HomeMy WebLinkAboutMarshall Street Self StorageJ I R S86.00
D So.00
2016098682
09/27/2016 04:52:35 PM 16 Page(s)
QJEFFERSON COUNTY, Colorado
SUBDIVISION IMPROVEMENT AGREEMENT
THIS AGREEMENT made this of by 1
and between the CITY OF WHEAT RIDGE, COLORADO, a home rule municipal
corporation (the "City"), and )l.,l.X", k J -u `ru„ LL Q , (the "Developer"),
together referred to as the "Parties".
RECITALS:
The Developer is the owner of certain real property located in the City of Wheat
Ridge, which is more particularly described in Exhibit A and made a part hereof (the
"Property"), commonly known as Marshall Street Self Storage
On City of Wheat Ridge approved the final plat for
the Property titled Marshall Street Self Storage A copy of the Final Plat
is attached hereto as Exhibit B and incorporated herein.
The approvals cited above are contingent upon the express condition that all duties
created by this Agreement be faithfully performed by the Developer.
AGREEMENT
NOW, therefore, for and in consideration of the mutual promises and covenants
contained herein, the sufficiency of which are mutually acknowledged, the parties hereto
agree as follows:
1. Purpose. The purpose of this Agreement is to set forth the terms,
conditions, and fees to be paid by the Developer upon subdivision of the Property. All
conditions contained herein are in addition to any and all requirements of the City of
Wheat Ridge Subdivision Ordinance and Zoning Ordinance, the City of Wheat Ridge
Charter, any and all state statutes, and any other sections of the City of Wheat Ridge
Municipal Code and are not intended to supersede any requirements contained therein.
2. Other Requirements. Intentionally deleted.
3. Fees. The Developer hereby agrees to pay City Development Review
fees to the City for engineering, hydrological, surveying, legal, and other services
rendered in connection with the review of the subdivision of the Property.
4. Parkland dedication fee -in lieu. Fees in lieu of land dedication, when
required, shall be calculated pursuant to the formula in Section 26-413 and shall be paid
at the time of plat recordation.
SUBDIVISION IMPROVEMENT AGREEMENT 10114
5. Title Policy. Prior to recording of the final plat (or, if no plat is associated
with the development; prior to and as a condition of final approval of the development
by the City), title commitment for all those portions of the Property, as well as any other
interests in real property (easements, etc.) to be reserved for public purposes or
dedicated to the City shall be provided to the City. The title commitment shall show that
all such property is or shall be, subsequent to the execution and recording of this
Agreement, free and clear of all liens and encumbrances (other than real estate taxes
which are not yet due and payable) which would make the dedication or reservation
unacceptable as the City determines in its reasonable discretion. The City, in its sole
discretion, may accept any dedication regardless of encumbrances. The title policy
evidenced by the title commitment shall be provided within thirty (30) days after the
recording of this Agreement, in an amount equal to the fair market value of the property
so dedicated or reserved.
6. Breach by the Developer the City's Remedies. In the event of a breach of
any of the terms and conditions of this Agreement by the Developer, the City Council
shall be notified immediately and the City may take such action as permitted and/or
authorized by law, this Agreement, or the ordinances and Charter of the City as the City
deems necessary to protect the public health, safety and welfare; to protect lot buyers
and builders; and to protect the citizens of the City from hardship and undue risk.
These remedies include, but are not limited to:
(a) The refusal to issue any building permit or certificate of occupancy;
(b) The revocation of any building permit previously issued under which
construction directly related to such building permit has not commenced,
except a building previously issued to a third party,
(c) A demand that the security given for the completion of the Public
Improvements be paid or honored, or
(d) Any other remedy available at law or in equity.
Unless necessary to protect the immediate health, safety and welfare of the City or to
protect the City's interest with regard to security given for the completion of the Public
Improvements, the City shall provide the Developer thirty (30) days written notice of its
intent to take any action under this paragraph during which thirty day period the
Developer may cure the breach described in the notice.
7. Public Improvements and Warranty. All storm sewer lines, drainage
structures, paved streets, curb, gutter and sidewalk, including the undergrounding of all
overhead utilities, and necessary appurtenances as shown on the subdivision plat and
the associated construction documents (the "Public Improvements" or "Improvements")
as approved by the Director of Public Works or designee of the City, shall be installed
and completed at the expense of the Developer within the timeframes set forth in
Section 10 of this Agreement. The itemized costs of the Public Improvements required
by this Agreement and shown on the construction documents approved by the Director
SUBDIVISION IMPROVEMENT AGREEMENT 10114
of Public Works of the City are set forth on Exhibit C. All Public Improvements covered
by this Agreement shall be made in accordance with the construction documents drawn
according to regulations and construction standards for such improvement and
approved by the Director of Public Works of the City. It is understood by the Parties that
the description of the Public Improvements may be general in nature, and that
reasonable modifications of the scope, nature, costs, and similar aspects of the Public
Improvements may be necessary to secure final approval of the Public Improvements.
