R96-022RESOLUTION NO. R96-~f~
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA, AUTHORIZING
THE SUBSTITUTION OF SURETY FOR THE PROJECT
KNOWN AS BOYNTON FESTIVE CENTER, PHASE II IN
THE AMOUNT OF $11,000.00; AND PROVIDING AN
EFFECTIVE DATE.
WHEREAS, the City currently holds a Letter of Credit No.
SM-49048-095 in the amount of $11,000.00, issued by
NationsBank of Florida, N.A., on February 1, 1995, on behalf
of applicant Florida Retail Properties, Inc.; and
WHEREAS, the property was sold on January 26, 1996 to
Agree Limited Partnership, and the new applicant has submitted
a substitute Letter of Credit, issued by Michigan National
Bank to be drawn on Barnett Bank of South Florida in the
amount of $11,000.00, No. LC-017722-MA;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA, THAT:
~ The City Commission of the City of Boynton
Beach, Florida hereby authorizes the release of surety to
Florida Retail Properties, Inc., (L/C #SM-49048-095), and
substitutes the Letter of Credit, No. LC-017722-MA in the
amoun tof $11,000o00, issued by Michigan National Bank on
behalf of new applicant, Agree Limited Partnership.
~_~ That this Resolution
effective immediately upon passage.
shall become
PASSED AND ADOPTED this ~ day of February, 1996.
CITY OF BOYNTON BEACH, FLORIDA
May& /
a¥or Pr~Tem ~',
~ner ~.~
ATTEST:
(Corporate Seal)
Commissioner
Sub. L/O($11,000)
2/15/g 6
Boynton Festive Center
Stic.higan
National
~!SSUIN6 BANK:
Michigan National Bank
27335 West Eleven Mile Road
Southfield, MI
48034
27-03
PLACE AND DATE OF ISSUE:
Southfield, MI
1996 JANUARY 26
APPLICANT:
AGREE LIMITED PARTNERSHIP
31850 NORTHWESTERN HIGHWAY
FARMINGTON HILLS, MI 48334
ADVISING BANK:
BARNETT BANK OF SOUTH FLORIDA
701BRICKELL AVE., 8TH FLOOR
MIAMI, FL 33131
PARTIAL DRAWINGS: PERMITTED.
IRREVOCABLE
STANOBY
LETTER OF CREDIT
NUMBER
LC-Ot7722-MA
PLACE AND DATE OF EXPIRY:
AT COUNTERS OF ADVISING BANK
1996 OCTOBER i
BENEFICIARY:
THE CiTY OF BOYNTON BEACH, FLORIDA
ATTN: PETER MAZZELLA
lO0 E_ BOYNTON 8EACH 8LVO.
80YNTON 8EACH, FL 33423-0310
AMOUNT: USDlt,000.OO
UP TO AN AGGREGATE THEREOF
CREDIT AVAILABLE WITH:
BARNETT BANK OF SOUTH FLORIDA
MIAMI, FL 35131
BY: PAYMENT
Against presentation of documents
detailed herein and drafts at:
SIGHT
Drawn on:
BARNETT BANK OF SOUTH FLORIDA
701 BRICKELL AVE., 8TH FLOOR
MIAMI, FL 33131
We hereby issue our irrevocable standby letter of credit in favor of
beneficiary.
Documents Required:
NONE.
THIS LETTER OF CREDIT IS CLEAN AND IRREVOCABLE AND SHALL REMAIN
ENFORCABLE UNTIL RELEASED BY A RESOLUTION ADOPTED BY THE CITY
COMMISSION.
THIS LETTER OF CREDIT IS RELATIVE TO WATER, SEWER, PAVING AND
DRAINAGE FOR TWO RETAIL CENTERS LOCATED AT "BOYNTON FESTIVE
CENTER" WHICH IS LOCATED AT N,W. CORNER OF CONGRESS AVENUE AND
Continued on page 2.
