HomeMy WebLinkAboutIrrevocable Standby LoC K&P DevelopmentIRREVOCABLE STANDBY LETTER OF CREDIT
Letter of Credit Number: 235
Amount: U.S. $ 898,979.30 (eight hundred and ninety eight thousand nine hundred and seventy nine dollars and thirty cents U.S. DOLLARS)
This Letter of Credit is issued on April 29, 2022 by Issuer in favor of the Beneficiary for the account of Applicant. The parties' names and
their addresses are as follows:
APPLICANT: RECEIVED
K AND P DEVELOPEMENT LLC
Entity Type: Limited Liability Company
935 LINDEN OAKS DR MAY 0 3 2022
OSHKOSH, WI 54904 RECFIVW
r s_.__- �—7;..�ew
BENEFICIARY: MAY -- 2022
CITY OF OSHKOSH
Entity Type: Domestic Government Unit
215 CHURCH AVENUE DF 1' NI' p[jf11,fC WORK
OSHKOSH, WI 54901 OSilKOI1, ` jI (,ONSii`.0
ISSUER:
WEST POINTE BANK
1750 Witzel Ave
PO Box 2266
Oshkosh, WI 54903-2266
1. LETTER OF CREDIT. Issuer establishes this Irrevocable Standby Letter of Credit (Letter of Credit) in favor of Beneficiary in the amount
indicated above, Beneficiary may draw on this Letter of Credit with a Draft (or Drafts, if the maximum number of drawings is greater than
one). Each Draft shall be signed on behalf of Beneficiary and be marked "Drawn under West Pointe Bank Letter of Credit No. 235 dated April
29, 2022." Drafts must be presented at Issuer's address shown above on or before the Expiration Date. The presentation of any Draft shall
reduce the Amount available under this Letter of Credit by the amount of the draft.
This Letter of Credit sets forth in full the terms of Issuer's obligation to Beneficiary. This obligation cannot be modified by any reference in this
Letter of Credit, or any document to which this Letter of Credit may be related.
This Letter of Credit expires on the Expiration Date.
2. DRAWINGS. Beneficiary shall be permitted to make multiple drawings on this Letter of Credit. The maximum number of drawings that may
be made on this Letter of Credit is 3, "Draft" means a draft drawn at sight.
3. DOCUMENTS. Each Draft must be accompanied by the following, in original and two copies except as stated:
A. The original Letter of Credit, together with any amendments.
B. A sight draft drawn by Beneficiary on Issuer.
Issuer shall be entitled to accept a draft and the documentation described above, as required by the terms of this Letter of Credit, from any
person purporting to be an authorized officer or representative of Beneficiary without any obligation or duty on the part of Issuer to verify the
identity or authority of the person presenting the draft and such documentation.
4. SPECIAL INSTRUCTIONS. THIS LETTER OF CREDIT SUPPORTS THE PAYMENT AND PERFORMANCE OF K AND P DEVELOPEMENT LLC
FOR PHASE II OF PICKART ESTATES SUBDIVISION
5. EXPIRATION DATE. This Letter of Credit expires at the close of business at Issuer's address at 5:00 pm Central Time (Time) on April 29,
2026 (Date), Issuer agrees to honor all Drafts presented in strict compliance with the provisions of this Letter of Credit on or before the
Expiration Date.
6. NON -TRANSFERABLE. This Letter of Credit is not transferable.
7. APPLICABLE LAW. This Letter of Credit is governed by the International Standby Practices 1998 (ISP98). This Letter of Credit is also
governed by the laws of Wisconsin, except as those laws conflict with the International Standby Practices 1998 (ISP98).
K AND P DEVELOPEMENT LLC
Standby Letter Of Credit Initials
WI/4XXXKRIST00000000002693037N Wolters Kluwer Financial Services °1996, 2022 Bankers SystemsT" Page 1