34-002RRR Eastampton Savings Bank letter. ~~1~,~~n ~avc~~~
P. 0. Boz 351, Easthampton, MA 01027-0351 Tel. (413) 527-4111
March 15, 2001
Ms. Carolyn Misch, AICP
Sr. Land UsP Planner/
Permits Manager
City Hail, 210 Main Street
Room 11
Northampton, MA 01060-3198
Dear Ms. Misch:
We are enclosing our new Letter of Credit ~~132 dated March 12, 2001
with a new expiration date of June 19, 2001. This will replace the
old Letter ~~131, which expires on March I9, 2001.
Please be advised that the old Letter of Credit is still in force
until the maturity date when the new Letter will take effect.
Forward the old Letter back to us once it has expired.
Should there be any questions regarding these letters, please feel
free to contact us.
j~ery truly yours,
Debra A.. Kowalski
Administrative Asst.
DAK/k
Ene.
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~' 2001
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Office Hadley Office Northampton Offices Southampton Office
~'~t1uton ~a~v~~~~
P. 0. Box 351, Easthampton, MA 01027-0351 Tel. (413) 527-4111
March 12, 2001
Irrevocable Letter of Credit No.: 132
Maximum Amount: U.S. $10,000.00
Expiration Date: June 19, 2001
City of Northampton
Northampton, Massachusetts
(Beneficiary)
Gentlemen:
We hereby authorize you to draw on this Bank, up to an aggregate maximum amount of
$10,000.00 until June 19, 2001. (the expiration date), for the account of Sovereign
Builders, Inc.; the obligor. '. .
_. _... .
Your drafts will be accepted only.upon your strict compliance with the followmg terms:
1. Drafts drawn under this Letter of Credit must be marked as follows:
Drawn under Easthampton Savings Bank Letter of Credit Number 132
dated March 12, 2001. Said drafts must be signed by the City Treasurer of the
Beneficiary.
2. Each .draft must be accompanied by the Planriing Board's Certification that:
"We have incurred liability by reason of the failure of Sovereign Builders, inc.
within ninety days of the expiration date to complete the construction of the
project and all related legal documents and subdivision, and survey work at
Sovereign Meadows, Northampton, Mass. in accordance with the definative
subdivision approval, the Northampton Zoning Ordinance, and the Rules and
Regulations governing the Subdivision of Land in Northampton, including
establishing the one bank escrow account required by the subdivision permit.
The amount drawn, which may be more than required to complete the project,
will be held in a segregated bank account until the work can be bid
competitively and the bid awarded and paid for or until the contract. for the work
is otherwise let and the work paid for. Any excess over the cost of completing
the work will be returned to the grantor."
Easthampton Office Hadley Office Northampton Offices Southampton Office
---~6--Main Street-100-East Street 29-7-King-Street c`~ 21-L-ocust Street 134-College-Highway-
3. All requests for payment under this Letter of Credit, with all required
documents, must be received and acknowledged by the Bank in writing or by
signed return receipt requested or certified mail at its office at 36 Main Street,
Easthampton, Hampshire County, Massachusetts no later than 12:00 noon on
the expiration date set forth above for the purpose of drawing upon this Letter of
Credit, time being of the essence. This Letter of Credit will expire without
further notice from the Bank or liability of the Bank to you, upon the expiration
date as set forth herein.
~+. l hrs LCI:teI 'of C I CCilC',S ilt3t asstgnc:bl~ v. auaa~i.'`. 1i}~ y .^.'.~..
5. Upon the earliest of (i) our honoring your drafts up to the aggregate maximum
amount of this Letter of Credit, (ii) the surrender to us by you of this Letter of
Credit for cancellation, or (iii) the expiration date of this Letter of Credit, this
Letter of Credit shall automatically terminate.
6. In the event the Beneficiary shall give written notice that the Obligor(s), in the
judgement of the Beneficiary, have failed to develop the subdivision as set forth
in Paragraph 2. a, hereof, the Bank shall make any funds undisbursed available
to the Beneficiary as herein provided; provided however, that upon any such
notice, the Bank shall have the right, but not the obligation, to cure such default
before any funds are disbursed hereunder, subject to the Planning Board's
reasonable time limitations and its approval of the contractor or contractors
selected by the Bank to cure such default, which approval shall not be
unreasonably withheld or delayed. Not withstanding any other section of this
Letter of Credit, the expiration date of the Letter shall automatically be extended
by the time period granted to the Bank to cure such default.
7. The Beneficiary agrees that any payments received by it from the Bank will be
expended solely for the purpose of curngany deauit ofthe ~ibligor(s) in its
obligations and commitments to the City.
The purpose of this letter of Credit is to secure the obligations of the Obligor(s)
to complete, in accordance with Planning Board requirements, the construction
of ways and other improvements within the subdivision known as Sovereign
Meadows, Northampton, Massachusetts, all in accordance with the approved
Definative Plan.
9. This Letter of Credit is subject to and shall be interpreted in accordance with the
Uniform Commercial Code of the Commonwealth of Massachusetts.
