HomeMy WebLinkAboutItem 05 Approval of a Two-Year Warranty Surety and Maintenance, Materials, and Workmanship Agreement with David Weekly Homes for Lake Meadow Landing PUD ocoee
florida
AGENDA ITEM COVER SHEET
Meeting Date: November 16, 2021
Item #
7124
Reviewed By:
Contact Name: Martrivus Keaton Department Director: Micha 1 RUM
Contact Number: 407-554-7109 City Manager: Robert Fr
Subject: Approval of a Two-Year Warranty Surety and Maintenance, Materials, and Workmanship
Agreement with David Weekley Homes for Lake Meadow Landing PUD
Commission District 4—George Oliver III
Background Summary:
Lake Meadow Landing Subdivision property is located on the west side of N. Clarke Road, southeast of Lake
Meadow, adjacent to the Westchester Subdivision. The subdivision will consist of 79 luxury townhomes. The
infrastructure improvements• include potable water, sanitary sewer, reclaimed water, other private utilities,
roadways, stormwater collection system, perimeter wall/fencing, and associated landscaping. Identified punch list
repairs are currently being completed, and the developer is nearly 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, David Weekley Homes has provided the City with a Letter of Credit in the amount of 10% of the
constructed improvements. The Letter of Credit provided is for a total of$90,667.10. The attached Maintenance,
Materials, and Workmanship Agreements (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 David Weekley Homes, for the two-year warranty for Lake
Meadow Landing PUD and execute the Maintenance, Materials, and Workmanship Agreement?
Recommendations:
The Development Services Department recommends the acceptance of the Surety and the execution of the
Maintenance, Materials, and Workmanship Agreement with David Weekley Homes,for the Lake Meadow Landing
PUD.
Attachments:
1. Maintenance, Materials, and Workmanship Agreement with David Weekley Homes.
2. Irrevocable Stand-By Letter of Credit Number 70005641 in the amount of$90,667.10. Issued by SunTrust
Bank.
Financial Impact:
There are no financial impacts to the City in accepting this two-year warranty Surety.
Type of Item: (please mark with an `x')
Public Hearing For Clerk's Dept Use:
Ordinance First Reading Consent Agenda
Ordinance Second Reading Public Hearing
Resolution Regular Agenda
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 N/A
Reviewed by Finance Dept. I`- --• N/A
Reviewed by N/A
2
•
MAINTENANCE,MATERIALS,AND
WORKMANSHIP AGREEMENT WITH LETTER OF CREDIT
(SUBDIVISION NAME/PHASE: Lake Meadow Landing)
THIS MAINTENANCE,MATERIALS,AND WORKMANSHIP AGREEMENT
(this"Agreement")is entered into this—day of November,2021,by CND Arden, a Florida •
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 Lake Meadow Landing(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 February 23rd,2021:P/FSP&FSP [Insert Description of FSP or P/FSP, as
applicable];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 Suntrust(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 TH I REFORE,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 NINETY THOUSAND SIX HUNDRED SIXTY SEVEN DOLLARS 10
CENTS($90,667.10)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 Warranty 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.
-2-
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.
DEVELOPER:
-3-
ORLA_1688244.1
State of Florida By: / (QA--) a7a
County of Seminole Print N e: to i .e f 1121
THE FOREGOING INSTRUMENT was acknowledged Title: �4'�but S1 �1Z,%t7 -
before me by means of physical presence this d
4th day of November,2021,by Drew Abel,as
authorized Signer for CND Arden LLC,who is
per onally known me. "v"a CYNTHIA J MILLER..00 �e -
,:inVy/A
1 r°• �� Notary Public•State of Florida
/'en`? Commission H.HH 144480
` opr.4` My Comm.Expires Oct 12,2025
Not ry Public Signature 1 Bonded through National Notary Assn.
olorgeleoumwwwwermemillollemommb
ATTEST: CITY:
CITY OF OCOEE,FLORIDA, a Florida
By: municipal corporation
Melanie Sibbitt, City Clerk
By:
(SEAL) Rusty Johnson,Mayor
FOR THE USE AND RELIANCE BY THE APPROVED BY THE OCOEE CITY
CITY OF OCOEE ONLY. APPROVED COMMISSION AT A MEETING
AS TO FORM AND LEGALITY HELD ON ,20
this day of UNDER AGENDA ITEM NO.
,20_.
