HomeMy WebLinkAboutItem 08 Approval of a Two-Year Warranty Surety and Maintenance, Materials, and Workmanship Agreement with Mattamy Orlando for the Preserve at Crown Point Phase 2B Subdivisionflorldo
AGENDA ITEM COVER SHEET
Meeting Date: September 17, 2019
Item # 9
Reviewed By:
Contact Name: Milen D. Womack, Project Engineer Department Direc
Contact Number: 407-554-7313 City Manager:
Subject: Approval of a Two -Year Warranty Surety and Maintenance, Materials, and Workmanship
Agreement with Mattamy Orlando for the Preserve at Crown Point Phase 26 Subdivision
Commission District 1 — Larry Brinson, Sr.
Background Summary:
The Preserve at Crown Point is a single-family residential subdivision located on Ocoee Crown Point Parkway just
west of Ocoee High School. The Preserve at Crown Point Phase 2B is made up of 153 detached single-family
homes. The developer has completed construction of the infrastructure improvements for the subdivision and has
requested a Certificate of Completion. The infrastructure improvements include the potable water, sanitary sewer
and reclaimed water utilities, the street and stormwater collection system, and the perimeter wall/fencing and
associated landscaping. All identified punchlist repairs have been completed and the developer is ready to start
the two-year warranty period for the public improvements.
As a requirement of the Land Development Code, the developer is required to furnish the City a Surety to cover
any possible damages discovered during the next two years, should the developer not choose to make those
repairs. Mattamy Orlando LLC has provided the City with a Letter of Credit in the amount of 10% of the constructed
improvements. The attached Maintenance, Materials, and Workmanship Agreement (Form 8 from the Land
Development Code) acts as the executable document between the developer and the City. The Surety will be
returned to the developer upon completion of the two-year warranty period and the repair of any damages caused
over those two years.
Issue:
Should the City accept the Surety as provided by Mattamy Orlando LLC for the two-year warranty for the Preserve
at Crown Point Phase 2B and execute the Maintenance, Materials, and Workmanship Agreement with Mattamy
Orlando LLC?
Recommendations:
The Development Services Department recommends the acceptance of the Surety and the execution of the
Maintenance, Materials, and Workmanship Agreement with Mattamy Orlando LLC for the Preserve at Crown Point
Phase 2B.
Attachments:
1. Maintenance, Materials, and Workmanship Agreement with Avex Homes
2. Irrevocable Stand -By Letter of Credit Number IS000079238U issued by Wells Fargo
Financial Impact:
There are no financial impacts related to accepting and executing the Maintenance, Materials, and
Workmanship Agreement.
Type of Item: (please mark with an 'Y)
Public Hearing
Ordinance First Reading
Ordinance Second Reading
Resolution
X Commission Approval
Discussion & Direction
Original Document/Contract Attached for Execution by City Clerk
Original Document/Contract Held by Department for Execution
Reviewed by City Attorney
Reviewed by Finance Dept.
Reviewed by
For Clerk's Dept Use:
Consent Agenda
Public Hearing
Regular Agenda
N/A
N/A
N/A
There are no financial impacts to the City in accepting this two-year warranty Surety.
2
MAINTENANCE, MATERIALS, AND
WORKMANSHIP AGREEMENT WITH LETTER OF CREDIT
PRESERVE AT CROWN POINT / PHASE: 2B
THIS MAINTENANCE, MATERIALS, AND WORKMANSHIP AGREEMENT
(this "Agreement") is entered into this day of , 20_, by MATTAMY
ORLANDO LLC, a Delaware Limited Liability Company (the "Developer") and the CITY OF
OCOEE, a Florida municipal corporation, whose address is 150 North Lakeshore Drive, Ocoee,
Florida 34761 (the "City").