The quantities and locations for the Public Improvements are based on information that
was available at the time of approval of the Final Plat. Additional Public Improvements
may be required, and Developer shall be responsible for submitting revisions to the
Final Plat approved by the City. The Public Improvements shall be substantially
complete, with only such exceptions as shall be approved in advance by the Director of
Public Works in the exercise of his or her sole discretion, prior to the issuance of the
first Building Permit.
The Developer shall also warrant any and all Public Improvements which are
conveyed to the City pursuant to this Agreement for a period of two (2) years from the
date the City's Director of Public Works certifies that the same conforms to the
specifications approved by the City. Specifically, but not by way of limitation, the
Developer shall warrant the following:
(a) That the title conveyed shall be marketable and its transfer rightful;
(b) Any and all facilities conveyed shall be free from any security interest or
other lien or encumbrance; and
(c) Any and all facilities so conveyed shall be free of defects in materials or
workmanship for a period of two (2) years as stated above.
(d) To the degree the Developer is required to install and maintain
landscaping on public or private property, it is the obligation of Developer
and its successors and assigns, to maintain the required landscaping in
perpetuity. Following a period of twelve months, if the City determines
that the installed required landscaping is not viable, an alternate
landscaping plan shall be provided by the Developer, to be approved by
the City, and shall be installed and maintained by the Developer. The
willow stake plantings shall be considered viable after twelve months if
approximately 70% of the plantings are established generally throughout
the planting area.
The City will finally accept for maintenance all Public Improvements, exclusive of
landscaping materials, after the warranty period has expired provided all warranty work
has been completed. The City shall accept for snow removal purposes only, all
dedicated public streets after the City issues the first certificate of occupancy.
SUBDIVISION IMPROVEMENT AGREEMENT 10114
91
8. Installation of Traffic Signal. A traffic signal may be required to serve this
development. Determination of the need for the signal shall be made by the City's
Public Works Director, hereinafter "Director", prior to building permit issuance and
based upon a traffic study for this development approved by the City. The Developer
shall provide collateral for the estimated cost of installation of the traffic signal prior to
building permit issuance, if the Director has determined that a signal is needed. Prior to
building permit issuance, the Developer shall provide traffic signal plans for approval by
the Developer and the Colorado Department of Transportation.
The Developer shall notify the City in writing, a minimum of one hundred sixty
(160) days prior to the desired time of installation/modification of the traffic signal in
order to allow the City to coordinate the timing of the traffic signal improvements. If the
Director approves installation of the signal based on meeting traffic warrants, the City
shall then notify the Developer in writing of the exact amount required for the traffic
signal improvements. The Developer shall then make payment to the City in cash for
the required amount within sixty (60) days of receipt of such letter. The City will not
commence traffic signal improvements until the Developer has paid to the City the total
amount determined by the Director to be the total cost of improvements.
9. Observation, Inspection and Testing. The City shall have the right to
require reasonable engineering observations and testing at the Developer's expense.
Observation and testing, acquiescence in, or approval by any engineering inspector of
the construction of physical facilities at any particular time shall not constitute the
approval by the City of any portion of the construction of such Public Improvements.
Such approval shall be made by the City, only after completion of construction and in
the manner hereinafter set forth.
The Director is designated by the City to exercise authority on its behalf under
this Agreement and to see that this Agreement is performed according to its terms.
Work under this Agreement may, without cost or claim against the City, be suspended
by the Director for substantial cause.
The Director shall, within a reasonable time after presentation, make decisions in
writing on all claims of Developer and on all other matters relating to the execution and
progress of the work or the interpretation of this Agreement, the master plan and
specifications. All such decisions of the Director shall be final.
The Director shall make all determinations of amounts and quantities of work
performed hereunder. To assist him in this work Developer shall make available for
inspection any records kept by Developer.
SUBDIVISION IMPROVEMENT AGREEMENT 10114
4
The Director shall make all determinations of amounts and quantities of work
performed hereunder. To assist him in this work Developer shall make available for
inspection any records kept by Developer.