49~D2 ~ t 0/92)
Michigan_
National
Bank
Page: 2
Letter of Credit No. LC-Oi7722-MA
oi/2~/i99,s
OLD BOYNTON ROAD. BOYNTON BEACH, FLORIDA.
WE HEREBY ENGAGE WITH YOU THAT EACH DRAFT DRAWN UNDER AND IN COMPLIANCE WITH THE
TERMS OF THIS LETTER OF CREDIT WILL 8E DULY HONORED IF PRESENTED TO OUR OFFICE
AT 27335 WEST ELEVEN MILE ROAD (27-03), SOUTHFIELD, MICHIGAN 48034, ON OR BEFORE
THE EXPIRATION DATE.
THIS ORIGINAL LETTER OF CREDIT MUST BE SUBMITTED TO US TOGETHER WITH ANY
DRAWINGS HEREUNDER FOR OUR ENOORSEMENT OF ANY PAYMENTS EFFECTED BY US AND/OR FOR
CANCELLATION.
YHiS LETTER OF CREDIT IS ENFORCEABLE IN A COURT OF COMPETENT JURISDICTION ON
PALM BEACH COUNTY, FLORIDA, AND IS TO BE INTERPRETED 8Y FLORIDA LAW.
REIMBURSEMENT INSTRUCTIONS: UPON RECEIPT OF YOUR TESTED TELEX QUOTING OUR LETTER
OF CREDIT NUMBER AND AMOUNT OF DRAWING, WE SHALL REIMBURSE YOU ACCOROING TO YOUR
INSTRUCTIONS.
~02, lO 92i
NationsBank of Florida, N.A.
International Department
80 SW 8th Street, 23rd Floor, Miami, Florida 33130 U.S.A.
PO Box 019624, Miami Fl 33101-9624 U.S.A.
OI~IGINAL
Telephone (305) 358-0327
Telex: 6733602 NATIONSBK MIA
SWIFT: NABKUS3B
APPLICANT:
FLORIDA RETAIL PROPERTIES, INC.
P.O. BOX 772530
CORAL SPRINGS, FL 33077-2530
BENEFICIARY:
THE CITY OF BOYNTON BEACH, FLORIDA
100 E. BOYNTON BEACH BLVD.
P.O. BOX-310
BOYNTON BEACH, FL 33425-0310
ATTN: WILLIAM HUKILL
AMOUNT: USDll,000.00
ISSUE DATE: O1FEB95
L/C NUMBER: SM-49048-095
EXPIRY DATE - PLACE
31JAN96 AT OUR COUNTERS
WE HEREBY OPEN OUR IRREVOCABLE LETTER OF CREDIT
WHICH IS AVAILABLE AT SIGHT BY DRAFTS DRAWN ON
CLAUSE "DRAWN UNDER IRREVOCABLE LETTER OF CREDIT
DATED 01FEB95" ACCOMPANIED BY:
IN YOUR FAVOR
US BEARING THE
NO. SM-49048-095
A WRITTEN STATEMENT PURPORTEDLY SIGNED BY THE BENEFICIARY WITH THE
FOLLOWING WORDING:
FLORIDA RETAIL PROPERTIES, INC., AFTER APPROPRIATE NOTICE AND
DEMAND, ABANDONED THE PROJECT AND FAILED TO REPAIR PUBLIC
FACILITIES DAMAGED DURING THE COURSE OF CONSTRUCTION OF WATER,
SEWER, PAVING AND DRAINAGE AND/OR FAILED TO SECURE THE JOB SITE FOR
PHASE II OF THE PROJECT KNOWN AS BOYNTON FESTIVE CENTER LOCATED AT
THE N.W. CORNER OF CONGRESS AVENUE' AND OLD BOYNTON ROAD, BOYNTON
BEACH, FLORIDA AND THE COST TO REPAIR SUCH PUBLIC FACILITIES AND/OR
SECURE SUCH JOB SITE IS $11~000.00.
