HomeMy WebLinkAboutItem #10 Approval of a Two-Year Warranty Surety and Maintenance, Materials, and Workmanship Agreement with Letter of Credit with Mattamy Orlando LLC, for the Preserve at Crown Point Phase 2A Subdivision oco e
florida
AGENDA ITEM COVER SHEET
Meeting Date: April 3, 2018
Item #
Reviewed By:
Contact Name: Milen D. Womack, M�� Department Director:
Development Engineer
Contact Number: 407-554-7081 City Manager:
Subject: Approval of a Two-Year Warranty Surety and Maintenance, Material , nd orkmanship
Agreement with Letter of Credit with Mattamy Orlando LLC, for the Preserve at Crown Point-
Phase 2A Subdivision.
(District 1 —Commissioner Grogan)
BACKGROUND:
The Preserve at Crown Point — Phase 2A is a subdivision located on the west side of Ocoee Apopka Road and
situated along Ocoee Crown Point Parkway. The overall parcel is 57.93 acres in size, of which 12.63 acres are
identified as stormwater.
The developer has completed construction of the infrastructure improvements for the Preserve at Crown Point—
Phase 2A and has requested a Certificate of Completion for this phase. The infrastructure improvements include
certain roads, streets, sewer, water and reuse systems, drainage facilities (including retention and detention
ponds), and/or other improvements under the provisions. The Preserve at Crown point— Phase 2A development
also constructed several amenities for this phase of development. The first of these amenities is a .88 acre
playground with benches, fitness equipment, and shade structures. The other major amenity that will be provided
is a walking path in the upland trail tract adjacent to Lake Apopka. This trail will connect the West Orange Trail
south of Ocoee High School and will be open to the public. All identified punch list repairs are currently being
completed, and the developer will be ready to start the two-year warranty period for the public infrastructure
improvements once the punchlist items are inspected.
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 ($82,766.82). The attached Maintenance, Materials, and Workmanship Agreement
with Letter of Credit (Irrevocable Stand-By Letter of Credit issued by Wells Fargo Bank) acts as the executable
document between the developer and the City. The Letter of Credit will be kept on file with the signed
Maintenance, Materials, and Workmanship Agreement; this will ensure that funds will be available should they be
needed during the two-year warranty period.
The Surety will be returned to the developer upon completion of the two-year warranty period and the repair of
any damages caused over that two year period.
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 2A subdivision and execute the Maintenance, Materials, and Workmanship
Agreement with Letter of Credit?
RECOMMENDATION:
The Development Services Department recommends the acceptance of the Surety and the execution of the
Maintenance, Materials, and Workmanship Agreement with Letter of Credit with Mattamy Orlando LLC, for the
Preserve at Crown Point— Phase 2A Subdivision.
ATTACHMENTS:
Maintenance, Materials, and Workmanship Agreement with Letter of Credit;
Irrevocable Stand-By Letter of Credit from Wells Fargo 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 Dent Use:
Ordinance First Reading X 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. N/A
Reviewed by 0 N/A
2
MAINTENANCE,MATERIALS,AND
WORKMANSHIP AGREEMENT WITH LETTER OF CREDIT
PRESERVE AT CROWN POINT -PHASE 2A
THIS MAINTENANCE,MATERIALS,AND WORKMANSHIP AGREEMENT
(this"Agreement")is entered into this day of March, 2018,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—
PHASE 2A(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 21, 2016: OCOEE CROWN POINT PUD PHASE 2A—FINAL
SUBDIVISION PLAN; 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,N.A. (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 EIGHTY TWO THOUSAND SEVEN HUNDRED SIXTY SIX AND
82/100 DOLLARS ($82,766.82)to guaranty the maintenance,materials, workmanship, and
structural integrity of the Improvements and the other obligations of the Developer under this
ORLA_1688244.1
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.
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
-2-
ORLA_1688244.1
and attorneys' fees and costs incurred by the City in exercising or otherwise enforcing its rights
under this Agreement and Letter of Credit.
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.
-3-
ORLA 1688244.1
DEVELOPER:
MATTAMY ORLANDO LLC,
A Delaware limited liability company
Bc(),./('y:
Print Name: Andrew Abel
Title: Vice President
CITY:
ATTEST:
CITY OF OCOEE,FLORIDA, a Florida
municipal corporation
By:
Melanie Sibbitt, City Clerk By:
Rusty Johnson, Mayor
(SEAL)
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 .