Very truly yours,
Easthampton Savings Bank
c~~~~
Denise v. Laker
Vice President
DVL/k
~~1~IZ ~a'Ul7Z~~
P. O. Box 351, .Easthampton, MA 01027-0351 Tel. (413) 52
December 11, 2000
Irrevocable Letter of Credit No.: 131
Maximum Amount: U. S. $10, 000.00
Expiration Date: March 19, 2001
City of Northampton
Northampton, Massachusetts
(Beneficiary)
Gentlemen:
We hereby authorize you to draw on this Bank, up to an aggregate maximum amount of
$10,000.00 until March 19, 2001 (the expiration date), for the account of Sovereign
Builders, Inc., the obligor.
Your drafts will be accepted only upon your. strict compliance with the following terms:
1. Drafts drawn under this Letter of Credit must be marked as follows:
Drawn under Easthampton Savings Bank Letter of Credit Number 131
dated December 11, 2000. Said drafts must be signed by the City Treasurer of
the Beneficiary.
2. Each draft must be accompanied by the Planning Board's Certification that:
We have incurred liabi.litq ~iy re~snr. of the failure of Co"eret~4 Rudders, Inc.
within ninety days of the expiration date to complete the construction of the
project and all related legal documents and subdivision, and survey work at
Sovereign Meadows, Northampton, Mass. in accordance with the definative
subdivision approval, the Northampton Zoning Ordinance, and the Rules and
Regulations governing the Subdivision of Land in Northampton, including
establishing the one bank escrow account required by the subdivision permit.
The amount drawn, which may be more than required to complete the project,
will be held in a segregated bank account until the work can be bid
competitively and the bid awarded and paid for or until the contract for the work
is otherwise let and the work paid for. Any excess over the cost of completing
the work will be returned to the grantor."
Easthampton Office Hadley Office Northampton Offices Southampton Office
- ----- 36-Main Street 100-East Street 2-97-King Street F~ 2-1-L-ocust Street 134-College-Highway-
3. All requests for payment under this Letter of Credit, with all required
documents, must be received and acknowledged by the Bank in writing or by
signed return receipt requested or certified mail at its office at 36 Main Street,
Easthampton, Hampshire County, Massachusetts no later than 12:00 noon on
the expiration date set forth above for the purpose of drawing upon this Letter of
Credit, time being of the essence. This Letter of Credit will expire without
further notice from the Bank or liability of the Bank to you, upon the expiration
date as set forth herein.
~. Thies T ?tr~_ cf C~~>dit i.5' not a~sigi~au'e or iransIerabie by you:
5. Upon the earliest of (i) our honoring your drafts up to the aggregate maximum
amount of this Letter of Credit, (ii) the surrender to us by you of this Letter of
Credit for cancellation, or (iii) the expiration date of this Letter of Credit, this
Letter of Credit shall automatically terminate.
6. In the event the Beneficiary shall give written notice that the Obligor(s), in the
judgement of the Beneficiary, have failed to develop the subdivision as set forth
in Paragraph 2.a. hereof, the Bank shall make any funds undisbursed available
to the Beneficiary as herein provided; provided however, that upon any such
notice, the Bank shall have the right, but not the obligation, to cure such default
before any funds are disbursed hereunder, subject to the Planning Board's
reasonable time limitations and its approval of the contractor or contractors
selected by the Bank to cure such default, which approval shall not be
unreasonably withheld or delayed. Not withstanding any other section of this
Letter of Credit, the expiration date of the Letter shall automatically be extended
by the time period granted to the Bank to cure such default.
7. The Beneficiary agrees that any payments received by it from the Bank will be
a t t:;,~.. ~.!.o F .~r;t+',a ~~ :~+; Ellie.. ~h~' nn (e~ in itc
C~.1Jv11Ue1 s~J,1G1~'v)1 4i11i 1Jur~i~;JJ~+ ~tfY.-V.,cl')sb u.~y -~tav u:.it~. ..r ~ u.,. - 1..,_.s•. x r. _- _
obligations and commitments to the City. .
8. The purpose of this letter of Credit is to secure the obligations of the Obligor(s)
to complete, in accordance with Planning Board requirements, the construction
of ways and other improvements within the subdivision known as Sovereign
Meadows, Northampton, Massachusetts, all in accordance with the approved
Definative Plan.
9. This Letter of Credit is subject to and shall be interpreted in accordance with the
Uniform Commercial Code of the Commonwealth of Massachusetts.
Very truly yours,
Easthampton S avings B ank
/~ 11
D n1Se V. Lalzer
Vice President
DVL/k
~t1~l~n ~av~~~
P. O. Box 351, Easthampton, MA 01027-0351 Tel. (413) 527-4111
December 11, 2000
Ms. Carolyn Misch, AICP
Sr. Land Use Planner/
Permits Manager
City Hall, 210 Main St.
Room 11
Northampton, MA 01060--3198
Dear Ms. Misch:
We are enclosing our new Letter of Credit 4131 dated December 11, 2000
with a new expiration date of March 19, 2001. This will replace the
old Letter ~~130, which will expire on December 19, 2000.
Please be advised that the old Letter of Credit is still in force until
the maturity date when the new Letter will take effect. Forward the old
Letter back to us once it has expired.
Should there be any questions regarding these letters, please feel free
to contact us.
Very truly yours,
G~ ~
Debra A. owalski
Administrative Asst.
DAK/k.
Enc.
Easthampton Office Hadley Office Northampton Offices Southampton Office
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