WITNESSETH:
WHEREAS, Developer, or its predecessor -in -interest or its predecessor -in title, has
developed and/or constructed a subdivision known as PRESERVE AT CROWN POINT 2B (the
"Subdivision") and in connection therewith has installed with the approval of the City certain
roads, streets, sewer, water and reuse systems, drainage facilities (including retention and
detention ponds), and/or other improvements (collectively, the "Improvements") under the
provisions, conditions, and requirements of the City's Subdivision Regulations and the following
Final Subdivision Plan (or Preliminary/Final Subdivision Plan) approval by granted the Ocoee
City Commission on June 6, 2017: Ocoee Crown Point Phase 2B and
WHEREAS, the Subdivision is located within certain real property located in the City of
Ocoee, Orange County, Florida, as more fully described in the attached Exhibit "A" which
exhibit is incorporated herein by this reference (the "Property"); and
WHEREAS, under Section 4-4, Subdivision Review Process, of the City's Land
Development Code, Developer is required to guaranty the maintenance, materials, and
workmanship of the Improvements within the Subdivision; and
WHEREAS, in order to obtain the issuance of a Certificate of Completion with respect
to the Improvements, the Developer desires to guaranty such maintenance, materials, and
workmanship by having WELLS FARGO BANK, NA (the "Bank") (or such other bank as may
be acceptable to the City) establish an Irrevocable Standby Letter of Credit in favor of the City in
substantially the form attached hereto as Exhibit "B" and by this reference made a part hereof
("Letter of Credit").
NOW THEREFORE, the parties agree as follows:
SECTION ONE: Establishment of Letter of Credit.
Developer does hereby agree to have Bank establish the Letter of Credit in favor of the
City in the amount of twenty-nine thousand one hundred and sixty-two dollars and 03/100
($29,162.03) to guaranty the maintenance, materials, workmanship, and structural integrity of the
Improvements and the other obligations of the Developer under this Agreement. The Letter of
Credit shall be established and drawn upon only in accordance with the terms of the Letter of
Credit and this Agreement.
ORLA_1688244.1
SECTION TWO: 2 -Year Warrantv Period.
For a period of two (2) years from the date of issuance of the Certificate of Completion
(the "Warranty Period"), the Developer shall maintain the Improvements in a first class condition
and shall repair, correct and/or cure any Deficiency (as defined in Section 3 below) within thirty
(30) days of receipt of written notice of a Deficiency from the City. The Developer shall pay
any and all costs or expenses incidental to the performance of any such work. The City may
provide notices of a Deficiency from time to time during the Warranty Period.
SECTION THREE: City's Right to Draw on Letter of Credit.
If at any time during the Warranty Period, the City notifies Developer in writing (i) that
the Improvements have not been maintained in a first class condition, (ii) that paving or other
structures within the Subdivision have been found by the City to not be in compliance with the
Subdivision approval, and/or (iii) that there is a deficiency or fault in the materials,
workmanship, or structural integrity of the Improvements which has been found by the City to
not be in compliance with the Subdivision approval (collectively, a "Deficiency") and Developer
fails to repair, correct and/or cure such Deficiency to the satisfaction of the City within thirty
(30) days from receipt of the notice thereof as set forth in Section 2 above, then the City may
draw upon the Letter of Credit without further notice to Developer in order to establish a cash
escrow for the performance of the Developer's obligations under this Agreement (the "Cash
Escrow").
Additionally, the City may draw on the Letter of Credit in order to establish a Cash
Escrow in such amounts as the City deems necessary or appropriate (a) in the event of a default
by Developer under this Agreement, and/or (b) as provided for in the Letter of Credit.
SECTION FOUR: Term of Letter of Credit.
The Letter of Credit shall be for a term of no less than two (2) years and one (1) month
from the date of issuance of the Certificate of Completion. Notwithstanding anything contained
in Section 3 above, in the event the City has notified Developer of a Deficiency as provided
above, then the term of this Agreement shall continue, and the term of the Letter of Credit shall
be extended until such Deficiency is corrected. If the City has provided a notice of Deficiency
which has not been repaired, corrected and/or cured within thirty (30) days from the date the
Letter of Credit (or any extension or replacement thereof) is scheduled to expire, then the City
may draw on the Letter of Credit and establish a Cash Escrow for the performance of the
Developer's obligations under this Agreement.
SECTION FIVE: City's Use of Funds Drawn on Letter of Credit.
Unless otherwise mutually agreed to by City and Developer, the funds available through
the Letter of Credit and any Cash Escrow established under this Agreement shall be used by the
City only (a) to repair, correct and/or cure any Deficiency, (b) to cure a breach by Developer of
its obligations under this Agreement, and/or (c) to pay for reasonable administrative expenses
and attorneys' fees and costs incurred by the City in exercising or otherwise enforcing its rights
under this Agreement and Letter of Credit.
