HomeMy WebLinkAboutDeveloper's Agreement/2nd Addn Casey's Meadow South CITY OF OSHKOSH
DEPARTMENT OF PUBLIC WORKS
215 CHURCH AVENUE, P.O. BOX 1130, OSHKOSH, WI 54903-1130
PHONE: (920)236-5065 FAX(920)236-5068
LETTER OF TRANSMITTAL
To: Mr. Chet Wesenberg Date: April 4, 2012
Chet Wesenberg Architect LLC Subject: Copy of Executed Developer
3265 Casey Trail Agreement
Oshkosh, WI 54904 2" Addition—Casey's Meadow South
Please find: ® Attached ❑ Under Separate Cover
❑ Copy of Letter ❑ Contracts El Amendment ❑ Report ❑ Agenda
❑ Meeting Notes El Photos El Mylars ❑ Change Order ❑ Plans
El Specifications ❑ Estimates ❑ Diskette ❑ Zip Disk ® Other
Quantity Description
1 Executed Developer Agreement
These are being transmitted as indicated below:
El For Approval ® For Your Use ❑ As Requested ❑ For Review&Comment
Remarks:
Enclosed is a copy of the executed Developer Agreement for the 2'd Addition to Casey's Meadow
South.
If you have any questions, please contact us.
City Clerk's Office —Original
City Attorney's Office—Copy
cc: _ File— Copy Signed: LLB% AA
Tracy . =ylor
H:\tracyt\Tracy's Files\Tracy's\LOT-Executed Dev Agreemnt-2nd Add-Casey's Meadow South_4-4-12.docx
DEVELOPER AGREEMENT REQUIREMENTS
BEFORE adoption of the Developer Agreement by the City Council, the following items
must be filed with the Office of the City Clerk:
A signed waiver
A performance bond or letter of credit guaranteeing completion of private
construction within three (3) years. Bond or letter of credit shall be for four (4)
years.
Letter(s) of credit in the amount of any publicly constructed improvements or
services which may be drawn upon by the City in payment of construction
and/or related costs for the public improvements. Letters of credit shall be for
four (4) years.
Please contact the Department of Public Works with any questions in this regard.
After private construction is complete, a two year letter of credit, which meets the
approval of the City Attorney, may be filed in an amount equal to 20% of the total construction
cost to guarantee the privately constructed improvements. Upon the written acceptance of
the work by the City and the filing of this two year letter of credit, the letter of credit or bond
specified above may be released.
Written approval of private construction under a Developer Agreement will be issued by
Public Works when the work is completed. Please contact the Department of Public Works
with any questions in this regard.
An invoice will be issued by the Finance Director when notified by the Public Works
Department that work is completed. Invoices must be paid within thirty(30)days from the date
of invoice. Payments should be made to the Collections Division.
ANY change in the assessments or construction (private or public) that have been
authorized through a Developer Agreement MUST be amended through Council action.
Please contact the Department of Public Works to initiate any corrections in this regard.
This agreement requires the Developer, immediately upon transfer of title to any of the
property included within the agreement to fully pay the outstanding assessments and
anticipated future special assessments against the transferred parcel or portion. If you are
transferring the property to another developer and would like to request amendment to the
Developer's Agreement to reflect that transfer, please contact either the City Clerk or City
Attorney's office in this regard.
Phone Numbers:
Department of Public Works City Clerk's Office Director of Finance
236-5065 236-5011 236-5005
DEVELOPER'S AGREEMENT
FOR FINANCING IMPROVEMENTS
THIS AGREEMENT is made pursuant to Section 66.0703 of the Wisconsin Statutes
providing for levying and assessing the cost of various improvements to the property herein
described.
