TO: City Commission
Lake Mary City Hall
Lake Mary, Florida
Gentlemen:
This is to advise that (bank or lending institution) hereby extends its irrevocable credit to the City Commission of Lake Mary, Florida, in the sum of dollars ($ ) to guarantee that all improvements set forth in the Subdivision Plans and Specifications and Developer's Agreement, as approved by Lake Mary, will be fully completed and paid for by , Developer of said Subdivision.
The(bank or lending institution) guarantees that this sum shall be available upon demand by the City Commission, available by your drafts at sight, along with your signed statement that drawing is due 20 all improvements set forth in the Subdivision Plans and Specifications.
Except as far as otherwise stated, this standby letter of credit is subject to the Uniform Customs and Practice for Documentary Credits (1983 Revision), International Chamber of Commerce Publication 400, for revision currently in effect.
In the event that the improvements shown on the Subdivision Plans and Specifications are not completed or paid in full by the day of , 20 , then and in that event, the City Commission of Lake Mary, Florida is authorized to draw upon this credit.
You will notify us when either:
1. The improvements have been timely completed and the credit may be released, or
2. The Developer has failed to perform or is in default on its obligation to complete and pay for said improvements.
We hereby agree with the drawers, endorsers, and bona fide holders of drafts under and in compliance with the terms of this credit that the same shall be duly honored on due presentation and delivery of documents as specified if negotiated on or before the day of , 20 .
Sincerely yours,
(bank or lending institution)
(Ord. 241, passed 11-27-85; Am. Ord. 547, passed 6-6-91)