HomeMy WebLinkAboutItem #10 Wesmere Property/ Villages of Wesmere:FOLEY
FOLEY & LARDNER LLP
ATTORNEYS AT LAIN
AGENDA ITEM COVER SHEET
Meeting date: December 15, 2009
Item # 10
Re viewed By:
Paul E. Rosenthal, city
Contact Name: Department Director:
Aftorney.----- /)d A
Contact Number: 4city Manager:
Subject: Wesmere Pro e y i I /ages of Wesmere
Background Summary:
David Wheeler
Wesmere Development has delivered the following to the city: Regions Sank Letters of credit Nos.
55102041 and 55102042 in the amounts of $336,496-92 and $227,905.05, respectively. These
Letters of credit (LOC) were provided in connection with the subdivision improvements for the
"Wesmere Property" and "The Villages of Wesmere Townhomes". The Letters of credit are
scheduled to expire on December 21, 2009 and Regions Sank has declined to extend the terms of
the Letters of credit. As of this date, there is an extensive list of items to be completed and
Wesmere Development LLc has not performed its obligations under the LOC. David Wheeler is
available at the meeting to answer any questions regarding the outstanding obligations to be
completed. The proceeds from the draw on the LOC will be utilized to pay for the cost of
completing the outstanding obligations, expenses incurred by the city in drawing on the LOC and
certain administrative charges.
Issue:
Should the city commission authorize the Mayor and/or city Manager to execute such documents
as are necessary to call on Regions Sank Letters of credit Nos. 55102041 and 55102042 in the
amounts of $336,496.92 and $227,905.05, respectively, which have been provide to the city in
connection with the development of the "Wesmere Property" and "The Villages of Wesmere
Townhomes"?
Recommendations
Staff recommends that the city commission authorize the Mayor and/or city Manager to execute
such documents as are necessary to call on Regions Sank Letters of credit Nos. 55102041 and
55102942 in the amounts of $336,496.92 and $227,905.05, respectively, which have been provide
to the city in connection with the development of the "Wesmere Property" and "The Villages of
Wesmere Townhomes".
LA_1478790.1
Attachments:
Copy of Regions Bank Letters of Credit Nos. 55102041 and 55102042
Financial Impact:
None.
Type of item:
XC❑
Public Hearing
Ordinance First Beading
Ordinance First Beading
Resolution
Commission Approval
Discussion & Direction
For Clerk's ae t Use. -
El Consent Agenda
❑ Public Hearing
C❑ Regular Agenda
❑ Original Document/Contract Attached for Execution by City Clerk
❑ Original Document/Contract Held by Department for Execution
Reviewed by City Attorney Paul E. Rosenthal F-1 N/A
Reviewed by Finance Dept. [:] N/A
Reviewed by ( ) F-1 N/A
LA_1478790.1
i
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s
REGIONS
ism
BANK
417 NORTH 2OTH STREET, 5TH ,FL,. BIRMINGHAM, ALABAMA 35203
PHONE (866) 828-692$- FAX _(205) 801-5788
S- . W . I . F . T :. UPN'BUS44MIA .- TELEX 6 7 3 7 8 71, UPBMIA
IRREVOCABLE STANDBY -LETTER OF CREDIT NUMBER:.5510-2041'
DATE OF ISSUE: DECEMBER 21' 2007
BENEFICIARY:
CITY OF OCOEE
150 NORTH LAKESHORE DRIVE
OCOEE, FL 34761
APPLICANT:
WESMERE DEVELOPMENT, LLC
61 W. COLONIAL DRIVE
ORLANDO, FL 32801
ISSUING BANK:
REGIONS BANK
INTERNATIONAL DIVISION, LETTER OF CREDIT DEPT.
417 N 20TH STREET, 5TH FLOOR
BIRMINGHAM, AL 35203
PROJECT NAME: THE .VILLAGES OF- WESMERE T_ OWNHOMES
DATE OF EXPIRY: DECEMBER 21, 2009,
PLACE OF EXPIRATION: REGIONS,BANK COUNTERS
AMOUNT: USD$ 3 3 6 , 4 9 6 . 9 2 ( US ,DO.LLARS , THREE ''HUNDRED THIRTY SIX THOUSAND
FOUR HUNDRED NINETY SIX AND 92/100)
WE HEREBY ESTABLISH OUR IRREVOCABLE STANDBY' -LETTER OF CREDIT NO..