SHUFFIELD,LOWMAN&WILSON,P.A.
By:
City Attorney
-4-
ORLA 1688244.1
EXHIBIT"A"
(Legal Description of Real Property Constituting the Subdivision)
LEGAL DESCRIPTION;
A PORTION OF SECTION 4 AND SECTION 9,TOWNSHIP 22 SOUTH, RANGE 28 EAST,ORANGE COUNTY,
FLORIDA,BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCE AT THE SOUTHWEST CORNER OF THE SOUTHEAST 1/4 OF SECTION 4,TOWNSHIP 22
SOUTIH, RANGE 28 EAST,THENCE RUN N.01"27'07"E.,ALONG THE WEST LINE OF SAID SOUTHEAST 1/4
OF SECTION 4,A DISTANCE OF 350.67 FEET FOR THE POINT OF BEGINNING,THENCE RUN 5.89"07'35"W.
A DISTANCE OF 260.10 FEET;TIHENCE RUN N.00"09'32"E.A DISTANCE OF 967.71 FEET;THENCE RUN
N.89"14'11"E.A DISTANCE OF 281.94 FEET;TIHENCE RUN N.891'05'13"E.A DISTANCE OF 634.30 FEET TO
A POINT ON THE WEST RIGHT-OF-WAY LINE OF CLARKE ROAD;THENCE RUN S.01"08'14"W.,ALONG
SAID WEST RIGHT-OF-WAY LINE,A DISTANCE OF 399.34 FEET TO THE BEGINNING OF A CURVE CONCAVE
TO THE EAST, HAVING A RADIUS OF 3324.05 FEET:TIHENCE RUN SOUTIHERLY,ALONG THE ARC OF SAID
CURVE AND SAID WEST RIGHT-OF-WAY LINE,THROUGH A CENTIRAL ANGLE OF 19'156'58"A DISTANCE
OF 1157.38 FEET;THENCE CONTINUE ALONG THE SAID WEST RIGHT-OF-WAY LINE 5.18"48'44"E.A
DISTANCE OF 89.13 FEET;THENCE RUN S.71"11'16"W.A DISTANCE OF 69.54 FEET:THENCE RUN
S.18"57'58"W.227.07 FEET:THENCE RUN N.18"48'45"W.937.11 FEET:THENCE RUN N.89"40'44"W.A
DISTANCE OF 414.75 FEET TO TIHE POINT OF BEGINNING.
CONTAINS 24.40 ACRES MORE OR LESS.
THE LANDS SHOWN HEREON ARE AFFECTED BY THE FOLLOWING EXCEPTIONS:
-5-
ORLA_1688244.1
EXHIBIT"B"
FORM OF LETTER OF CREDIT
(See Following Page Attached)
-6-
ORLA 1688244.1
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NOVEMBER 02, 2021
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APPLICANT '04W V'AM ::: : '-.,NT BENEFICIARY ., ..,. •g.„... ..,:i.,..„...,.
CND - ARDEN 14140a -w-, r-' ..y,: I
BOARD OF CITY COMMISSIONERS OF J.i..,.,,. •
1111 NORTIWPOSTOAK. ROAD , OCOEE, FLORIDA
..„„..HOUTONAT ...f.. 77055 150 N LAKESpORE DRIVE
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FOR: USD0, 667.]0 (US bOLLAOTN4i'THOUSAND'SIX HUNDRED SIXTY SEVHN
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DATE OF EXPq4140•1f
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PLACE OF EXPIRATION OUR COUNTERS _ • --..,- .. -
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4E;VaWb&4ATABLISH OUP IRREVOCABLE STANDBY OF CREDIT 700b::-55Aii.