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ORLA_1688244.1
If the Developer fails or refuses to undertake the repair, correction and/or cure of any
Deficiency, then the City may, but shall not be obligated to, undertake such repair, correction
and/or cure any Deficiency, the cost of which shall be paid for out of the Letter of Credit and any
Cash Escrow established pursuant to this Agreement. In the event the City undertakes any such
repair, correction and/or cure, then the City shall be entitled to retain an administrative fee in the
amount of two percent (2%) of the cost thereof and shall also be entitled to reimbursement of all
costs and expenses incurred by the City in undertaking such action, including but not limited to
its legal fees and costs. The City may use third party contractors to perform any such corrective
actions.
SECTION SIX: Right of Entry for Corrective Activities.
In the event the City undertakes to repair, correct and/or cure any Deficiency, then in such
event the Developer hereby grants to the City and its employees, contractors and representatives,
the right to enter upon the Property and the Improvements for the purpose of performing any such
repair, correction, and/or cure.
SECTION SEVEN: No Obligation of City to Undertake Repairs or Advance Funds.
Nothing contained herein shall be construed to in any way obligate the City to (i) advance
City funds for any purpose on behalf of the Developer, or (ii) to undertake the repair, correction
and/or cure of any Deficiency. Further, the City shall have no liability to the Developer or any
third parties with respect to any corrective actions undertaken by the City.
SECTION EIGHT: Excess Funds.
In the event that the City draws on the Letter of Credit and establishes the Cash Escrow,
then any excess funds shall be returned to the Developer after any and all of the Deficiencies
have been repaired, corrected and cured to the satisfaction of the City and after the payment from
the Cash Escrow of all obligations of the Developer under this Agreement.
SECTION NINE: Continued Applicability of Subdivision Regulations.
This Agreement shall not be construed to relieve or release Developer from any of its
obligations under the City Subdivision Regulations with respect to the Improvements.
SECTION TEN: Construction.
This Agreement shall be construed in accordance with the laws of the State of Florida.
IN WITNESS WHEREOF, the parties hereto have caused these presents to be signed as
of the date and year first above written.
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ORLA_1688244.1
ATTEST:
DEVELOPER:
Mattamy Homes Orlando
By:
Print ZABETH MANCHESTER
Title: VICE PRESIDENT
CITY:
CITY OF OCOEE, FLORIDA, a Florida
municipal corporation
Melanie Sibbitt, City Clerk
(SEAL)
FOR THE USE AND RELIANCE BY THE
CITY OF OCOEE ONLY. APPROVED
AS TO FORM AND LEGALITY
this day of
20_.
City Attorney
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ORLA_1688244.1
Rusty Johnson, Mayor
APPROVED BY THE OCOEE CITY
COMMISSION AT A MEETING
HELD ON , 20_
UNDER AGENDA ITEM NO.
EXHIBIT "A"
(Legal Description of Real Property Constituting the Subdivision)
]PREHMVE AT CT ONVI i POINT PHASE 2B - LEGAL DESCRIPTION
A parcel of land located in Section 1, of Town0ilp 22 South, Range 27 East, Orange County,
.Florida; being more particularly described as follows.
Commence at the southwest corner of Tract "P' of Ocoee Crown Point PUD Phase 1, as recorded
in Plat Book 63, Page 24 of the Public Records of Orange County, Florida, also toeing a point on
the South line of the southeast quarter of said Section 1; thence run along said South line of the
southea st quarte r South 89" 41' 4(r West, a distance of 1.09,23 feet, to the POINT 6F
MIMING, thence continue along said South line, South 89' 41'40" West, a distance of
1189.93 feet; thence- leaving said South line run North 13' 15'474 Voest, a distance 09$,41 feet;