By:
City Attorney
-4-
ORLA 1688244.1
EXHIBIT"A"
(Legal Description of Real Property Constituting the Subdivision)
PRESERVE AT CROWN POINT PHASE 2A,PLAT BOOK 92,PAGES 97 THROUGH 106,
INCLUSIVE,AS RECORDED IN THE PUBLIC RECORDS OF ORANGE COUNTY,FLORIDA.
•
LEGAL DESCRIPTION:
Parcel 1
A parcel of land located in Section 1,Township 22 South Range 27 East and Section 6,Township 22 South Range 78 East Orange County,Florida.Said parcel being more particufady described as follows.
Continence at the southwest corner of Tract of Ocoee Crown Point PUD Phase 4 as recorded in Plat Book 63,Page 24 of the Publk Records of Orange County,Florida.tints being a point on the South line of the southeast quarter of said Section I:thence run
along said South One of the soWuast quarter South 89'41'40'West a distance of 168225 feet thence leaving said South line run North 00'Sr 20'West a distance of 910.45 feet to the POINT OF BEGINNING,also being the southeast comer of■conservation
easement recorded In Ofddal Records Book 10450,Page 96 of the Public Records of Orange County,Florlda:thence run the following courses along the East line of said conservation easement North 21'06'03'East a distance of 9162 feet thence North OS'20'20'
West a distance of 99.86 feet thence North 12'21'33'East a distance of 4531 feet thence North 15'40'37'East a distance of 8254 feet thence North 07'29'04'East a distance of 67.12 feet thence North 00'37'59'East a distance of 85A2 feet thence North
or 19'34'East a distance of 7730 feet thence North 07'54'49'Fut a distance of 55.41 feet thence North 40'46'11'East,a distance of 59.82 feet thence North or 28'47 West a distance of 42.72 feet thence North 07'28'47 West a distance of 50,65 feet
thence North 10'41'55'West a distance of 5429 feet thence North 20'46'17 East a distance of 62.89 feet thence North 07'37'22'West a distance of 2933 feet thence North 77'14'29'East,a distance of 5594 feet thence North 06'00'10'Fut a distance of
174.71 feet thence North 04°49'OS'East a distance of 111.98 feet thence North 32'05'41'East a distance of 33.66 feet thence North 31'21'59'fast a distance of 104.66 feet thence North 02'40'11'East a distance of 5315 feet thence North 03'41'55'East
a distance of 70.28 feet thence North 20'51'18'East a distance of 18322 feet thence North 38'39'29'East a distance of 7552 feet thence North 35'09'45'East a distance of 123.35 feet thence North 35'09'45'East a distance of 15.37 feet thence North 56'
39'29'East a distance of 68.13 feet thence North 54'14'56'East a distance of 3750 feet thence North 34'26'13'East a distance of 12122 feet thence North 21'52'16'East a distance of 10291 feet thence North 00'26'05'East a distance of 12176 feet
thence North 13'33'39'East a distance of 105.91 feet thence North 25'07'27'East a distance of 99.84 feet thence leaving the East fine of said consevetion easement run Smith 74'58'27'East a distance of 490.06 feet thence North 39'44'15'Ext a distance
of 7226 feet to the pops of amebae of a cane concave southeasterly,having a radius of 34550 feet,a central angle of 08'17'33',a chord bearing o1 North 43.53'01'East and a chord distance o14919 feet thence run northerly along the arc of said nave a
distance of 49.93 feet thence South 41'50'13'East a distance of 3050 feet to a point on a non-tangent curve concave southerly.having a radius of 315.00 feet a central angle of 42'46'01',a chord bearing of North 69'24'48'East and a chord&stance of 229.70
feet,thence run norllely along the arc of said cave a distance of 235.12 feet thence South 89'12'12'East a distance of 118.27 feet to the point of curvature of a curve mom*smNhwesterly,having a radius of 280.00 feet a central angle of 90'41'33',a chord
barring of South 43'51'25'East and a chord distance of 39837 feet thence nm snoteastetfy along the arc of said cave a distance of 443.21 feet thence South 01'29'22'West a distance of 195.16 feet to the point of curnture of a curve concave nor lexterty,
having a radius of 70.00 feet a central angle of 96'24'12',a chord beating of South 46'42'44'East and a chord distance of 10437 het thence run southeasterly along the arc of said curve a distance of 117.78 feet thence North 85'05'10'Fast a distance of 86.13
