosure should be construed so that the singular includes the plural and the plural includes the singular. © Effect of closing an account - If you close your account © FIXED RATE before interest is credited, you will not receive © The interest rate for your account is 4 .3100 % with the accrued interest. an annual percentage yield of 4.40 %. We will pay Minimum Balance Requirements this rate until first maturity E To open the account. You must deposit at least ❑ The interest rate and annual percentage yield for your $ 1, 000. 00 to open this account. account depend upon the applicable rate tier. We will pay ❑ To obtain the annual percentage yield disclosed. these rates ❑ You must maintain a minimum balance of $ in the account each day to obtain ❑ VARIABLE RATE the disclosed annual percentage yield. ❑ The interest rate for your account is % ❑ You must maintain a minimum average daily balance of with an annual percentage yield of %. $ to obtain the disclosed annual Your interest rate and annual percentage yield may change. percentage yield. The average daily balance is calculated by adding the principal in the account for each day of the period In The interest rate and annual percentage yield for your and dividing that figure by the number of days in the period. account depend upon the applicable rate tier. The interest rate and annual percentage yield for these tiers may change. The period we use is Determination of rate Balance Computation Method ❑ At our discretion, we may change the interest rate on © Daily Balance Method. We use the daily balance method to your account. calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. ❑ The interest rate for your account In Average Daily Balance Method. We use the average daily balance method to calculate interest on your account. This method applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the principal in the account for each day of the period ID The fixed initial rate is not determined by this rule. and dividing that figure by the number of days in the period. ❑ The initial interest rate on your account The period we use is Accrual of interest on noncash deposits ❑ Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, • checks). Subsequent rates ® Interest begins to accrue on the business day Frequency of rate change you deposit noncash items (for example, checks). ❑ We may change the interest rate on your account Time requirements Your account will mature on 06/13/02 ❑ Your initial interest rate will not change ❑ Your account will mature in 12 MONTH . ❑ Your account has no definite maturity date. To withdraw any We may change the interest rate on your account at that time or part of this deposit without penalty, we must receive at least and thereafter. written notice from Limitations on rate changes you of your intention to make a withdrawal. The notice must specify the exact amount and date of the intended withdrawal. ❑ The interest rate for your account will not Interest will no longer accrue after the withdrawal date specified by more than each in your notice on the amount specified in your notice. We may ®1992 Bankers Systems,Inc.,St.Cloud,MN I1-800-397-23411 Form T5D-TIME 9/7/93 (page 1 of 2) terminate this account by mailing a notice to you of our intention ❑ You may make unlimited deposits into your account. to terminate at least ten days before the termination date. The date of intended withdrawal of the last funds in the account, or In You may not make any deposits into your account until the termination date, is considered to be the maturity date. maturity. Time Deposit Withdrawal Limitations ❑ The minimum amount you can deposit is $ ❑ Principal: ❑ The maximum amount you can deposit is $ • Renewal Policy ❑ Non-automatically renewable time accounts. This account ❑ Interest: will not renew automatically at maturity. If you do not renew the account, ❑ Interest Timing: You can withdraw interest ® Automatically renewable. This account will automatically renew at maturity. You will have 10 days after the maturity date to withdraw funds without penalty. ❑ This account will not renew if you withdraw the funds on ❑ Withdrawal of interest before maturity. The annual the maturity date or if we receive written notice from you on or maturity date of your intention not to renew. percentage yield assumes interest will remain on deposit until before the maturity. A withdrawal will reduce earnings. ❑ There is no grace period following the maturity of this Early Withdrawal Penalty: If we consent to a request for a account to withdraw funds without penalty. withdrawal that is otherwise not permitted you may ❑ We can prevent renewal if we mail notice to you at least have to pay a penalty. The penalty will be an amount equal to: days before maturity. ❑ seven days interest on the amount withdrawn if the RENEWAL TERMS withdrawal is made within the first six days after the deposit. ❑ Each renewal term will be the same as the original term, • 3 months simple interest on the beginning on the maturity date. Interest will be calculated on the same basis as during the original term. principal balance in the account Each renewal term will be the same as the original term, ❑ The interest rate we will use to calculate the interest beginning on the maturity date. The interest rate will be forfeiture will be: determined at the time of renewal. We will charge the penalty first against any interest then in the account, and any excess will be deducted from the Bonuses amount you withdraw. ❑ You will ❑ If you withdraw some of your funds before maturity, the interest rate for the remaining funds in your account will be as a bonus % with an annual percentage yield of ❑ You must maintain a minimum °A). of $ ❑ Minimum Balance Accounts. We reserve the right to treat to obtain the bonus. any withdrawal which would reduce the balance remaining in ❑ To earn the bonus, the account below the required minimum initial deposit or minimum balance as a withdrawal of the entire account balance and calculate the amount of the penalty accordingly. ❑ PRE-MATURITY NOTICE-Your account will mature on There are certain circumstances, such as the death or . If the account renews, the new incompetence of an owner, where we may waive or maturity date will be reduce this penalty. See your plan disclosure if this account is ❑ The interest rate for the renewed account will be part of an IRA. % with an annual percentage yield of Additions to Account ❑ You may make no more than deposits ❑ The interest rate and annual percentage yield have not into your account each yet been determined. They will be available on ❑ You may only make deposits into your account Please call to learn the interest rate and annual percentage yield for your new account. ®1992 Bankers Systems.Inc„St.Cloud,MN I1-900-397-23411 Form ISO--TIME 1/26/96 (page 2 of 2) Hello