thence North 30' 12'05' West, a distance o(21.73 feet; thence North 16` 07'22" West, a
distance of 19.2.2 feet; thence North 31' 26 14" West, a distance of 71,54 feet; thence North 17°
31' 21" West, a distance of 74,89 feet; thence North Sr 39'47" West, a distance of 40.61 feet;
thence North 19' 10'25" West, a distance of 61.60 feet; thence North 41' 09'36" West, a
distance of 52.23 feet; thence Borth 31' 26' 13" West, a dlstan€e of 73.05 feet; thence North 49*
22' 17" West, a distance of 26.29 feet; thence North 23'32'24" West, a distance of 8.02 feet;
the North 2s` 5V 54" West, a distance of 61-31 feet; thence North 26' 07'51" West, a
distance of 504.08 feet, thence North 06' 54' 53" West, a distance of 67.60 feet; thence South
74" 27'2 V West, a distance of 26,25 feet; thence North 15' 23' 50" West, a distance of 27.32
feet; thence North 11' 02' 27" West, a distance of 17.25 feet; thence North 14' 03' 57" West, a
distance of 24.42 feet; thence North 15' 28' 29" Vest, a distance of 27.71 feet; thence North 16'
11'030 West, a distance of 28,92 feet; thence North 16' 37' 38" West, a distance of 26.82 feet;
thence North 16° 53' 15" West, a distance of 20.38 feet; thence North 13" SS' 23" Vilest, a
distance of 21.70 feet; thence Narth 21` 06' 03" Eastr a distance of 41.51 feet to the boundary
line of the plat, Preserve at Crown Point Phase 2A as recorded in Plat Book 92, Page 97, Public
Records of Orange county, Florida; thence run along Bald boundary Ilne the following courses
and distances, North 89" 46' 15" East, a distance of 312.30 feet; thence North 00' 00100" East a
distance of 705.22 feet to the paint of curvature of a curve concave easterly, having a radius of
996.00 feet, a central angle of 3W 11' 29", a chord bearing of North 15' 05' 45" East and a chord
distance of 518.78 feet, thence run northerly along the arc of said curve a distance of 524.83
feet; thence South 68' ST 28" East a distance of 329.74 feet to the point of curvature of a curve
cc ncave northerly, having a radius of 1223.57 feet, a central angle of 07' 59' 360, a chord
bearing of South 72'57'16" East and a chord distance of 171.27 feet, thence run easterly along
the arc of said curve a distance of 171.41 feet to the point of intersection with a non -tangent
cu rve concave westerly, having a radius of 850.00 feet, a central angle of 24' 53' 1.511, a chard
!searing of South 11' 27'35* West and a chord distance of 366.32 feet, thence run southerly
along the arc of said curve a distance of 369.21 feet; thence South 23 54' 12" West a distance of
294.17 feet to the point of curvature of a curve concave easterly, having a radius of i1so.00
fleet, a central angle of 04' 17' 13", a chord bearing of South 21' 45'36" West and a chord
distance of 86.02 feet, thence run southerly along the arc of said curve a distance of 86.04 feet;
thence South 717 40' 44" East, a distance of 99.94 feet; thence .South 16' 19' 16" West a distance
of 52,00 feet to a point on a non -tangent curve concave southwesterly, having a radius of 25.00
feet, a central angle of 87' 13'07", a chord bearing of South 28' 04' 11," East and a chord
distance of 34.49 feet, thence run southerly along the are of said curve a distance of 38.06 feet
to a point of reverse curvature of a curve concave easterly, having a radius of 1026.00 feet, a
central angle of 15` 32' 23", a chard bearing of South 07' 46' 11" West and a chord distance of
277.42 feet, thence run southerly along the arc of said curve a distance of 378.27 feet; thence
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ORLA_1688244.1
South W 00'00" East a distance of 56-14 feet to the point of curvature of a curare concave
northwesterly, having a radius of 25,00 feet, a central angle of 89'44'27", a chord bearing of
South 44` 52'13" West and a chord distance of 3x,28 feet, thence run. westerly along the arc of
said curve a distance of 39.16 feet; thence South 89'44'27" West, a distance of 141.35 feet,