feet to a point on the southerly fine of Tract'A'of said Ocoee Crown Point PUD Phase I plat thence run along said southerly line the following four courses;North 85'05'10'East a distance of 70239 feet to the point of curvature of a curve comae southeasterly,
having a radius of 155.00 feet a central angle of 72'51'15',a chord bearing of South 53'19'13'East and a doral distance of 184.08 feet,thence run southeasterly along the arc of said curve a distance of 19759 feet thence South 27 03'35'East a distance of
4177 feet to the point of cunetun of a nine cmrove northeasterly,having a radius of 1250 feet a central angle of 67'58'32',a chord bearing of South 56'02'51'East and a chord distance of 13.42 feet thence run southeasterly along the arc of said nave a
distance of 14.24 het to a point on the northerly Right of way line of Ocoee Crown Point Parkway as shown on said Ocoee Crown Point PUS Phase I plat said point being on a non-tangant cone concave southeasterly,having a radius of 100.00 feet,a casual angle
of 43'20'53',a chord bearing of South 68'17'27'West and a chord distance of 73/7 feet thence run westerly along said Right of Way One and the arc of said curve a&stance of 75.66 feet to a point on the easterly line of Tract'B'of said Ocoee Crown Point PUD
Phase I plat said point also being a point on a non-tangent curve concave westerly,having a radius Of 1050 feet a central angle of 68'40'35',a chord bearing of North 1716'43'East and a chord&stance of 1128 feet thence tun northerly along said easterly line
and arc of said curve a distance of 11.99 feet thence continue along the boundary line of said Tract'8'the following five courses,North 22'03'35'West a distance of 4313 feet to the point of curvature of a am concave southwesterly.having a radius of 95.00
feet a cental angle of 72'Sr 16',a chord bearing of North 58'29'17 West and a chord distance of 11212 feet,thence run northwesterly along the arc of said curve a&stance of 120.80 het thence South 85'05'10'West a distance of 61239 feet thence South
36'32'27'East a distance of 13.00 feet thence South 04'54'50'East a distance of 7437 fee to the point of curvature of a cove concave easterly,having a radius of 5735 feet a central angle of 28'22'43',a card bearing of South 19'06'12'East and a chord
distance of 2821 feet thence tun southerly along the arc of said curve a distance of 2850 feet thence South 33'17'33'East a distance of 23528 feet to the northerly corner of Trac'D'of said Ocoee Crown Pant PUD Phase I plat thence having said boundary One
of said Tract'B',run the following two courses along said Tract SD'.South 57'1704'West a distance of 5425 feet thence South 32'47'56'East a distance of 5617 feet to return to said boundary One of Tea's'and being a point on a non-tangent ane concave
southerly.haring a a&us of 2340.00 feet a central angle of 00'40'43',a chord bearing of South 55'44'38'West and a chord distance of 27.72 feet,thence run along said boundary line and arc of said cave a&stance of 27.72 feet thence condone along said
boundary line the following two courses.South 55'24'17'West a distance of 5356 feet thence South 34'35'43'East a distance 011050 feet to a point on said westerly Right of Way line of Ocoee Crown Point Parkway,thence non the following boo courses along
said Right of Way,South 55'24'17'West a distance of 38312 feet to the point of curvature of a curve concave southeastedy,having a radius of 733.73 feet a central angle of 11'03'46',a chord bearing of South 49'52'24'West and a chord distance of 14145
feet thence run southwesterly along the arc of said curve a distance of 14167 feet thence leaving said Right of Way line run North 45'39'29'West a distance of 4921 feet to the point of curvature of a ante concave southerly,having a radius of 250.00 feet,a
central angle of 48'32'00',a chord bearing of North 69'55'29'West and a chord distance of 205.49 feet thence run northwesterly along the arc of said curve a distance of 21177 feet thence South 85'48'31'West a distance of 371.78 feet to a paint on a
