New Search
205-325-1676 COLONIAL HANK CREDIT 492 P02 JUL 27 '98 16:48 <br />COLOrfIAi,, BANK <br />IRREVOCABLE ~.ETTER OF CREDIT NUMBER 1~ <br />TO: The City of Eugene <br />Public Works Department <br />1820 Roosevelt boulevard <br />EugenE, Oregon 97402 <br />DATE; ~~ <br />We hereby establish this date a commitment td lend up to the total amount of M~~.880 00 to University <br />Commans;F ene, Ltd. We have made this commitment with the understanding that the City of <br />Eugene, Public Works Department can draw any part or all of the total amount upon commencement of <br />privately constructed public improvements associated with University Commons Drive in Eugene. We also <br />understand and agree that the only requirement necessary for drawing any part or all of the total amount <br />of this credit is a letter of request from the City of Eugene signed by the Maintenance Director, Department <br />of Public Works or his designee, stating that O construction of public improvements for University <br />Commons Drive has commenced and ®the City of Eugene considers such a drawing vn this Letter of <br />Credit necessary. No further substantiation of the necessity of the draw is required by this Letter of Credit. <br />Request for the draw of funds under this Letter of Credit must be received prior to the expiration of one <br />year following the date of this Letter of Credit, and we agree to honor all requests within ten (10) days of <br />presentation. <br />It is a condition of this Letter of Credit that it is deemed to be automatically extended without amendment <br />for one (1) year from the expiration date hereof, unless thirty (30) days prior to the expiration date we <br />notify you by registered mail that we elect not to consider this Letter of Credit renewed for any such <br />additional period. In that event, you may draw hereunder on or prior to the expiration date, up to the full <br />amount then available hereunder, against your sight draft(s) on us, bearing the number of this Letter of <br />Credit <br />We further state and agree that this Letter of Credit is irrevocable prior to the expiration date in effect <br />unless all parties, including for all purposes, the City of Eugene, consent to such a revocation in writing. <br />DEVELOPER: <br />Authorized <br />Signature <br />Capstone Development Corporation <br />600 Luckie Drive, Suite 424 <br />Birmingham, Alabama 35223 <br />An Affiliate of Colonial BaneGroup, l~io, <br />P,n. Box 1887, liirtRingt'tAm, Alabama 35201-1887 <br />'lllepttone 20S/325-1600 <br />~vuolonspl_hanr~ppm <br />AN EQUAL OPIabRTIJTTITY EMPI..oYER <br />98'oa428 <br />