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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. I ~~ ~~~ ~~ ~- ~' 2001 1;; , t' M~fl ~ 6 ~- ,a 1. DE° ~~ T ONA 1A' 001060 NO~TrA.. ~ 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 .... • •. .nn r n. nn~ Tl n. 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