non-tangent curve concave westerly,having a radius of 115050 feet a central angle of 26'30 27'.a chord bearing of South 10.38'59'West and a chord distance of 52731 feet thence non southerly along the arc of said curve a distance of 532.04 feet thence
South 23'54'12'West a distance of 1094 feet thence North 66'05'48'West a distance of 124.00 feet thence South 23'54'12'West a distance o128323 feet to the point of curvature of a curve concave easterly,having a radius of 974.00 feet,a central angle of
02'30'06',a chord bearing of South 22'39'09'West and a chord distance of 4233 feet thence run southwesterly along the arc of said curve a distance 014233 feet to a point of compound=valve of a curve concave northeasterly.having a red's of 25.00 feet,a
central angle of 93'04'50',a dated bearing of South 25.08'19'East and a chord distance of 3629 feet thence run southeasterly along the arc of said curve a distance of 4061 feet thence South 18'19'16'West a distance of 52.00 feet to a point on a non-tangent
curve said ane concave so thMy,having a adios of 25.00 feet a central angle of 93'04'S0',a chord bearing of South 61'46'51'West and a chord distance of 3629 feet,thence run sadhwestarly along the arc of said curve a distance of 40.61 feet to a point of
compound awrure of a curve concave easterly,having a radius of 974.00 feet,a cental angle of 15'14'26',a chord bearing of South 07'37'13'West and a chord distance of 25832 feet thence tun southerly along the arc ofsaid area distance of 25958 feet
thence South 00'00'00"East a distance rat 13214 feet thence South 89'44'27'West a distance of 15810 feet thence South 00'15'33'East a distance of 54.00 feet thence South 89'44'27'West a distance 01 4750 feet thence North 00'15'33'West a
distance of 5450 feet thence South 89'44'27'Wert a distance of 12.91 feet thence North 00'15'33'West a distance of 5200 feet thence North 89'44'27'East a distance of 141.35 feet to the point of curvature of a curve concave northwesterly,having a adhs
of 2550 feet,a central angle of 89'44'27',a chord bearing of North 44'5713'East and a chord distance o13528 feet thence run northeasterly along the arc of said curve a distance of 3916 feet thence North 00'0000'East a distance of 56.19 feet to the point
of curvature of a curve concave easterly,having a radius of 1026.00 feeta central angle of 15'32'23',a chord bearing of North 07'46'11'East and a chord distance of 277.42 feet thence run northerly along the arc of said curve a distance of 27827 het to a point
of reverse curvature of a cone concave southwesterly.having a adios of 2550 feet a antral angle of 87'13'07',•chord bearing of North 28'04'11'West and a chord distance of 34.49 feet thence run northwesterly along the arc of said curve a distance of 38.06
feet thence North 18'19'16'Ext a&stance of 52.00 feet thence North 71'40'44'West a distance of 99.94 feet to a point on a non-tangent curve concave southeasterly,having a mus of 115050 feet,a central angle of 4'1713',a dead bearing of North 21'
45'36'East and a chord distance of 86.02 feet,thence run northerly along the arc of said ane a distance of 8604 feet thence North 23'54'12'East a distance of 29417 feet to the point of curvature of a curve concave westerly,having a radius of 85050 feet,a
cental angle of 24'53'15',a chord bearing of North 11'27'35'East and a chord distance of 36632 feet thence run northerly along the arc of said curve a distance of 36921 feet to an Intersection with a non-tangent curve concave northerly,having a radius of
1228.67 feet,a central angle of 07.59'37,a chord bearing of North 72'57'16'West and a chord distance of 17127 het thence run westerly along the arc of said nave a distance W 17141 feet:thence North 68'57'28'West a distance of 379.74 feet to a point on
a non-tangent curve concave easterly,having a redo of 996.00 feet a central angle of 30'11'29',a chord bearing of South 15'05'45'West and a chord distance 01518.71 feet thence run southerly along the arc of said care a distance of 62433 feet thence
South 00'00'00'East a distance of 70522 feet thence South 89'46'15'West a distance of 31230 feet to the POINT OF BEGINNING.