The Director and his authorized representatives shall have free access to the
work at all times, and Developer shall furnish them with facilities for ascertaining
whether the work being performed, or the work which has been completed, is in
accordance with the requirements of the Agreement.
The Director will make periodic observations of construction (sometimes
commonly referred to as "supervision"). The purpose of these observations and
construction checking is to determine the progress of the work and to see if the work is
being performed in accordance with the plans and specifications. He will in no way be
responsible for how the work is performed, safety in, on, or about the job site, methods
of performance, or timeliness in the performance of the work.
Inspectors may be appointed to inspect materials used and work done.
Inspections may extend to all or any part of the work and to the preparation or
manufacture of the materials to be used. The inspectors will not be authorized to alter
the provisions of this Agreement or any specifications or to act as foreman for
Developer. The Inspector will have authority to reject defective materials and to
suspend any work that is being done improperly, subject to the final decision of the
Director.
10. Completion of Public Improvements. The obligations of the Developer
provided for in paragraph 7 of this Agreement, including the inspections hereof, shall be
performed on or before March 1 2018 , and proper
application for acceptance of the Public Improvements shall be made on or before such
date. Upon completion of construction by the Developer of such Improvements, the
City's Director of Public Works or designee, shall inspect the Improvements and certify
with specificity its conformity or lack thereof to the City's specifications. The Developer
shall make all corrections necessary to bring the Improvements into conformity with the
City's specifications. Once approved by the City's Director of Public Works, the City
shall accept said Improvements upon conveyance; provided, however, the City shall not
be obligated to accept the Public Improvements until the actual costs described in this
Agreement are paid in full by the Developer.
11. Protection. Developer, at its expense, shall continuously maintain
adequate protection of all Improvements from damage prior to acceptance by the City
and shall protect the City's property from injury and loss arising in connection with this
Agreement. Developer shall make good any such damage, injury or loss except such
as may be caused directly by authorized agents or employees of the City. Developer
shall adequately protect adjacent property and shall provide and maintain all
SUBDIVISION IMPROVEMENT AGREEMENT 10114
5
passageways, guard fences, lights and other facilities for protection required by public
authority or local conditions.
Developer shall be responsible for damage to any public and private property on
and adjacent to the site of Developer's Improvements caused by negligent or willful acts
of Developer, its agents or subcontractors. Developer shall take all reasonable effort
necessary to prevent damage to pipes, conduits, and other underground structures and
to overhead wires, and to water quality. Developer shall protect carefully from
disturbance or damage all land monuments and property marks until an authorized
agent of the City has witnessed or otherwise referenced their location, and shall not
remove them until directed. When any direct or indirect damage or injury is done to
public or private property by or on account of any act, omission, neglect or misconduct
in the construction of Improvements, or in consequence of the non -execution thereof on
his part, such damaged property shall be restored by Developer at its own expense to a
condition similar or equal to that existing before such damage or injury.
Developer shall at all times, whether or not so specifically directed by the
Director, take necessary precautions to insure the protection of the public. Developer
shall furnish, erect and maintain, at its own expense, all necessary barricades, suitable
and sufficient red lights, construction signs, provide a sufficient number of watchmen,
and take all necessary precautions for the protection of the work and safety of the public
through or around his construction operations as Developer and the Director shall deem
reasonably necessary.
12. Related Costs - Public Improvements. The Developer shall provide all
necessary engineering designs, surveys, field surveys, testing and incidental services
related to the construction of the Public Improvements at its sole cost and expense,
including final drainage study letter certified accurate by a professional engineer
registered in the State of Colorado.
13. Improvements to be the Property of the City. All Public Improvements for
roads, concrete curb and gutters, public storm sewers and public drainage
improvements accepted by the City shall be dedicated to the City and warranted for a
period of twenty-four (24) months following acceptance by the City, as provided above.
14. Performance Guarantee. In order to secure the construction and
installation of the Public Improvements the Developer shall, prior to recording the Final
Plat, if applicable, in the real estate records of Jefferson County, which recording shall
occur no later than ninety (90) days after the execution of this Agreement, furnish the
City, at the Developer's expense, with the Performance Guarantee described herein.