WHEREAS, the Common Council of the City of Oshkosh approved initial and final
resolutions pursuant to Section 66.0703 of the Wisconsin Statutes upon execution and
approval of a waiver, executed by the undersigned, developer of property herein described of
special assessment notices and hearing; and
WHEREAS, the undersigned developer has agreed, in consideration of installation of
various improvements and performance of services, to pay the full cost of such
improvements/services and related costs through invoice and/or special assessment financing
pursuant to Section 25-83 through 25-89 of the Oshkosh Municipal Code upon certification by
the City Engineer for the City of Oshkosh that said improvements have been completed,
except for certain improvements which may be installed by and/or paid for by the undersigned
developer; and
WHEREAS, the Common Council of the City of Oshkosh by resolution adopted March
27, 2012, authorized and directed the proper City officials to enter into an appropriate
agreement to provide for full payment by the undersigned developer of said improvements
and related costs, and related matters;
NOW, THEREFORE, IT IS HEREBY AGREED to by and between the City of Oshkosh,
a municipal corporation located in Winnebago County, Wisconsin ("CITY") and Casey's
Meadow, LLC ("DEVELOPER"), in reliance on the representation and covenants made
herein, as follows:
1. Developer covenants and warrants that it is the owner of all the property
described as follows:
Second Addition to Casey's Meadow South
Lots 33 - 56
2. Developer has requested, and consents to, services from and installation by City
of various improvements described as follows:
Survey and Inspection Services for Private Construction of :
Sanitary Sewer and Laterals, Water Main and Laterals, Storm Sewer and
Laterals, Sidewalk, Grading and Graveling, and Concrete Paving
Survey and Inspection Services and Public Construction of:
Sidewalk and terrace trees
Developer may request a permit from the Public Works Department for the
construction of sidewalk and terrace trees. If the Developer requests such permit and
meets all requirements for the issuance of such permit, Developer may construct the
sidewalk and tree installation privately. If Developer constructs the sidewalk and/or
terrace trees privately, any funds escrowed, from the sale of lots, for such work within
the subdivision shall be returned to Developer upon acceptance of the sidewalk or
terrace trees by the City.
3. The Developer shall install, and the City expressly consents to Developer
installation of the following improvements:
Sanitary Sewer and Laterals, Water Main and Laterals, Storm Sewer and Laterals,
Sidewalk, Grading and Graveling, Concrete Paving, terrace restoration, and Street
Lighting.
All services and installations shall be according to plans and specifications, and subject
to the approval and acceptance, of the City Engineer.
4. No building permits will be issued for any lot to which utilities have not been
extended to and/or for any lot to which access has not been provided by graded,
graveled and properly maintained temporary roads. No building permits will be issued
for any lots until an "as-built" grading and drainage plan has been approved by the
Department of Public Works. At a minimum, the as-built plan shall show all drainage
features, and lot line grades. The as-built plan shall be certified by a Professional
Engineer(PE) or a Registered Land Surveyor(RLS) licensed in the State of Wisconsin
to be in compliance with the grading and drainage plan approved by the Department of
Public Works. All storm water management facilities shall be compared to the original
design. Any deviation from the design shall be noted, and the Department of Public
Works may require the Developer to confirm that the as-built facilities comply with the
storm water management ordinance.
Incorporated by reference within this Agreement is the approved grading and drainage
plan as required by Chapter 30 of the Oshkosh Municipal Code. These plans shall be
adhered to and maintained by the respective lot owners in a manner which is consistent with
the original design, function and capacity of the plan. If the respective lot owners fail, in the
sole judgment of the City, to properly maintain the grading and drainage plan, the City shall
give notice of such fact to the respective owner(s) who shall have the time specified in the
notice to correct the deficiencies. If the owner(s) does not satisfactorily complete the work
within the time allotted, the City may enter the property, using its own employees and
equipment or contracting with others to complete the work. Developer hereby grants in
perpetuity to the City reasonable and appropriate access easements over this subdivision for
such purposes. Cost incurred by the City will be levied against the respective lot(s) as a
special charge pursuant to Section 66.0627 of the Wisconsin Statutes. This provision
constitutes Developer's, and any respective lot owner's, waiver of the notice of hearing and
hearing otherwise required by Section 66.0703 of the Wisconsin Statutes. This covenant is
intended to run with the land and to survive any subsequent divestiture of title by Developer,
or any respective lot owner(s) to any successor in title but is not intended to benefit third
parties who are not a party to this agreement.
5. Developer shall pay the actual construction costs incurred by the City for
installation of the above improvements.