55102041 IN FAVOR OF CITY OF OCOEE, A FLORYDA.-MUNICIPAL CORPORATION,
AND AUTHORIZE YOU TO DRAW ON REGIONS BANK'-- 417 N -'2 0 THE STREET , ' 5TH
FLOOR, BIRMINGHAM, AL 35203 ATTN:- INTERNATIONAL�DIVISION; STANDBY
LETTER OF CREDIT DEPT., BY.ORDER OF WESMERE:DETELOPMENT, LLC UP TO BUT
NOT EXCEEDING THE AGGREGATE AM0' UNT 'OV USD$ 3 3 6-, 4 9 6 . 9 2 (US_ DOLLARS THREE
HUNDRED THIRTY SIX THOUSAND,FOUR HUNDRED -NINETY SIX AND 92/100), WHICH
IS AVAILABLE BY YOUR DRAFT AT SIGHT, WHEN ACCOMPANIED BY THIS LETTER OF
CREDIT AND EITHER ONE TO THE FOLLOWING DOCUMENTS:
I. A STATEMENT PURPORTEDLY SIGNED BY , THE , MAYOR, CITY MANAGER OR
AUTHORIZED REPRESENTATIVE TO THE EFFECT'THAT THE PERFORMANCE OF WESMERE
DEVELOPMENT, LLC'S OBLIGATION HAS NOT BEEN COMPLETED YET AND THE LETTER
OF CREDIT WILL EXPIRE WITHIN 30 DAYS FROM THE DATE OF THE DRAWING
WITHOUT BEING EXTENDED OR REPLACED TO THE CITY',S SATISFACTION; OR
2. A STATEMENT PURPORTEDLY SIGNED BY THE MAYOR, CITY,MANAGER OR
AUTHORIZED REPRESENTATIVE TO THE EFFECT THAT -REGIONS BAND HAS LOST ITS
DESIGNATION AS "QUALIFIED PUBLIC -DEPOSITORY" PURSUANT,FLORIDA STATUTES,
CHAPTER 280, OR AN ACCEPTABLE REPLACEMENT.LETTER OF CREDIT HAS NOT BEEN
RECEIVED; OR
3. A STATEMENT PURPORTEDLY SIGNED BY THE MAYOR, CITY MANAGER, OR
AUTHORIZED REPRESENTATIVE, THAT THE DRAWING IS DUE TO•APPLICANT`S
FAILURE TO PERFORM ANY ONE OR"MORE OF THE FOLLOWING OBLIGATIONS:
- Page 1 of 3
r
REGIONS-
SAI
Our reference Number: 55102041
PagXANK
A. FAILURE TO HAVE PROPERLY MAINTAINED IN A FIRST CLASS CONDITION THE
FOLLOWING IMPROVEMENTS: THE IMPROVEMENTS SET FORTH IN THE VILLAGES OF
WESMERE TOWNHOMES SUBDIVISION PLANS AND SPECIFICATIONS, AS APPROVED BY
THE CITY OF OCOEE (HEREINAFTER, THE "IMPROVEMENTS"); OR
B. FAILURE TO HAVE PROPERLY REPLACED -'ANY PAVING OR OTHER STRUCTURES
WHICH HAVE BEEN FOUND BY THE CITY NOT TO COMPLY WITH ANY ORDINANCE,
RULE, REGULATION, POLICY OR APPROVAL OF THE CITY; OR
C, FAILURE TO HAVE PROPERLY REPLACED ANY OF THE IMPROVEMENTS, THE
MATERIALS, WORKMANSHIP, OR STRUCTURAL INTEGRITY OF WHICH HAVE BEEN FOUND
BY THE CITY NO TO COMPLY WITH,ANY ORDINANCE, RULE, REGULATION, POLICY
OR APPROVAL OF THE CITY.
THIS LETTER OF CREDIT SHALL BE DEEMED.IN FORCE"UNTIL DECEMBER 21, 2009
AND WILL AUTOMATICALLY BE EXTENDED FOR A PERIOD NOT TO EXCEED NINETY
9 0 } DAYS 'WITHOUT AMENDMENT UNLESS WE PROVIDE THE- CITY MANAGER OF THE
CITY OF OCOEE WITH WRITTEN NOTICE OF OUR INTENT `I'O TERMINATE THE CREDIT
HEREIN EXTENDED, WHICH,NOTICE MUST BE -PROVIDED AT LEAST THIRTY (30)
DAYS PRIOR TO THE EXPIRATION DATE'OF THE ORIGINAL TERM HEREOF OR ANY
RENEWED TERM.