OUR CUSTOMER ADVISES US THAT PHASE II SHALL BE DEEMED COMPLETED
WHEN THE WATER, SEWER, PAVING AND DRAINAGE FOR THE TWO RETAIL
STORES ON THE WEST SIDE OF THE PROPERTY HAVE BEEN COMPLETED AND
APPROVED BY THE BENEFICIARY.
THE ORIGINAL LETTER OF CREDIT MUST ACCOMPANY ANY DRAWINGS.
THIS LETTER OF CREDIT IG SUBJECT TO THE UNIFORM
PRACTICE FOR DOCUMENTARY CREDITS (I993 REVISION)
CHAMBER OF COMMERCE PUBLICATION NO. 500.
CUSTOMS AND
INTERNATIONAL
SPECIAL CONDITIONS: DOCUMENTS TO BE FORWARDED TO NATIONSBANK OF'
FLORIDA, NA., ATTN: L/C DEPT., 80 S.W. 8TH STREET, 23RD. FLOOR,
MIAMI, FLORIDA 33130 TELEPHONE:(305)3?9-2847.
WE HEREBY ENGAGE WITH YOU THAT ALL DRAFTS
COMPLIANCE WITH THE TERMS OF THIS LETTER OF
HONORED UPON PRESENTATION TO US.
DRAWN UNDER AND IN
CREDIT WILL BE DULY
THIS IS IRREVOCABLE L/C NUMBER SM-49048-095 ISSUED O1FEB95
BY NATIONSBANK OF FLORIDA, N.A., MIAMI~ FLORIDA 33130 USA.
CJ
NATIONSBANK OF FLORIDA, N.A.
Micheline Daniel ? AVP
NationsBank of Florida, N.A.
International Depm'tment
80 SW 8th Street, 23rd Floor, Miami, Florida 33130 U.S.A.
PO Box 019624, Miami Fl 33101-9624 U.S.A.
ORIGINAL
Telephone (305) 358-0327
Telex: 6733602 NATIONSBK MIA
SWIFT: NABKUS3B
IRREVOCABLE STANDBY LETTER OF CREDIT AMENDMENT
ISSUE DATE: 08FEB95
~-- L/C NO. SM-49048-095
APPLICANT:
FLORIDA RETAIL PROPERTIES, INC.
P.O. BOX 772530
CORAL SPRINGS, FL 33077-2530
BENEFICIARy:
THE CITY OF BOYNTON BEACH, FLORIDA
100 E. BOYNTON BEACH, BLVD.
P.O. BOX 310
BOYNTON BEACH, FL 33425-0310
ATTN: WILLIAM HUKILL
THE ABOVE CREDIT IS AMENDED AS FOLLOWS:
1. ADD TO THE PORTION OF THE LETTER OF CREDIT SETTING FORTH THE
WORDING NECESSARY TO DRAW ON THE LETTER OF CREDIT THE FOLLOWING: IN
THE ALTERNATIVE, BUT NOT EARLIER THAN DECEMBER 31, 1995, A WRITTEN
STATEMENT PURPORTEDLY SIGNED BY THE BENEFICIARY THAT "PHASE II OF
THE PROJECT KNOWN AS BOYNTON FEGTIVE CENTER HAS NOT BEEN
COMPLETED."
2. ADD: "THIS LETTER OF CREDIT SHALL BE ENFORCEABLE IN A COURT OF
COMPETENT JURISDICTION IN PALM BEACH COUNTY, FLORIDA."
AMENDMENT NUMBER: 01
ALL OTHER TERMS AND CONDITIONS OF THE CREDIT REMAIN UNCHANGED.
THIS ADVICE OF AMENDMENT IS TO BE CONSIDERED A PART OF THE
ORIGINAL CREDIT AND MUST BE ATTACHED THERETO.
CJ
NATIONSBANK OF FLORIDA, N.A.
.~'uthorized Signature