iM4A6ROF CITY OF OCOEE, .01I.9J1PA MUNICIPAL
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AVENUE, ATTN; STAPPY:4. 17RS.„pF CREDIT DEPT. , MATJ., q91*. 897-95.703705, •
ORLANDO, „pp F, D - ARDEN, LLC ti..-t;4A,00ti104-,gsqpING
THE AGGROGATEIWt glUilC1-40USAND SIX HUNDRED SIXTY SEVEN DOLLARS
TEN CENTS'400,W-4I0 IN UNITED STATES FUNDSAITIthggAVAILABLb BY
YOURDRAFTJAT SIGHT, WHEN ACCOMpANIbbByTHISLbTTER OF CREDIT AND
ONIF:' 6 !:':VH5OLLOWING DOCUMENTS1
A STATEMEN2 PURPORTEDLY',,SIGE1/44HE MAYOR, CITY MANAGER OR AUTHORIZED REPRESENTATIVE TO 7E EFFbCTTHAT THE CITY IS ENTITLED TO
DRAW UPON,,gab. .1,SOM •:9;F:::PIPV: PURSUANT TO THE„TgAMSP1-14TMqWW-1
MAINTENANCE, 'MATERT4L0k0D ,WORKMANSHIP AGREEMENTBETWEENT#$ OATOilD
APPLICANT:VW %H*ObGTCT6 THEFOLLOWING SUBDI*TON-i:nLWIlbADOW
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EXPIRE WIO*42rDAXSO'RPOMb DATE OF THE DRAWi-MG917TTIM17t. j'i.....,...„:„
EXTENDEDbR REPLACE,b-TWTHEGITY'S SATISFACTION, OR
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DEJINED THAT CERTAIN MAINTENANCEilATERIALSOMD.60ORKMANSHIP AGREEMENT4Hglbia."',20
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BETWEEN Tlit CITY AND APPLICANT WITH. RESaCT''TO4THE FOLLOWING
-:-:-..':SUBDIVISION: LAKE MEADOW LANDING ''''-i',:. ' V :. !:: ; T-].;:;•:!:.;;:i.i';'"
IT IS A CONDITION-0.-„ THISLETTER OF CREDIT THAT4xTOtLipq.pw4gpmy
AUTOMATIC4LLY,EXTENDEDMITHOPT AN AMENDMENT FOR12,..,MOTHgFROMTH,E;r
EXPIRATION DATE HEREO OR ANY FUTURE EXPIRATIONPATEpNLESS AT LEAST
30 DAYS PRIOR TO ANY EXPIRATION DATE WE SEND NOTICE TO YOU BY REGISTERED
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•::••-•••':,-..' .,:i--"•'•'•NAIL." OVERNIGHTOR-,• COURIER THAT WE.:ELECT NOT TO CONSIDER THIS LETTER qp7:,
CREDIT EXTENDED FOR ANY SUCH ADDITIONAL PERIOD
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LETTER OF CREDIT NON EXTENSION'NOTICE. SHALL BE"'SENT TO THE BENEFICIARY "-- •
AT THE ADDRESA AS.;-T,STATP)::,,..TM914g:, OR AS AMENDED. ... .i .!•;!:;)::,.. ..,:;:i:.;;I:j'ii..:,::. .!t;;'!!,:;,':.:...1,'i;i,, .,t!!]:
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REGARDLESS. OF ABOVE, 'Tan LETTER OF CREDIT WIL14.4.1%)7,-0.xTE..1411:,. .EyONbgPINAL
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EXPIRY DATE'OF DECEMBER 31, ''.2023. ]:•i ... :•:!•li!'ii:!-'•'''
DRAFTS MUST BEAR THE CLAUSE "DRAWN UNDER. LETTER OF CREDIT NUMBER --..... AK ---..:Ag ....0,.... ..:,0
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EXCEPT AS OTHERWISE SPECIFICALLY STATED HEREIN, THIS LETTER OF CREDIT
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THIS LETTER OF CREDIT IS REFERRED TO-OR THIS LETTER OF CREDIT RELATES,
AND ANY SUCHREFERFNCE .S.NALL ,NOT BE DEEMED TO iNe.pg.pg.ivA,7
REFERENCE••.:1811 • 1)CCUMF0....bq§?:POMENT, OR AGREEMENT. '"•::"....•:!:!!:;:". '•::;:::••: i.:i.P„,:i:::Af
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WE HEREBY AGREE 'WITH YOU THAT ALL DRAFTS DRAWN UNDER AlliiiT I COMPthANCE
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'-''. .'i.:•.: '!"'''' HONORED UPON' PRESENTATION TO).-0±RUIST"...g0W•jj.;3f.a.s0:0TH GARLAND AVENUE, •,:i:!.:H.iv: ,-::-::,::: :,..,,,,i:. ,..,]...,,,..;,,,,,....:,.,,....:
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OF THE ORIGINAL gbREDIC.::,,INSTRUMENT OR UPON ANY PRESENT OR FUTURE EXPIRY
DATE HEREUNDER,r':i!WHICHEVER SHALL OCCUR FIRST. :,:ii,i:::•:::A:;,. •:::.:i:%-i::.:::;..:i..c:::. pi.::]
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..,i'.,;,''''',r:,.:• THIS LETTER':••OF CREDIT IS SUBJECT i,TO THE 1.!.:!41TgqaNATIONAI., STANDBY PRACTICES
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ACCORDANCE WITH THE PROVISIONS OF FLORIDA LAW. 'IF A CONFLICT BETWEENITHE' - - ,w
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STATE OR COUNTIW: AND! FLORIDA,.. . ;LAW SHOULD ARISE, FLORIDA T41„.,:;!*411d.,L
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CONTINUE TO BE SENT TO. TRUIST i'....SAN1 AT r..... ,'..t..!::::14$...IBTpAA OW CREDIT AND TRADP.:::::----....:),,,
SERVICES,- 333 SOUTH GARLAND..,.:AVENUE, mATA::t':•:97pE'ii803-05-03-35 r ORLAN.E.P.,9.i -',...12i,.,...<.;,.:'.•;,...' 4........::::::,.j..::-,. .:-,...:•::,..:,..::.: ...:„..t.:.:.