It is specifically understood by and between the parties that the amounts set forth in the
attached Exhibit "A" Waiver of Special Assessment Notices and Hearing under Section
66.0703, Wisconsin Statutes are estimates only. Invoices and assessments shall be based
upon the actual costs of services and construction. In the event that the estimated cost
exceeds the actual costs of services and construction,the Developer shall be responsible only
for the actual cost of construction. In the event that the actual costs of services and
construction exceed the estimated costs, the City shall be entitled to assess the property for
any excess costs pursuant to statutory notice and hearing or upon execution of an appropriate
waiver.
A. SPECIAL ASSESSMENTS
The Developer shall pay as special assessment cost for:
Sidewalk construction and Terrace Trees
in installments pursuant to Sections 25-83 through 89 of the Oshkosh Municipal Code
in which case such installment payments are to bear interest at the rate of eight percent(6%)
per annum on the unpaid balance. Notwithstanding the foregoing, Developer, immediately
upon voluntary divestiture of title to any of the property heretofore described, shall fully pay
the outstanding assessments and anticipated future special assessments against the
particular parcel or portion thereof subject to divestiture. Divestiture shall mean the transfer of
legal title providing Developer does not retain any lien or mortgage interest in such parcel.
In the event Developer retains a lien or mortgage interest in such parcel, the
assessments shall be paid in full within one (1) year from the date of sale. In the event
Developer sells by land contract, the assessments shall be paid in full within one(1)year from
the date of the land contract. When payment is to be made within one year from the date of
sale or contract under this paragraph, written notice must be given to the City Clerk informing
her of the date of sale or contract.
B. Payment for City Services
The Developer shall supply a cash deposit or letter of credit for the following services to be
provided by the City. The estimated cost is included in Exhibit "A". The Developer shall pay
all invoices, in cash, within 30 days of invoice from the City.:
Survey and Inspection Fees for:
Sanitary Sewer and Laterals, Water Main and Laterals, Storm Sewer and Laterals, Sidewalk,
Grading and Graveling, and Concrete Paving
6. The attached exhibit, acknowledged by City and Developer as being true and
correct, is incorporated by reference as if fully stated herein.
EXHIBIT "A" - Waiver of Special Assessment Notices and
Hearing under Section 66.0703, Wisconsin Statutes
7. Developer, and any successors in title, covenants and agrees to release the
City, it assigns, employees, agents and contractors from any and all claims arising from the
City's performance of its obligations under this agreement and shall further hold the City
harmless for any and all claims arising from Developer's performance of its obligations under
this agreement, and shall indemnify and refund to the City all sums which the City may
become obligated to pay, including attorney fees, arising from the parties' performances of
this agreement within 30 days of written demand for payment.
8. Any refund which may be due Developer as a result of any special assessment
being in excess of the actual amount paid by City for said improvements is not assignable by
Developer.
9. All privately constructed improvements shall be completed within three years
from the date of this agreement or the Developer shall be considered in default of this
agreement and subject to the provisions of paragraph 12 relating thereto.
10. The Developer shall provide a letter(s) of credit, which meets the approval of
the City Attorney, in an amount equal to the estimated cost of any publicly constructed
improvements and/or services set forth in Exhibit "A" attached hereto which may be drawn
upon by the City in payment of construction and/or related costs for the public improvements.
Such letter(s) of credit shall be filed in the office of the City Clerk prior to approval of the Final
Plat by the Common Council.
Prior to approval by the Common Council, the Developer shall file a four year
performance bond or letter(s) of credit, which shall be renewable at the option of the City of
Oshkosh if such construction has not been completed within the three year period specified
above and which meets the approval of the City Attorney, which shall guaranty Developer's
performance of any privately constructed improvements as set forth in Exhibit "A" attached
hereto. The Developer may request a reduction in the letter of credit once annually for work
that is complete, but not accepted. The City will review the request and reduce the letter of
credit as it deems appropriate, portions of the value for the work completed will be retained
until the guarantee letter of credit is filled. After written acceptance by the City of any privately
constructed improvements, Developer shall submit a letter of credit in the amount specified in
the attached Exhibit"A" as a guarantee of such improvements for a period of two years from
the date of acceptance. The Developer shall be responsible for repairs to said privately
constructed improvements during this two year guaranty period.