DRAFTS MUST BE DRAWN AND = NEGOTIATED. NQ
g LATER THAN DECEMBER 21 , 2009.
DRAFTS MUST BEAR THE CLAUSE; "DRAWN R LETTER -OF CREDIT NO, 55102041
OR REGIONS BANK DATED DECEMBER 21, 2' � '' S'
THIS LETTER OF CREDIT SHALL REMAIN IN FULL FORCE AND EFFECT
NOTWITHSTANDING A PARTIAL, DRAW OR DRAWS SO LONG AS A SUM REMAINS TO BE
DRAWN OR UNTIL -THE LETTER 6F CREDIT HAS'EXPIRED.
EXCEPT AS OTHERWISE SPECIFICALLY- STATED' HEREIN-, THIS,LETTER OF CREDIT
SETS FORTH IN FULL 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 I5 REFERREDiTO OR THIS,LETTER OF,CREDIT RELATES,
AND ANY SUCH REFERENCE SHALL -NOT BE'DEEMED TO INCORPORATE HEREIN BY
REFERENCE ANY DOCUMENT, INSTRUMENT, OR AGREEMENT.
WE HEREBY AGREE WITH YOU THAT ALL DRAFTS ' DRAWN UNDER -AND - IN COMPLIANCE
WITH THE TERMS OF THIS LETTER OF CREDIT, THAT =SUCH DRAFTS WILL BE DULY
HONORED UPON PRESENTATION TO REGIONS FLANK, -111 NORTH ORANGE AVENUE,
SUITE 1010, ORLANDO, FL 32801 ATTN.; JOHN A. KOROMILAS, VICE PRESIDENT.
THIS LETTER OF CREDIT WILL BE CONSIDERED AS CANCELLED UPON RECEIPT BY
US OF THE ORIGINAL CREDIT INSTRUMENT OR UPON ANY PRESENT OR FUTURE
EXPIRY DATE HEREUNDER, WHICHEVER SHALL OCCUR FIRST,
THIS LETTER OF CREDIT IS SUBJECT TO THE "UNIFORM CUSTOMS AND PRACTICE
FOR DOCUMENTARY CREDITS", 2007 REVISION, INTERNATIONAL CHAMBER OF
COMMERCE, PUBLICATION NO. 600 AND.TO THE PROVISIONS OF FLORIDA LAB'. IF
Page 2 of 3
J�
EGIONS-
Our reference Number • , 55-102041 ,
PagAANK
A CONFLICT BETWEEN THE "UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY
CREDITS" AND FLORIDA LAW SHOULD ARISE,-FLORIDA LAWS SHALL PREVAIL. IF A
CONFLICT BETWEEN THE LAW OF ANOTHER,STATE OR"COUNTY AND FLORIDA LAB'
SHOULD ARISE, FLORIDA LAW SHALL PREVAIL.
REGIONS BANK
*lREA SIMS
OPERATIONS SPECIALIST
KDAASCV
NICE- PRESIDENT
�%UAAA4 lq*S WV,- - AIA
Page 3 of, 3
QD
-REGIONS
..
= 19 D - 5TH AVENUE NORTH , 2 2 NTH PLR.., B I RMINGHAM , - - ALA.BAI 3 5 2 0 3
S : . I F . T . UPNBS 4MIA TELEX 7 3 7 8 71 U'BMIA
_ PHONE. ' (866) 828-5928 FAX (205) 2-54 ' 6027
DATE : NO�1`MBER l 2 , 2 9
NOTICE -OF NON -RENEWAL OF LETTER OF CREDIT - NO , 5 51. d 2 0 41
BENEFICIARY:
C I T`Y '' OF OCOEE
5 NORTH L_ AKESHOR_E DRIVE
OCOEE Fig 3476
�
'APPLICANT:
E-SMERDEVELOPMENT, LLC
_-61W;. _ ,., COONZA DRIVE
ORLANDO, Ft a'3 2 8 81
REGIONS BANK ELECTS NOT TO RENEGE - STANDBY LETTER OF CREDITNC . 55102041
-FOR ANY ADDI°T'I.ONAL PERIOD. THIS LETTER QF LCREDIT WILL NOT BE EXTENDED
BEYOND 12/21/2009,
` -CREDIT AND AMENDMENTS, O R= KINDLY RETURN THE ORIGINAL LETTER OF .