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WE .fiEl4EBYESTABLISH OUR IRREVOCABLE STANDWtETTER OF CREDIT 700(1.5T,.: ,,: r. :.,:,,,,.. .. ...... .,.:.,....i.. .,.
' ---- IN'FAVOR'OF CITY OF OCOEE, AJLOgTDAJONOT;PAITCORPORATION, AND
', . WAUTHORIZEYOU TO DRAW ON TRUTSTHANqTHE "BANK") , AT 333 SOUTH GARLAND ,.:
AVENUE, ATTN: STANDBY,LETTERS,OF CREDIT DEPT., MAILCODE... 803705703735, •
Fn286fEY (:) bEi:LOFCND - ARDEN, LLCUP'TO6HbTNOT''EXCEEDING
THE OF THOUSAND SIX HUNDREDXWSEVEN DOLLARS
TEN CENTS-q*,40, W44* IN UNITED STATES FUNDSii',AWTCH%ISAVAILAB4E BY
YOUR DRAFT AT SIGHT, WHEN ACCOMPANIED BY THIS LETTER OF CREDIT AND ANY .. _ .. .. _ ...
-ONEVOETHEW7OLLOWING DOCUMENZSW. %..
'21:i ''''' .1.0':.0-0 •wY•
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1 A STATEMENT PURPORTEDLY SIGNED BY THE MAYOR, CITY MANAGER ORA.I. dii.p'.7:.:X--
AUTHORIZED REPRESENTATIVE TO 'IRE EFFECT THAT THE CITY IS ENTITLED TO
DRAW UPONATHE.A.LEOAER ,MEREETT PURSUANT TO THETEMS ,9g0!HATq,CEFAN
MAINTENANCE, MATERIALS AND AGREEMENT BE1TEEW5i-I .OETAND
APPLICANTITH&50EaT6 THE FOLLOWING staIDIVtg.;.01,72 - mid)o :
LANDING; OA-- --- • •,:,,
. .-,.:,:• ' L'''.',,' .w5.2,:,u A STATEMENT PURPORTEDE.* SIGNED-EXTHEMAXOR, CITY MANAGERR
,..,, ,. .........., ;,.,.. ......,!,. ...........,
A0i11OIZE1D.: REPRESENTATIVE TOTHE,EFFECTTRAT THE PERFORMANCE OF
_.
_„. ...,._ .:._
..,:kAPPLICANT'S OBLIGATION UNDER THE MAINTENANCE, MATERIALS AND WORKMANS*LiP,.. ,.
AGREEMENT HAS NOT.. BEENCOMPLETED YET AND THE LETTER OF_cREDIT WILL,
EXPIRE THEWITH±N3bVDAYSFkOM ' DATE OF THE DRA*NG)'E. qT-10713tT*.....:,
. ,.