Failure to file an appropriate bond shall entitle the City to stop all construction work
upon the project including construction performed by private contractors, by notice to the
Developer and any contractors. Notice may be given personally to an individual
Casey's Meadow—Phase 1B
•
Page 3 of 3
8. Terrace Trees (Public Construction)Assess
Assessment Rate = $300 per tree
Second Addition to Casey's Meadow South
Estimated number Tree Cost
Lot# of trees Estimate
33 4 $1,200.00
34 2 $600.00
35 2 $600.00
36 2 $600.00
37 2 $600.00
38 2 $600.00
39 2 $600.00
40 2 $600.00
41 4 $1,200.00
42 2 $600.00
43 2 $600.00
44 2 $600.00
45 2 $600.00
46 2 $600.00
47 2 $600.00
48 2 $600.00
49 2 $600.00
50 2 $600.00
51 2 $600.00
52 2 $600.00
53 2 $600.00
54 2 $600.00
55 2 $600.00
56 2 $600.00
4—Year Irrevocable Letter of Credit or Bond for Private Construction= $519,660.82
4—Year Irrevocable Letter of Credit or Cash Deposit for Public Services = $31,179.65
2—Year Irrevocable Letter of Credit after Acceptance of Private Construction= $103,932.16
Signature of Owner:
2,4/tV.
670Signature ohorize Representative Date
5 4'7 j (IN
A Ai Ad
Signature of A thorized Repr n ive Da
I:\Engineering\Waiver of Special Assessment\Waiver of Special Assess-by Subdivision\Second Addition to Casey's Meadow South.doc
Developer's Address:
3265 Casey Trail
Oshkosh, WI 54904
CITY OF OSHKOSH
B ÷,K_Zz,-(,,,e- � And_a�!�" _,_ _ j� i Z�%Maohloff, City Manager Pamela -. Ubrig, City Cler
App 'eyed as to For i and Execution:
int, oak,: A.iP) ---_
L n A. Lorensonity Attorney
STATE OF WISCONSIN ) STATE OF WISCONSIN )
SS.
WINNEBAGO COUNTY ) SS.S WINNEBAGO COUNTY )
Personally came before me this ` t7 ay of P ly •came before me this 2b day of
Cam` , 2012, the above-named Mark A. Rohloff, City - , 2012, the above-named Chet
Manager, and Pamela R. Ubrig, City Clerk, of the City of Wesenberg and Timothy Rusch,to me known
Oshkosh,a municipal corporation, to me known to be the to be the person(s) who executed the
persons who executed the foregoing instrument, and to foregoing instrument and to me known to be
me known to be such officers of said corporation, and such officer of said corporation, and
acknowledged that they executed the foregoing acknowledged that he executed the foregoing
instrument as such officers as the deed of said instrument as such officer as the deed of said
corpora ion, by its autho ity. corporation, by its authority.
J c
Notary Public, Winnebago Co., WI Notary Public, Winnebago County, WI
My Commission expires/is: ,?41-1,,3 My Commission expires/is: 81 2-0/2-
This document drafted by:
Attorney Lynn A. Lorenson, City Attorney
Oshkosh, WI 54902-1130
WAIVER OF SPECIAL ASSESSMENT NOTICES AND
HEARING UNDER SECTION 66.0703, WISCONSIN STATUTES
The undersigned, owner of property benefited by the following improvements to be made by the
City of Oshkosh, Winnebago County, State of Wisconsin, to wit:
For public construction, surveying and inspection of concrete sidewalk.
For private construction and public inspection and survey for sanitary sewer, storm sewer, water
main, laterals, grading & graveling, and concrete street pavement.