_ :SURR8, RICANC,ELLATION TO THE. ADDRESS SHOWN BELOW'- IF, YOU HAVE. NO
F,RTER 'NEED FOP, IT HRH +LN ITEPI'RES,' WHICHEVER SHALL FIRST OCCUR_.
REGIONS BANS
ATTN: STANI7B LETTER OF -CREDIT ' DEPARTMENT
9,05TH AVENUE NORTH, =2 2ND, -.FLOOR
BIRMINGHAMr AL r 35201_
A PHONE: (2D5) -.264 5068
FAX -
SINCERELY,
;• AwrHO,R, I ZED , S I GNATURE )
Page l , o f 1
REGIONSA..,
BANK
March 20, 2008
CITY OF OCOEE
150 NORTH LAKESHORE DRIVE
OCOEE , FL 34761
U"ORTANT CHANGE OF ADDRESS NOTIFICATION
Re: Standby Letter of Credit Number: 55102041-00
Applicant: VVESMERE DEVELOPMENT, LLC'
Dear Beneficiary,
Please be advised that Regions' Standby Letter of Credit Department will be moving to a new
location.
Effective May' 22, 2008, please direct all of your correspondence to our new address:
1900 5 cn Avenue North
22 Floor
Birrningh.am, Al, 35203
Our same group of dedicated=International Aa.nMgi'�professionals will handle all -your servicing
needs without interruption and with, the _high-level of attention you have come to expect from
Regions Bank:
If you have any questions regarding your. Standby Letter of Credit transactions, please contact
one of our specialists toll -free at' 1-866-828--6928.
As always, we appreciate your business and look forward to our continued relationship.
Sincerely,
Donald McCorkell
Vice President, Global Trade Services
N R Member FDIC
REGIONS A,,,,
BANK
417 NORTH 20TH STREET, 5TH FL, BIFLMINGHAM, ALABAMA 35203
PHONE ( 866 ) 828---6928 FAX ( 205 ) 801-5788
S.W.I.F.T. UPNBUS44MIA TELEX 6737871 UPBMIA
IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER: 55102042
DATE OF ISSUE: DECEMBER 21, 2007
BENEFICIARY:
CITY OF OCOEE
150 NORTH LAKESHORE DRIVE
OCOEE, FL 34761
APPLICANT:
WESMERE DEVELOPMENT, LLC
61 W. COLONIAL DRIVE
ORLAN-DO , FL 32801
ISSUING BANK:
REGIONS BANK
INTERNATIONAL DIVISION, LETTER OF CREDIT DEPT.
417 N 20TH STREET, 5TH FLOOR
BIRMINGHAM, AL 35203
PROJECT NAME: WES ERE---PROPERTY-
DATE OF EXPIRY: DECEMBER 21, 2009
PLACE OF EXPIRATION: REGIONS BANK COUNTERS
AMOUNT: USD$227,905.05 (US DOLLARS TWO HUNDRED TWENTY SEVEN THOUSAND
NINE HUNDRED FIVE AND 05 / 100 ) {'
_ti�_ �3
� 1
WE HEREBY ESTABLISH OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO.