The Performance Guarantee provided by the Developer shall be an irrevocable letter of
credit in which the City is designated as beneficiary, for one hundred twenty-five percent
(125%) of the estimated costs of the Public Improvements to be constructed and
installed as set forth in Exhibit C, if applicable to secure the performance and
SUBDIVISION IMPROVEMENT AGREEMENT 10114
completion of the Public Improvements as required by Section 26-418 Security for
Required Improvements, of the Wheat Ridge Subdivision Regulations. The Developer
agrees that approval of this Agreement by the City is contingent upon the Developer's
provision of an irrevocable letter of credit to the City within ninety (90) days of the
execution of this Agreement in the amount and form provided herein. Failure of the
Developer to provide an irrevocable letter of credit to the City in the manner provided
herein shall negate the City's approval of this Agreement. Letters of credit shall be
substantially in the form and content set forth in Exhibit D, if applicable, and shall be
subject to the review and approval of the City Attorney. The Developer shall not start
any construction of any public or private improvement on the Property including, but not
limited to, staking, earthwork, overlot grading or the erection of any structure, temporary
or otherwise, until the City has received and approved the irrevocable letter of credit.
The estimated costs of the Public Improvements shall be a figure mutually
agreed upon by the Developer and the City's Director of Public Works, as set forth in
Exhibit C if applicable. If, however, they are unable to agree, the Director of Public
Works' estimate shall govern after giving consideration to information provided by the
Developer including, but not limited to, construction contracts and engineering
estimates. The purpose of the cost estimate is solely to determine the amount of
security. No representations are made as to the accuracy of these estimates, and the
Developer agrees to pay the actual costs of all such Public Improvements.
The estimated costs of the Public Improvements may increase in the future.
Accordingly, the City reserves the right to review and adjust the cost estimate on an
annual basis. If the City adjusts the cost estimate for the Public Improvements, the City
shall give written notice to the Developer. The Developer shall, within thirty (30) days
after receipt of said written notice, provide the City with a new or amended letter of
credit in the amount of the adjusted cost estimates. If the Developer refuses or fails to
so provide the City with a new or amended letter of credit, the City may exercise the
remedies provided for in this Agreement; provided, however, that prior to increasing the
amount of additional security required, the City shall give credit to the Developer for all
required Public Improvements which have actually been completed so that the amount
of security required at all time shall relate to the cost of required Public Improvements
not yet constructed.
In the event the Public Improvements are not constructed or completed within the
period of time specified by paragraph 9 of this Agreement or a written extension of time
mutually agreed upon by the parties to this Agreement, the City may draw on the letter
of credit to complete the Public Improvements called for in this Agreement. In the event
the letter of credit is to expire within fourteen (14) calendar days and the Developer has
not yet provided a satisfactory replacement, the City may draw on the letter of credit and
either hold such funds as security for performance of this Agreement or spend such
funds to finish Public Improvements or correct problems with the Public Improvements
as the City deems appropriate.
SUBDIVISION IMPROVEMENT AGREEMENT 10114
�1
Upon completion of performance of such improvements, conditions and
requirements within the required time, the Developer shall issue an irrevocable letter of
credit to the City in the amount of twenty-five percent (25%) of the total cost of
construction and installation of the Public Improvements, to be held by the City during
the warranty period. If the Public Improvements are not completed within the required
time, the monies may be used to complete the improvements.
15. Indemnification. The Developer shall indemnify and hold harmless the
City and its officers, employees, agents or servants from any and all suits, actions, and
claims of every nature and description caused by, arising from or on account of this
Agreement any act or omission of the Developer, or of any other person or entity for
whose act or omission the Developer is liable, with respect to the Public Improvements;
and the Developer shall pay any and all judgments rendered against the City as a result
of any suit, action, or claim, together with all reasonable expenses and attorney's fees
and costs incurred by the City in defending any such suit, action or claim.
The Developer shall pay all property taxes on the Property dedicated to the City
and shall indemnify and hold harmless the City for any property tax liability.
16. Waiver of Defects. In executing this Agreement, the Developer waives all
objections it may have concerning defects, if any, in the formalities whereby it is
executed, or concerning the power of the City to impose conditions on the Developer as
set forth herein, and concerning the procedure, substance, and form of the ordinances
or resolutions adopting this Agreement.
17. Third Party Beneficiaries. There are and shall be no third party
beneficiaries to this Agreement.
18. Modifications. This instrument embodies the whole agreement of the
Parties. There are no promises, terms, conditions, or obligations other than those
contained herein; and this Agreement shall supersede all previous communications,
representations, or agreements, either verbal or written, between the parties. There
shall be no modification of this Agreement except in writing, executed with the same
formalities as this instrument. Subject to the conditions precedent herein, this
Agreement may be enforced in any court of competent jurisdiction.