thence South 00' 15'33" East, a distance of 52,00 feet; thence North 89" 44'27" East, a distance
of 12,91 feet; thence South 00' 15'33" East, a distance of 54.00 feet; thence North 89'44'27"
East,, a distance of 47.100 fleet; thence North 00'15'33" West, a distance of 54,00 feet; thence
North 89' 44'27' East, a distance of 158.10 feet, thence North 00' 00'06' East a distance of
132,84 feet to the point of curvature of a curve concave easterly, having a radius of 974.00 feet,
a central angle of 15' 14' 26°, a chard bearing of North 07' 37' 13' East and a chord distance of
258.32 feet, thence run northerly along the arc of said curve a distance of 259.08 feet to a point
of compound curvature of a curve concave southerly, having a radius of 25.60 feet, a central
angle of 93' 04'50% a chord bearing of North 61'4,6'51" East and a chord distance of 36.29
feet, thence run easterly alaA& the arc of said curve a dlsta»ce of 40,151 feet; thence North 28'
19' 16" East, a distance of 52.00 feet to a point on the southerly line of the lands described in
Instrument # 20160343161 of the Public Records of Orange County, Florida, thence leaving said
boundary line of the plat, Preserve at Crown Point Phase 2A, run along said southerly line the
following courses and distances, South 71'40'44" East a distance of 205.63 feet to the point of
curvature of a curare concave southwesterly, having a radius of 76.00 feet, a central angle of 85'
37'25" '
7'25"s a chord bearing of South 28' 52'02" East and a chord distance of 103.34 feet, thence
run southerly along the arc of sold curve a distance of 113.58 feet to a point of reverse curvature
of a curve concave easterly, having a radius of 748.00 feet, a central angle of 105" 42'32", a chord
bearing of South 11' 05' 25" West and a chord distance of 74.50 feet, thence run southerly along
the arc of ,aid curve a distance of 74.53 feet; thence North 89' 45'07" East, a distance of 490.23
feet; thence North 00' 00' 00" East, a distance of 39,66 feet to the South Right of Way lime of
Ocoee Crown Point Parkway as shown on said Ocoee Crown Point PUD Phase 1 plat; thence
leaving said southerly line, run along said South Right of Way line North 90' O0' O0" East, a
distance of 80.00 feet to the westerly boundary fine of said Ocoee Crown Point PUD Phase 1
plat; thence leaving said south. (tight of Way line ru n the following two courses along said
westerly boundary line South 00' 00' 006 East a distance of 399,74 feet to the point of curvature
of a curve concave easterly, having a radius of 500,00 feet, a central angle of 27'01'2v, a chord
bearing of South O8' 3014511 East and a chord distance of 148.02 feet, thence run southerly
along the arc of said curve a distance of 148.57 feet;; thence leaving said westerly boundary line
run south 72' 563' 31" West, a distance of 8ii.46 feet; thence South 89' 4-5'07" West, a distance
of 55.42 feet; thence South 00"00'00" West, a distance of 413.21 feet to the POINT OF
BEGINNI1410.
Said parcel contains 44,984 Acres more or less.
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ORLA_1688244.1
EXIIIBIT `B"
FORM OF LETTER OF CREDIT
(See Following Page)
-7-
ORLA_1688244.1
r
Wells Fargo Bank, N.A.
U.S. Trade Services
` Standby Letters of Credit
4oi N. Research Pkwv, ist Floor
MAC D4004-017,
Winston-Salem, NC 271oi-4ic-)7
Phone: i(800) 776-3862 Option 2
E -Mail: sblc-new@wellsfargo.com
Irrevocable Standby Letter Of Credit
BENEFICIARY
CITY OF OCOEE
150 N. LAKESHORE DRIVE
OCOEE, FLORIDA 34761
LETTER OF CREDIT ISSUE AMOUNT
LADIES AND GENTLEMEN:
SUBDIVISION NAME/PHASE:
OCOEE CROWN POINT PHASE 2B
Number: 15000079238U
Issue Date: April 17, 2019
APPLICANT
MATTAMY ORLANDO LLC
1900 SUMMIT TOWER BOULEVARD, SUITE 500
ORLANDO, FLORIDA 32810
USD 29,162.03 EXPIRY DATE APRIL 17, 2020
WE, WELLS FARGO BANK, N.A., HEREBY ESTABLISH OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO.