55102042 IN FAVOR OF CITY OF OCOEE, A FLORIDA MUNICIPAL CORPORATION,
AND AUTHORIZE YOU TO DRAW ON REGIONS BANK, 417 N 20TH STREET, 5TH
FLOOR, BIRMINGHAM, AL 35203 ATTN: INTERNATIONAL DIVISION, STANDBY
LETTER OF CREDIT DEPT., BY ORDER OF WESMERE DEVELOPMENT, LLC UP TO BUT
NOT EXCEEDING THE AGGREGATE AMOUNT OF USD$227,905.05 (US DOLLARS TWO
HUNDRED TWENTY SEVEN THOUSAND NINE HUNDRED FIVE AND 05/100), WHICH IS
AVAILABLE BY YOUR DRAFT AT SIGHT, WHEN ACCOMPANIED BY THIS LETTER OF
CREDIT AND EITHER ONE TO THE FOLLOWING DOCUMENTS:
1. A STATEMENT PURPORTEDLY SIGNED BY THE MAYOR, CITY MANAGER OR
AUTHORIZED REPRESENTATIVE TO THE EFFECT THAT THE PERFORMANCE OF WESMERE
DEVELOPMENT, LLC'S OBLIGATION HAS NOT BEEN COMPLETED YET AND THE LETTER
OF CREDIT WILL EXPIRE WITHIN 30 DAYS FROM THE DATE OF THE DRAWING
WITHOUT BEING EXTENDED OR REPLACED TO THE CITY'S SATISFACTION; OR
2. A STATEMENT PURPORTEDLY SIGNED BY THE MAYOR, CITY MANAGER OR
AUTHORIZED REPRESENTATIVE TO THE EFFECT THAT REGIONS BANK HAS LOST ITS
DESIGNATION AS "QUALIFIED PUBLIC DEPOSITORY" PURSUANT FLORIDA STATUTES,
CHAPTER 280, OR AN ACCEPTABLE REPLACEMENT LETTER OF CREDIT HAS NOT BEEN
RECEIVED; OR
3. A STATEMENT PURPORTEDLY SIGNED BY THE MAYOR, CITY MANAGER, OR
AUTHORIZED REPRESENTATIVE, THAT THE DRAWING IS DUE TO APPLICANT'S
FAILURE TO PERFORM ANY ONE OR MORE OF THE FOLLOWING OBLIGATIONS:
Page 1 of 3
REGIONS
Our reference Number: 55102042 PagN K
��
A. FAILURE TO HAVE PROPERLY MAINTAINED IN A FIRST CLASS CONDITION THE
FOLLOWING IMPROVEMENTS: THE IMPROVEMENTS SET FORTH IN THE WESMERE
PROPERTY SUBDIVISION PLANS AND SPECIFICATIONS, AS APPROVED BY CITY
HE "IMPROVEMENTS"); OR
B. FAILURE TO HAVE PROPERLY REPLACED ANY PAVING OR OTHER STRUCTURES
WHICH HAVE BEEN FOUND BY THE CITY NOT TO COMPLY WITH ANY ORDINANCE,
RULE, REGULATION, POLICY OR APPROVAL OF THE CITY; OR
C. FAILURE TO HAVE PROPERLY REPLACED ANY OF THE IMPROVEMENTS, THE
MATERIALS, WORKMANSHIP OR STRUCTURAL INTEGRITY OF WHICH HAVE BEEN FOUND
BY THE CITY NO TO COMPLY WITH ANY ORDINANCE, RULE, REGULATION, POLICY
OR APPROVAL OF THE CITY.
THIS LETTER OF CREDIT SHALL BE DEEMED IN FORCE UNTIL DECEMBER 21, 2009
AND WILL AUTOMATICALLY BE EXTENDED FOR A PERIOD NOT TO EXCEED NINETY
(90) DAYS WITHOUT AMENDMENT UNLESS WE PROVIDE THE CITY MANAGER OF THE
CITY OF OCOEE WITH WRITTEN NOTICE OF OUR INTENT TO TERMINATE THE CREDIT
HEREIN EXTENDED, WHICH NOTICE MUST BE PROVIDED AT LEAST THIRTY (30)
DAYS PRIOR TO THE EXPIRATION DATE OF THE ORIGINAL TERM HEREOF OR ANY
RENEWED TERM.
DRAFTS MUST BE DRAWN AND NEGOTIATED NqT LATER THAN DECEMBER 21, 2009.
DRAFTS MUST BEAR THE CLAUSE; "DRAWN fjNI7 R LETTER OF CREDIT NO. 55102042
>1
OR REGIONS BANK DATED DECEMBER 21, 2'0-0 7' . "1
THIS LETTER OF CREDIT SHALL REMAIN IN FULL FORCE AND EFFECT
NOTWITHSTANDING A PARTIAL DRAW OR DRAWS 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 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,
AND ANY SUCH REFERENCE SHALL NOT BE DEEMED TO INCORPORATE HEREIN BY
REFERENCE ANY DOCUMENT, INSTRUMENT, OR AGREEMENT.
WE HEREBY AGREE WITH YOU THAT ALL DRAFTS DRAWN UNDER AND IN COMPLIANCE
WITH THE TERMS OF THIS LETTER OF CREDIT, THAT SUCH DRAFTS WILL BE DULY
HONORED UPON PRESENTATION TO REGIONS BANK, 111 NORTH ORANGE AVENUE,
SUITE 1010, ORLANDO, FL 32801 ATTN: JOHN A. KOROMILAS, VICE PRESIDENT.