19. Release of Liability. It is expressly understood that the City cannot be
legally bound by the representations of any of its agents or their designees except in
accordance with the City of Wheat Ridge Code of Ordinances and the laws of the State
of Colorado.
SUBDIVISION IMPROVEMENT AGREEMENT 10114
20. Captions. The captions to this Agreement are inserted only for the
purpose of convenient reference and in no way define, limit, or prescribe the scope or
intent of this Agreement or any part thereof.
21. Binding Effect. This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective heirs, successors, and assigns as the
case may be.
22. No Waiver. No waiver of any of the provisions of this Agreement shall be
deemed or constitute a waiver of any other provisions herein, nor shall such waiver
constitute a continuing waiver unless otherwise expressly provided, nor shall the waiver
of any default hereunder be deemed a waiver of any subsequent default hereunder.
23. Invalid Provision. If any provision of this Agreement shall be determined
to be void by any court of competent jurisdiction, then such determination shall not
affect any other provision hereof, all of the other provisions shall remain in full force and
effect. It is the intention of the Parties that if any provision of this Agreement is capable
of two constructions, one of which would render the provision void, and the other which
would render the provision valid, then the provision shall have the meaning which
renders it valid.
24. Governing Law. The laws of the State of Colorado shall govern the
validity, performance and enforcement of this Agreement. Should either party institute
legal suit or action for enforcement of any obligation contained herein, venue of such
suit or action shall be in Jefferson County, Colorado.
25. Attorneys Fees. Should this Agreement become the subject of litigation to
resolve a claim of default of performance or payment by the Developer and a court of
competent jurisdiction finds in favor of the City, the Developer shall pay the City's
attorney's fees and court costs.
26. Notice. All notices required under this Agreement shall be in writing and
shall be hand delivered or sent by registered or certified mail, return receipt requested,
postage prepaid, to the addresses of the parties herein set forth. All notices so given
shall be considered effective seventy-two (72) hours after deposit in the United States
mail with the proper address as set forth below. Either party by notice so given may
change the address to which future notices shall be sent.
Notice to Developer:
9
SUBDIVISION IMPROVEMENT AGREEMENT 10114
Notice to City:
Director of Pu lic rks
7500 West 291h Avenue
Wheat Ridge, CO 80033
27. Force Majeure. Whenever the Developer is required to complete the
construction, repair, or replacement of Public Improvements by an agreed deadline, the
Developer shall be entitled to an extension of time equal to a delay in completing the
foregoing due to unforeseeable causes beyond the control and without the fault or
negligence of the Developer including, but not restricted to, acts of God, weather, fires
and strikes.
28. Assignment or Assiqnments. There shall be no transfer or assignment of
any of the rights or obligations of the Developer under this Agreement without the prior
written approval of the City.
29. Recording of Agreement. This Agreement shall be recorded in the real
estate records of Jefferson County and shall be a covenant running with the Property in
order to put prospective purchases or other interested parties on notice as to the terms
and provisions hereof.
30. Title and Authority. The Developer,
expressly warrants and represents to the City that it is the record owner of the property
constituting the Property and further represents and warrants, together with the
undersigned individual(s) that the undersigned individual(s) has or have full power and
authority to enter into this Subdivision Improvement Agreement. The Developer and the
undersigned individual(s) understand that the City is relying on such representations
and warranties in entering into this Agreement.
WHEREFORE, the parties hereto have executed this Agreement on the day and
year first above written.
ATTEST:
Janelle
W Hf A;
SEAL"
004ORA�
�&,,ndh
ver, City Clerk
By:
CITY OF WHEAT RIDGE, COLORADO
10
SUBDIVISION IMPROVEMENT AGREEMENT 10114
/U
uerala uani, L ny Attorney
DEVELOPER
By: ! __------
STATE OF COLORADO )
COUNTY OF !�'�-0' w- j SS.
The foregoing instrument was acknowledged before me this day of
20 ' is byK as
/t/l A erkof Jk AL+ N Lt— -Ike�-
Witness my hand and official seal.