SAID PARCEL CONTAINS 57.292 ACRES,MORE OR LESS
•
-5-
ORLA_1688244.1
EXHIBIT"B"
FORM OF LETTER OF CREDIT
-6-
ORLA_1688244.1
N'clLs Fargo Bank,N.A.
U.S.Trade Services
Standby Letters of Credit
401 N.Itesrarclt E'A+n-.1st Phot
\I.-h1'[Lino-14117.
N'inaton-SaIcm.NC u71o1-41 7
Phone:1(80i1)776-3/462 Oita'in is
E-\tail:sblt.-newca ssrllsfargo.cotn
Irrevocable Standby Letter Of Credit
Number: 1500003404911
Issue Date; March 13,2018
BENEFICIARY APPLICANT
CITY OF OCOEE MATTAMY ORLANDO LLC
150 NORTH LAKESHORE DRIVE 1900 SUMMIT TOWER BLVD.,SUITE 500
OCOEE,FLORIDA 34761 ORLANDO,FLORIDA 32810
LETTER OF CREDIT ISSUE AMOUNT USD 82,766.82 EXPIRY DATE MARCH 13,2019
LADIES AND GENTLEMEN:
SUBDIVISION/PROJECT NAME:
PRESERVE AT CROWN POINT-PHASE 2A
WE,WELLS FARGO BANK,NA,HEREBY ESTABLISH OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO.
1$00003404911 IN FAVOR OF CITY OF OCOEE,A MUNICIPAL CORPORATION,BY ORDER AND FOR THE
ACCOUNT OF MATTAMY ORLANDO LLC UP TO THE AGGREGATE SUM OF USD 82,766.82(EIGHTY TWO
THOUSAND SEVEN HUNDRED SIXTY SIX AND 82/100 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.IS000034049U 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:PRESERVE AT CROWN POINT-PHASE 2A.";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 ACcggegtE well go LI
Page 1 of 3
.4114.11,19-414r
Esc h page of this document is an integral pan k
of this Irrevrxable Standby letter of Credit Number 1S000034049U
-/-
ORLA_1688244.1
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 ERM IS DEFINED IN THAT CERTAIN MAINTENANCE,MATERIALS AND WORKMANSHIP
AGREEMENT BETWEEN THE CITY AND APPLICANT WITH RESPECT TO THE FOLLOWING SUBDIVISION:
PRESERVE AT CROWN POINT-PHASE 2A".
THIS LETTER OF CREDIT SHALL BE IN FULL FORCE AND EFFECT UNTIL MARCH 13,2019,AND SHALL BE
DEEMED AUTOMATICALLY EXTENDED,WITHOUT WRITTEN AMENDMENT,FOR ONE YEAR PERIODS FROM
THE PRESENT OR ANY FUTURE EXPIRY DATE 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
NINETY(90)CALENDAR DAYS PRIOR TO THE EXPIRATION DATE OF THE ORIGINAL TERM HEREOF OR ANY
EXTENDED TERM.
ANY DRAFT DRAWN UNDER THIS LETTER OF CREDIT MUST BE MARKED"DRAWN UNDER IRREVOCABLE
STANDBY LETTER OF CREDIT NO.15000034049U 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,1ST 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 AGREEMENT TO ITS CANCELLATION. SUCH WRITTEN AGREEMENT TO CANCELLATION
SHOULD SPECIFICALLY REFERENCE THIS LETTER OF CREDIT BY NUMBER AND CLEARLY INDICATE THAT THE
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 SUBJECT TO 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.
Together we'll qo far
Page 2 of 3 1100,4414,114
Each page of this rnultipage document is an integral part
of this Irrevocable Standby letter of I.redit Number 15000034049U
-8-
ORLA 1688244.1
Very Truly Yours,
WELLS FARGO BANK,N.A.
By. Lap
ni,l
Authorized Signature
The original of the Letter of Credit contains an 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 or 401 N.Research Pkwy.1st Floor
MAC A0283-023, MAC D4004-017,
San Leandro,CA 94577-6922 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)
•
Together we'll go far
4
Page 3 of 3 410lior 141'10111t4
r
Each page of this ipage document is an Integral part
of this Irrevocable Standby Letter of Credit Number 15000034049U
-9-
ORLA_1688244.1