THIS LETTER OF CREDIT WILL BE CONSIDERED AS CANCELLED UPON RECEIPT BY
US OF THE ORIGINAL► CREDIT INSTRUMENT OR UPON ANY PRESENT OR FUTURE
EXPIRY DATE HEREUNDER, WHICHEVER SHALL OCCUR FIRST.
THIS LETTER OF CREDIT IS SUBJECT TO THE "UNIFORM CUSTOMS AND PRACTICE
FOR DOCUMENTARY CREDITS", 2007 REVISION, INTERNATIONAL CHAMBER OF
COMMERCE, PUBLICATION NO. 600 AND TO THE PROVISIONS OF FLORIDA LAW, IF
Page 2 of 3
REGIONS
Our reference Number: 55102042 PagNK
e�'�
A CONFLICT BETWEEN THE "UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY
CREDITS" AND FLORIDA LAW SHOULD ARISE, FLORIDA LAWS SHALL PRELiAIL. IF A
CONFLICT BETWEEN THE LAW OF ANOTHER STATE OR COUNTY AND FLORIDA LAW
SHOULD ARISE, FLORIDA LAW SHALL PREVAIL,
REGIONS BANK
4:�An.
AIJDREA SIMS
OPE IONS SPECIALIST
ANA DEASON
VICE PRESIDENT
Page 3 of 3
REGIONS
9 a a 5 TH AVENUE NORTH, 2 2 ND FLR, B I RMINGHAM, ALA.BAMA 35203
S.W.I.F.T. UPNBUS44MIA TELEX 6737871 UPBMIA
PHONE (866} 828-6928 FAX (205) 264-6D27
DATE* NOVEMBER 12, 2009
NOTICE OF NON -RENEWAL OF LETTER OF CREDIT NO.55102042
:. DENEFICIARY:
CITY -OF OCQEE
150 NORTH LAKESHQRE DRIVE
OC OEE , FL . .3 47 61
APPLICANT:
WESMERE ' "DEVELOPMENT, LLC
- 61 W . -COLONIAL DRIVE
ORLO,. _FL 32801
REGIONS BANK -ELECTS NOT TO RENEW STANDBY LETTER OF CREDIT- NO, 55102 a42
FOR ANY AADDITIONAL PERIOD. THIS LETTER OF CREDIT WILL NOT BE EXTENDED
BEYOND -12/21/2009.
KINDLYRETURNTHE ORIGINAL LETTER OF CREDIT AND AMENDMENTS, IF ANY, FOR
-'SURREMER/ CANCELLATION TO -THE ADDRESS SHOWN BELOW IF YOU HAVE . NO
- : UR'I`KER .NEED , FOR I`I' OR ' WHEN IT EXPIRES, WHICHEVER SHALL FIRST OCCUR.
REGIONS BANS
-ATTN: STANDBY LETTER OF CREDIT DEPARTMENT
1900 5TH AVENUE NORTH, 22ND FLOOR
- BIRMINGHAM, AL. '3 5 2 a 3
PHONE:.. (205) 264-6068
FAX: (205) 264-6027
.1NC ERPILY ,
0
iAUTHaRIZ D SIGNATURE}
1•
Page 1 of 1
REGIONS
BANK
March 20, 2008
CITY OF OCOEE
150 NORTH LAKESHORE DRIVE
OCOEE, F-1, 34761
LMYORTANT CHANGE OF ADDRESS NOT1 FICATION
Re: Standby Letter of Credit Number: 55102042- 00
Applicant: wESMERE DEVELOPMENT, LLC
Dear Beneficiary,
Please be advised that Regions' Standby Letter of Credit Department will be moving to a new
location.
Effective May 22, 2008, please direct all of your correspondence to our new address:
1900 5 "' Avenue North
22nd Floor
Birmingham, AL 35203 F=
• Y
1 i 5
Our same group of dedicated International Banking professionals will handle all your ser-vicing
needs without interruption and with the high level of attention you have come to expect from
Regions Bank.
If you have any questions regarding your Standby Letter of Credit transactions, please contact
one of our specialists toll -free at I-866-828-6928.
As always, we appreciate your business and look forward to our continued relationship.
S incerely,
Donald McCorkell
Vice President, Global Trade Services
f2r
Kw"Maw,
.ENDER Member FDIC