,•, ,:,::.,,,, -„,••
EXTENDED OR BEPIACED:IWTHEITY'S SATISFACTION) OR .',..! p,-.,.::- i.:..,.- •
3. A STATEMENT PURPORTEDLY SIGNED BY THE MAYOR, CITY MANAGER OR
•. ,".::' . - i,,,,
AUTHORIZED REPRESENTATIVE TO:-.,THE: EFFECT THAT TRUIST BANK HAS LOSTM:
DESIGNATION AS A "QUALIFIED*AkIDE00$ 701( bRSUANT TO FLORIDA
TATOTESW.'.',CHAPTER 280, AND AN.-ACCEOTABLEHEPLACEMENT LETTER OF CREDIT ...:.::
,,,,,,.„- ,,•;.,.,,,, -,, • ...:,.,
-'..... ' . - HAS NOT BEEN RECEIVED; OR
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4 . A STATEMENT eUH.50kitkat'SIGNED BY THE MAYOR,.. qTYllANAW,791=',
AUTHORIZEDf,RE1?RESENTAT%VE, THAT THE DRAWING II-,?(7( 7g,..A0,teAlIT' .
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SUNTRUUP .: • zei],•Pi:':ii'']':'-f1::,.. ,!:::!-P.,,:a.:,.;i::,.. iii.Tr, ,4,,,a,a,,, ,,,,,,,,,,-,,,•,,,•:, .,,,, ,,,•,,,:i,:.:.,..a,„ ,.:,•,•,:. •
--'::F-..-W *,M0 'V '..:WW''''qm 01' •••,;,;:,:
.,,...-*FAUJURETOREPAIR, CORRECT ANNOR GME..A0TREFCINCY" AS THAT
DEFINED ilii' CERTAIN MAINTENAN6iAfftIALSi4A40A0ORKMANSHIP AGREEMENT
BETWEEN THE CITY AND APPLICANT WITH, RESBEGT'TO%THE FOLLOWING
...", ..StiBbIVISION: LAKE MEADOW LANbiNG
IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE DEEMED
AUTOMATICALIAXTENDEOV:WtTHOHT AN AMENDMENT FOR%12MONTHSOTROMOTHEr
EXPIRATION -OAYE,HV.dOtj OR ANY FUTURE EXPIRATION DATE, AT LEAST
30 DAYS PRIOR TO ANY EXPIRATION DATE WE SEND NOTICE TO YOU BY REGISTERED
.:...... ....... .- 41AIL'.. OR OVERNIGHT COURIER Tapo. gF .02.0g TO CONSIDER THIS LETT.wpg„...A,,„„.1„..„..,„„ m,
.•,..,• .„.:..„ ,.. ,.. .. .. .. .
-:-. .-•,,, CREDIT EXTENDED FOR ANY sycli4D6ttibN204tadb4gY
g••., .:.,;., ,•,.:::. ,,,,,! ,:•.,;;•,:••••••••- m,:.. w.::. ,-,,.•:,2:•,, ..,iii,';:i1,!i-"•::"''''. .?,!:::1:
LEti.ER OFCREDIT NON EXTENSIOWNOTICESHALL BE 'SENT TO THE BENEFICIARY '- -
AT THE ADDRESS AS STATED ABOVE, OR AS AMENDED. aft. 6gx ,. ..-.0Agt AD
,--. --:',: .-:.,:- . ''.' i '::.,.:: h::. 1.a-• • • .... .. . ......
REGARDLESSOFABOVETPTHIS LETTER OF CREDIT WILtNOTpEXTENOBEYONO4E'INAL
..-..,..-:,•:.:, ...,,,,,.%. ..:,,:. ' ':.:V:;iii0:. ''''M'',:iV .4iV ft
EXPIRY DATE OF DECEMBER 31, '2023.
::]'„V'i';.,i.i. -,:..a.:.'i:::,.,::::: ..:*.„,1„));•::.:::: :.;i:..,...„ :,;..,ii:: .„.,.:0A . ?..' 'Ait. ginL:,0, a,
• - ,-,..'-,- DRAFTSAUST' BEAR THE CLAUSE ' DRAWN UNDER hLTTEWOF CREDIT NUMBERW• :4,Ay• 9.a ]x .:..;.;,qA.;,.0.
10005641 OF TRUIST BANK, DATDD 1\loWmB010io2i0,t.
•::-1'.":li-i],y.-..,::; ' •.i.:-.:,:,:.,:•'.•-,,- '.!•? •,;,, '1,!iii.,!,••:W.'"':::%:!.SP v. - qi,:'
THIS LETTER.,OF cREOTTSHALL, REMAIN IN FULL FORCE AND EFFECT ,.., _., .