My commission expires: d �OC-A ( -a-o ;;)-6
JENNY L MOORE
NOTARY PUBLIC
STATE OF COLORADO
NOTARY ID # 20004003852
MY COMMISSION EXPIRES FEBRUARY 09.2020
(SEAL)
11
SUBDIVISION IMPROVEMENT AGREEMENT 10114
EXHIBIT A - LEGAL
DESCRIPTION
Legal Description
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EXHIBIT C - ENGINEER';
9115/2016
COST
ESTIMATE
ENGINEER'S ESTIMATE of PUBLIC IMPROVEMENTS
Item #I Item II
Unit
Unit Cost I
Total Cost
Mobilization
1
LS
$1,000
ASPHALT PAVING
Asphalt Saw Cut and Removal, Scanty and Recompact
850
SY
$25.00
$21,244
Asphalt Paving
1,498
SY
$55
$82,477
CONCRETE
Concrete Sidewalk - Clear Creek Path R&R
18
SY
$100
$1,778
Concrete Sidewalk - Marshall Street
251
SY
$63
$15,695
Curb and Gutter (2' Wide Gutter)
403
LF
$19
$7,657
Curb Ramps
4
EA
$900
$3,600
STORM SEWER
2408 HERCP at Greenway
60
LF
$100
$6,000
HERCP End Section
1
EA
$75
$75
Concrete Encasement at Path Crossing
10
LF
$75
$750
Boulder and Riprap Outlet Protection
1
LS
$4,800
$4,800
LANDSCAPE
Marshall Street Tree Lawn Much Bed
232
SY
$20
$4,644
Marshall Street Trees
10
EA
$400
$4,000
Marshall Street Shurb plantings
59
EA
S20
$1,180
Willow plantings at storm outfall
1
LS
$5,000
$5,000
Restoration of Temporary Greenway at Pipe Crossing
1
LS
$3,000
$3,000
TEMPORARY CONDITIONS
-
Traffic Control for Marshall Street
12
DAY
$1,040
$12,480
Traffic Control for Greenway Path work
1
LS
$2,500
$2,500
Temporary Greenway path detour
1
LS
$1.000
$1,000
STRIPING AND SIGNAGE
Marshall Street Striping
1
LS
$1,575
$1,575
EROSION CONTROL
Erosion Control
1
ALLOW
$5,000
S5,000
To al
stimate:
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Total Collateral $231,820
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Wheat ridge_Engineer Estimate_2016-09-15.xlsx
(Indicates User Defined Data)
(Bank Letterhead)
EXHIBIT D - EXAMPLE
LETTER OF CREDIT
IRREVOCABLE LETTER OF CREDIT # (I. L.O.C. #)
BENEFICIARY: The City of Wheat Ridge
ADDRESS: 7500 West 29`h Avenue, Wheat Ridge, CO 80033
DATE: (Date of Issue)
EXPIRY DATE: (Exp. Date)
IRREVOCABLE STANDBY LETTER OF CREDIT
For: (Developer's Name)
(Developer's Address)
Gentlemen:
We hereby open our IRREVOCABLE STANDBY LETTER OF CREDIT in your favor available by
your drafts drawn on (Bank Name, and Address) for any sum or sums not to exceed in total (Amount
of L.O.C.). We hereby authorize you to draw on us for the account of (Developer's Name) up to an
aggregate amount of (Amount of L.O.C.) (engineer's estimated cost of improvements) available by
your drafts at sight for One Hundred and Twenty Five percent (125.0%) invoice value accompanied by
your signed statement that the above is: 1) drawn in payment of street improvements including, but not
limited to, curb, gutter, sidewalk, asphalt patching, street paving, and other street improvements
associated with this development, and/or 2) drawn in payment of storm drainage improvements
including, but not limited to, detention pond grading, pond outlet structure(s), storm sewer system, and
other drainage facilities associated with this development.
Drafts must be accompanied by 1) a sight draft; 2) a signed statement by an authorized representative
of the Beneficiary stating as follows: "We hereby certify that the amount of our draft represents funds
owed to the City of Wheat Ridge for payment obligations pursuant to the conditions stated above,
between (Developer's Name) and the City of Wheat Ridge." 3) This original Letter of Credit.
Each draft must bear upon its face a clause "Drawn under Irrevocable Letter of Credit No. (I.L.O.C. #)
dated (Date of Issue).
This IRREVOCABLE STANDBY LETTER OF CREDIT is not transferable.
We hereby agree with you that drafts drawn under and in compliance with the terms of the Letter of
Credit will be duly honored if presented to the above mentioned drawee Bank on or before (Exp.
Date).
Except as otherwise expressly stated herein, this Letter of Credit and all negotiations
hereunder are subject to all applicable provisions of Uniform Customs and Practices for
Documentary Credits, 1993 Revision, International Chamber of Commerce Publication No.
500.
Sincerely,
(BANK NAME)
By:
(Name and Title of Bank Officer)
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