IS000079238U IN FAVOR OF CITY OF OCOEE, A FLORIDA MUNICIPAL CORPORATION, BY ORDER AND FOR
THE ACCOUNT OF MATTAMY ORLANDO LLC UP TO THE AGGREGATE SUM OF USD 29,162.03 (TWENTY NINE
THOUSAND ONE HUNDRED SIXTY TWO AND 03/100 UNITED STATES DOLLARS), WHICH IS AVAILABLE BY
YOUR DRAFT AT SIGHT WHEN ACCOMPANIED BY THIS LETTER OF CREDIT AND ANY OF THE FOLLOWING
DOCUMENTS:
1. A STATEMENT SIGNED BY THE CITY OF OCOEE MAYOR, CITY MANAGER OR AUTHORIZED
REPRESENTATIVE READING AS FOLLOWS: "WE HEREBY CERTIFY THAT THE FUNDS DRAWN UNDER LETTER
OF CREDIT NO. IS000079238U ISSUED BY WELLS FARGO BANK, N.A. ARE DUE PURSUANT TO THE TERMS OF
THAT CERTAIN MAINTENANCE, MATERIALS AND WORKMANSHIP AGREEMENT BETWEEN THE CITY AND
APPLICANT WITH RESPECT TO THE FOLLOWING SUBDIVISION: OCOEE CROWN POINT PHASE 2B:'; OR,
2. A STATEMENT SIGNED BY THE CITY OF OCOEE MAYOR, CITY MANAGER OR AUTHORIZED
REPRESENTATIVE READING AS FOLLOWS: "WE HEREBY CERTIFY THAT THE PERFORMANCE OF THE
APPLICANT'S OBLIGATION UNDER THAT CERTAIN MAINTENANCE, MATERIALS AND WORKMANSHIP
AGREMEENT HAS NOT YET BEEN COMPLETED AND THE LETTER OF CREDIT WILL EXPIRE WITHIN 30 DAYS
FROM THE DATE OF THE DRAWING WITHOUT BEING EXTENDED OR REPLACED TO THE CITY OF OCOEE'S
SATISFACTION"; OR
3. A STATEMENT SIGNED BY THE CITY OF OCOEE MAYOR, CITY MANAGER OR AUTHORIZED
REPRESENTATIVE READING AS FOLLOWS: "WELLS FARGO BANK, N.A. HAS LOST ITS DESIGNATION AS A
"QUALIFIED PUBLIC DEPOSITORY" PURSUANT TO FLORIDA STATUTES, CHAPTER 280, AND AN A%FeTA@��- e'11 go ra
Page 1 of 3
Each page of this document is an Integral part
of this Irrevocable Standby Letter of Credit Number 1500007923SU
REPLACEMENT LETTER OF CREDIT HAS NOT BEEN RECEIVED"; OR,
4. A STATEMENT SIGNED BY THE CITY OF OCOEE MAYOR, CITY MANAGER OR AUTHORIZED
REPRESENTATIVE READING -AS FOLLOWS: "APPLICANT HAS FAILED TO REPAIR, CORRECT AND/OR CURE A
"DEFICIENCY" AS THAT TERM 1S DEFINED IN THAT CERTAIN MAINTENANCE, MATERIALS AND
WORKMANSHIP AGREEMENT BETWEEN THE CITY AND APPLICANT WITH RESPECT TO THE FOLLOWING
SUBDIVISION: OCOEE CROWN POINT PHASE 26".
THIS LETTER OF CREDIT SHALL BE IN FULL FORCE AND EFFECT UNTIL 04/17/2020, AND SHALL BE DEEMED
AUTOMATICALLY EXTENDED, WITHOUT AMENDMENT, FOR ONE NINETY (90) DAY PERIOD UNLESS THE
BENEFICIARY IS PROVIDED WITH WRITTEN NOTICE OF OUR INTENT TO TERMINATE THE CREDIT ON THE
CURRENT EXPIRATION DATE. SAID NOTICE SHALL BE PROVIDED VIA OVERNIGHT COURIER SERVICE OR
REGISTERED MAIL, RETURN RECEIPT REQUESTED, AT LEAST 30 DAYS PRIOR TO THE EXPIRATION DATE OF
THE ORIGINAL TERM HEREOF OR ANY EXTENDED TERM. THIS STANDBY LETTER OF CREDIT SHALL NOT BE
EXTENDED BEYOND 07/17/2020 WHICH WILL BE CONSIDERED THE FINAL EXPIRATION DATE. ANY
REFERENCE TO A FINAL EXPIRATION DATE DOES NOT IMPLY THAT WELLS FARGO BANK, N.A. IS OBLIGATED
TO EXTEND THIS CREDIT BEYOND THE INITIAL EXPIRY DATE OR ANY EXTENDED DATE HEREOF.
DRAFT(S) DRAWN UNDER THIS LETTER OF CREDIT MUST BE MARKED "DRAWN UNDER IRREVOCABLE
STANDBY LETTER OF CREDIT NO. IS000079238U ISSUED BY WELLS FARGO BANK, N.A.."
THIS LETTER OF CREDIT SHALL REMAIN IN FULL FORCE AND EFFECT NOTWITHSTANDING A PARTIAL DRAW
SO LONG AS A SUM REMAINS TO BE DRAWN OR UNTIL THE LETTER OF CREDIT HAS EXPIRED.
