HomeMy WebLinkAboutIrrevocable Letter of Credit Number 3078941COPIV
TOWNOF PAIL ;
Department of Community Development
75 South Frontage Road
Vail, Colorado 81657
970-479-2138
FAX 970-479-2452
www. vailgov. com
October 31, 2008
Jo Ann Hasegawa
Bank of America, N.A.
Trade Operations CA9-705-07-05
1000 W. Temple Street
Los Angeles, CA 90012-1514
Re: Irrevocable Letter of Credit Number 3078941
The Vail Corporation
Dear Ms. Hasegawa,
The above mentioned letter of credit is being returned as the work is complete. If you
have any questions please call George Ruther, Community Development Director, for
the Town of Vail at 970-479-2145.
Sincerely,
Lynne Campbell
Office Manager
Enclosure
CIA RECYCLED PAPER
Biinkof America
NON-RENEWAL NOTICE
BANK OF AMERICA - CONFIDENTIAL PAGE: 1
LOS ANGELES STANDBY
TRADE OPERATIONS CA9-705-07-05
1000 W. TEMPLE STREET OCTOBER 27, 2008
LOS ANGELES CA 90012-1514
IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER: 3078941
BENEFICIARY
THE TOWN OF VAIL, COLORADO
75 S. FRONTAGE ROAD WEST
VAIL, CO 81657
APPLICANT
THE VAIL CORPORATION
137 BENCHMARK RD.
AVON, CO 81620
PLEASE BE INFORMED THAT, IN ACCORDANCE WITH THE TERMS OF THE
ABOVE LETTER OF CREDIT NO. 3078941 WE HAVE ELECTED NOT TO RENEW
THE CREDIT, AND CONSEQUENTLY, THE CREDIT WILL ULTIMATELY EXPIRE
ON DECEMBER 31, 2008.
IF YOU REQUIRE ANY ASSISTANCE OR HAVE ANY QUESTIONS REGARDING
THIS NOTIFICATION, PLEASE CALL 1-800-541-6096 OPT 1.
BANK OF AMERICA, N.A.
AUT ORI ED SIGNATUR
JO ANN HASEGAWA
"'O~'100*
ORIGINAL
to~\
Q.
05-17-1486B 07-2000
BANK OF AMERICA - CONFIDENTIAL
DATE: DECEMBER 12, 2005
IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER: 3078941
PAGE: 1
BENEFICIARY APPLICANT
THE TOWN OF VAIL, COLORADO THE VAIL CORPORATION
75 S. FRONTAGE ROAD WEST 137 BENCHMARK RD.
VAIL, CO 81657 VON, CO 81620
AMOUNT
USD 110,000.00
ONE HUNDRED TEN THOUSAND AND
0011001S US DOLLARS
too
4 Cp EXPIRATION
9DECEMBER 31, 2006-AT OUR COUNTERS
.0
WE HEREBY ESTABLISH IN YOUR FAVOR OUR IRREVOCABLE STANDBY LETTER OF
CREDIT WHICH IS AVAILABLE WITH BANK OF AMERICA, N.A. BY PAYMENT
AGAINST PRESENTATION OF THE ORIGINAL OF THIS LETTER OF CREDIT AND
YOUR DRAFTS AT SIGHT DRAWN ON BANK OF AMERICA, N.A., ACCOMPANIED BY
THE DOCUMENT DETAILED BELOW:
A SIGNED STATEMENT BY THE BENEFICIARY STATING THE FOLLOWING:
1) "THERE HAS BEEN A DEFAULT IN THE COMPLETION OF RECONSTRUCTION WORK
AT THE NORTHEAST CORNER OF THE PROPOSED ARRABELLLE DEVELOPMENT AS
REQUIRED BY THE TOWN OF VAIL, STATE OF COLORADO, PURSUANT TO THE
NOVEMBER 11, 2005 LETTER TO VAIL RESORTS DEVELOPMENT COMPANY.
2) "THE AMOUNT DRAWN IS REASONABLY REQUIRED TO REMEDY THE DEFAULT"
THIS LETTER OF CREDIT SHALL BE DEEMED AUTOMATICALLY EXTENDED WITHOUT
AMENDMENT FOR A PERIOD OF ONE (1) YEAR FROM THE PRESENT"OR ANY FUTURE
EXPIRATION DATE, UNLESS AT LEAST SIXTY (60) DAYS PRIOR TO ANY
EXPIRATION DATE, WE NOTIFY YOU BY REGISTERED MAIL OR OVERNIGHT
COURIER SERVICE AT THE ABOVE ADDRESS, THAT WE ELECT NOT TO EXTEND
THIS LETTER OF CREDIT FOR ANY SUCH ADDITIONAL PERIOD.
WE HEREBY ENGAGE WITH YOU THAT DRAFT(S) DRAWN UNDER AND IN COMPLIANCE
WITH THE TERMS OF THIS LETTER OF CREDIT WILL BE DULY HONORED UPON
PRESENTATION TO US AT 1000 WEST TEMPLE STREET, 7TH FLOOR, MAIL CODE:
CA9-705-07-05, LOS ANGELES, CA 90012 ATTN: STANDBY LETTER OF CREDIT
DEPARTMENT ON OR BEFORE THE EXPIRATION DATE.
THIS LETTER OF CREDIT IS SUBJECT TO THE INTERNATIONAL STANDBY
PRACTICES 1998, ICC PUBLICATION NO. 590.
ORIGINAL
Bank of America, N.A.- Trade Operations
CA9-705.07-05
1000 W. Temple St., Los Angeles, CA 90012-15140
00-35-0201NSB 10-2005
i
R' 01 h, zf ma nes .
BANK OF MERICA - CONFIDENTIAL PAGE: 2
THIS IS AN INTEGRAL PART OF LETTER OF CREDIT NUMBER: 3078941
IF YOU REQUIRE ANY ASSISTANCE OR HAVE ANY QUESTIONS REGARDING THIS
TRANSACTION, PLEASE CALL 213-481-7835.
L
AUTHORIZED SIGNATURE
THIS DOCUMENT CONSISTS OF 2 PAGE(S).
HERMANN SCHUTTERLE
ORIGINAL
Bank ofAmcric , N.A. Trade Operations
CA9-705-07-05
1000 W. Temple St., Los Angeles, CA 90012-15140
00-35-0201NSB 10-2005
1 (10/29/2008) George Ruther - Re: Fwd: Arrabelle - UC for removal of planter Page 1
From: Tom Kassmel
To: George Ruther; Greg Hall; Tammy Nagel
Date: 10/27/2008 12:59 PM
Subject: Re: Fwd: Arrabelle - L/C for removal of planter
It sis complete from PW standpoint.
Tammy Nagel 10/27/2008 10:43 AM
Good morning gentlemen,
Matt requested that I forward the attached email from Vail Resorts attorney Orla Bannan re: release of bond
and letter of credit. Matt wanted to make sure that everyone is satisfied with the work. Also - Matt was not
sure who gives the letter of credit.
Just let me know how I can be of further assistance.
Tammy