NOTWITHSTANbIGSAARTOtORAWOR DRAWS SO LoNwksgA01. 0000 *BE
,, • .;
DRAWN OR liNTIL:.THE ,T,ETTEWOFCREDIT HAS EXPIREDX ..„,Affi avima
':n:1;:•.::::V .:.:••:iiit:,i!;,.:;::;!:-i•:r-- ,•;:•::: iii.: ---•••••• •••-•-• ----
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EXCEPT AS OTHERWISE SPECIFICALLY STATED HEREIN, THIS LETTER OF CREDIT
sEtgtokt,,HAN FULL THE TERMS;!:.,.:OtgOTJetNDE0t4ING4PAND SUCH UNDERTAKING ,.40-EigA..eghik, A
SHAtliciTqN ANY WAY BE MODitiE6,AMENEDGRAMPLIFIED BY REFERENCE TO It00..,Jr*1.4
AN DOCUMENT, INSTRUMENT, ORaAGIVEMENTVREVERENCED TO HEREIN OR IN WHICH
u,A
..„ :.-.:
THIS LETTER OF CREDIT IS REFERRED TO- R THIS LETTER OF CREDIT RELATES,
AND ANY sucicauguNcggApi,.. 41pT BE DEEMED TO INCORPORATE 171 :TN,B.:y.4
.„.:,-,,,, .._ ,,
REFERENCE.(„ANY'bOCUMENT -INSTUMENT, OR AGREEME0t.
i :•.:.: .„.,.,1,::;k: iri 'l':::',4.‘::i.*:•:". N
:i:.-•:: f,?,.,A,....,„- . -..,,:• ::,m... :•. •
WE HEREBY AGREE WITH YOU THAT ALL DRAFTS DRAWN tiNbER AND'INCOMPL;IANCE
-,'....- -,..,,WITH,..THE. TERMS OF THIS LETTER-OF CAEPH DRAFTS WILL BE p94:Y
HONORED UPON PRESENTATION Tc) vatilasv-.84N1%LwIppaqi GARLAND AVENUE, .. .:.„;w „.....i„„.,:0_:.e...,:.. ..
ATTN STANDBY LETTERS OF CRI)TT .,,J* T4Ami.0t,COOt 803-05-03-35, ORtANDO
..„
THIS LETTEE-OEHOREOTT*VIWBECONSIDERED AS CANGE1Ep4pPONRECETBT.AY US
. „ .„.„..„,, ,..,..„.,. ....„ „.„......„
OF THE ORIGINAL CREDIT OR UPON ANY O.RESENg. ORNEOPAE EXPIRY
DATE HERECOER, WHItHEVER SHALL OCCUR FIRST.....,..„. -:..„........ ...
.:.!,:: .THISI_;EYTEWOF CREDIT IS stmg$MTpAigglituppigioNAL STANDBY PRACTICES
4ISB9B4' INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 590 AND AS
...''•';', .,'-'-',:.- 1c) .*:iiTEft , NOT GOVERNED BY ISP98 .-SHABtIBEGOVERNED AND CONSTRUED IN
-- ACCORDANCE WITH THE PROVISIONSOF FLORIDA LAW. IF A CONFLICT BETWEEN THE
"INTERNATIONAL 4mDB.TqAAP7T.ggs (ISP98) ", ANDA2AIWW4A4PRWP?ISE,
FLORIDA LA O SHALL M.M2at.,.:,,40A CONFLICT BETWEEp' THE-0_;AWOCANOTH*
STATE OR OOPNTRY_ANIT.FLOaIDALAW SHOULD ARISE, FLORIDA 1.0otiALLIg
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PLEASEHDIiECT ALL INQUIRIES -P14.40 . #9.....p461-7 4 7 OPTION 3•
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PLEASE BE46*PP .41;Ygib'AZI.L:Tyl.322(T11, 3:,, T,BRANCH BAN.*INpANu.: y
-..',..:TRU I S T BANK, HOWEVER,. ., UNTIL„..
. ....„ .,„,
FURTHER:;:',- NOTICE, ALL DOCUMENTS AND
..COMMUNICATIONS. ...:"' . ..,..littitus. OF
RELATED TO THIS LETTER OF CREDIT OR COLLECTION SHOULD .... .......:...., .,..,. .......,.
.,„-::•::-....:::::-.1.7-. 0N11--INpk .W8.A.PIC. s.,.y9.-:---BE SENT TO TRUIST
AT.'"":;... ....-..--- -• CREDIT AND TRADE
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