EXCEPT AS OTHERWISE SPECIFICALLY STATED HEREIN, THIS LETTER OF CREDIT SETS FORTH IN FULL THE
TERMS OF OUR UNDERTAKING, AND SUCH UNDERTAKING SHALL NOT IN ANY WAY BE MODIFIED,
AMENDED, OR AMPLIFIED BY REFERENCE TO ANY DOCUMENT, INSTRUMENT, OR AGREEMENT REFERENCED
TO HEREIN OR IN WHICH THIS LETTER OF CREDIT IS REFERRED TO, OR THIS LETTER OF CREDIT RELATES. ANY
SUCH REFERENCE SHALL NOT BE DEEMED TO INCORPORATE BY REFERENCE ANY DOCUMENT,
INSTRUMENT, OR AGREEMENT.
WE HEREBY AGREE WITH CITY OF OCOEE THAT ALL DRAFT(S) DRAWN UNDER AND IN ACCORDANCE WITH
THE TERMS OF THIS LETTER OF CREDIT, THAT SUCH DRAFT(S) WILL BE DULY HONORED UPON
PRESENTATION TO: 401 N. RESEARCH PKWY, 1 ST FLOOR, MAC D4004-017, WINSTON-SALEM, NORTH
CAROLINA 27101, ATTN: US TRADE SERVICES, STANDBY LETTERS OF CREDIT.
YOU MAY RETURN THE ORIGINAL OF THIS LETTER OF CREDIT TO US FOR CANCELLATION PRIOR TO ITS
EXPIRATION PROVIDED THAT SUCH ORIGINAL AND ANY AMENDMENTS THERETO ARE ACCOMPANIED BY
YOUR WRITTEN AGREEMENTTO ITS CANCELLATION. SUCH WRITTEN AGREEMENTTO CANCELLATION
SHOULD SPECIFICALLY REFERENCE THIS LETTER OF CREDIT BY NUMBER AND CLEARLY INDICATE THATTHE
LETTER OF CREDIT IS BEING RETURNED FOR CANCELLATION. AFTER THE SIGNATURE ON ANY SUCH
WRITTEN REQUEST TO CANCEL THIS LETTER OF CREDIT, YOU MUST INDICATE THE NAME OF THE
BENEFICIARY OF THIS LETTER OF CREDIT, AND THE SIGNATURE, NAME AND TITLE OF THE PERSON SIGNING
SUCH WRITTEN REQUEST TO CANCEL FOR THE BENEFICIARY.
THIS LETTER OF CREDIT IS SUBJECTTO THE INTERNATIONAL STANDBY PRACTICES 1998, INTERNATIONAL
CHAMBER OF COMMERCE PUBLICATION NO. 590 ("ISP98"), AND AS TO MATTERS NOT GOVERNED BY ISP98,
SHALL BE GOVERNED AND CONSTRUED IN ACCORANCE WITH THE PROVISIONS OF FLORIDA LAW. IF A
CONFLICT BETWEEN THE "INTERNATIONAL STANDBY PRACTICES 1998 (ISP98)" AND FLORIDA LAW SHALL
ARISE, FLORIDA LAW SHALL PREVAIL. IF A CONFLICT BETWEEN FLORIDA LAW AND THE LAW OF ANY OTHER
STATE OR COUNTRY SHALL ARISE, FLORIDA LAW SHALL PREVAIL.
Page 2 of 3
Each page of this multipage document is an integral part
of this Irrevocable Standby Letter of Credit Number IS000079238U
Tbgel'.er we'll go far
Very Truly Yours,
WELLS FARGO BANK, N.A.
By'
Authorized Signat re
The original of the Letter of Credit contains on embossed seal over the Authorized Signature.
Please direct any written correspondence or inquiries regarding this Letter of Credit, always quoting our
reference number, to Wells Fargo Bank, National Association, Attn: U.S. Standby Trade Services
at either 794 Davis Street, 2nd Floor
MAC A0283-023,
San Leandro, CA 94577-6922
or 401 N. Research Pkwy, 1 st Floor
MAC D4004-017,
WINSTON-SALEM, NC 27101-4157
Phone inquiries regarding this credit should be directed to our Standby Customer Connection Professionals
1-800-776-3862 Option 2 1-800-776-3862 Option 2
(Hours of Operation: 8:00 a.m. PT to 5:00 p.m. PT) (Hours of Operation. 8:00 a.m. EST to 5:00 p.m. EST)
Page 3 of 3
Each page of this multipage document is an integral part
of this Irrevocable Standby Letter of Credit Number IS000079238U
aogether we'll go far
1r,-0-
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