In consideration of the construction of said improvements by the City of Oshkosh, Wisconsin, I
hereby admit that such public improvement will benefit said property and consent to the levying
of special assessments against the premises under Section 66.0703 of the Wisconsin Statutes for
the cost of such improvements. In accordance with Section 66.0703 of the Wisconsin Statutes, I
hereby waive all special assessment notices and hearings required by Section 66.0703 of the
Wisconsin Statutes; and I further agree and admit that the benefit of my property from the
construction of such improvements is in proportion to the footage thereof:
Description of Premises
Second Addition to Casey's Meadow South
Lots 33 - 56
Construction of Mockingbird Way and Casey Trail
1. Sanitary Sewer& Laterals (Private Construction)
Estimated Construction Cost $52,174.50 Private
6% Survey and Inspection $3,130.47 Invoice
2. Water Main with Laterals (Private Construction)
Estimated Construction Cost $106,147.00 Private
6% Survey and Inspection $6,368.82 Invoice
3. Storm Sewer w/Laterals (Private Construction)
Estimated Construction Cost $82,658.00 Private
6% Survey and Inspection $4,959.48 Invoice
4. Grading, Graveling and Restoration (Private Construction)
Estimated Construction Cost $48,500.00 Private
6% Survey and Inspection $2,910.00 Invoice
I.\Engineering\Waiver of Special Assessment Waiver of Special Assess-by Subdivision\Second Addition to Casey's Meadow South.doc
Casey's Meadow—Phase 1B
Page 2 of 3
5. Sidewalk(Public Construction) Assess
Assessment Rate = $23.00 per front foot of each lot
Includes 6% for Inspection and Surveying
Second Addition to Casey's Meadow South
Lot# Sidewalk Footage Sidewalk Cost Estimate
33 199.27 $4,583.21
34 70.00 $1,610.00
35 80.15 $1,843.45
36 85.99 $1,977.77
37 61.00 $1,403.00
38 75.14 $1,728.22
39 61.02 $1,403.46
40 61.00 $1,403.00
41 198.27 $4,560.21
42 62.00 $1,426.00
43 61.00 $1,403.00
44 61.00 $1,403.00
45 61.00 $1,403.00
46 61.00 $1,403.00
47 75.02 $1,725.46
48 75.79 $1,743.17
49 77.26 $1,776.98
50 76.79 $1,766.17
51 80.38 $1,848.74
52 80.31 $1,847.13
53 81.77 $1,880.71
54 81.71 $1,879.33
55 76.43 $1,757.89
56 80.00 $1,840.00
6. Concrete Street Paving(Private)—Paving in 2015, complete by July 15.
Center Line Feet of Roadway= 1,030 if
Cost per Center Line Foot= $200/lf
Include four(4) Handicapped Ramps at $600.00 each= $2,400.00
Estimated Construction Cost $208,400.00 Private
6% Survey and Inspection $12,504.00 Invoice
7. Street Lighting (Private)
Estimated Construction Cost $21,781.32 Private
6% Survey, Inspection, Installation $1,306.88 Invoice
!:\Engineering\Waiver of Special Assessment\Waiver of Special Assess-by Subdivision\Second Addition to Casey's Meadow South.doc
representative of the contractor or Developer and/or sent by mail to the Developer or
contractor. If construction work continues without filing of an appropriate bond, the City shall
be entitled to seek an injunction to prevent further work on the project until such time as an
appropriate bond is filed and to seek such other and further relief as may be deemed
appropriate. In addition to any equitable relief, the City may seek monetary damages and
upon judgment shall be entitled to its costs and fees in pursuit of any action under the terms
of this paragraph.
11. In addition to the remedies for default provided to the City by the financial
guarantees contained within this Agreement, the City shall have the right without notice or
hearing to Developer, or any successor in title, to impose special assessments for any
amount to which the City is entitled by virtue of this Agreement upon each and every lot within
the subdivision. Such assessments shall be imposed on the individual parcels in accordance
with such parcel's share of the amount to which the City is entitled in accordance with this
Agreement and which amount has not been paid by the Developer of such parcel or its
successors or assigns. With respect to defaulting Developer, this provision constitutes
Developer's consent to the installation by the City or designee of all public improvements and
remediations required by this Agreement and constitutes Developer's, and any successors in
title, waiver and consent to all special assessment proceedings as described in Section
66.0703, of the Wisconsin Statutes. This covenant is intended to run with the land and to
survive any subsequent divestiture of title by Developer to, and shall be binding on, any
successor in title. The remedies provided in this Agreement are not exclusive. The City may
use any other remedies available to it.
12. Developer agrees to pay any costs associated with the maintenance or
replacement of water stop boxes damaged during the development of this subdivision. It shall
not be necessary for the City to determine or establish by whom the damage was done.
Developer also agrees to pay any costs associated with maintenance to the gravel street base
which may be necessary during the period prior to pavement construction. Developer shall
pay the actual costs incurred by the City within 30 days upon invoice from the City.
13. This Agreement and its attachments, may be recorded at City's option, and if so
done, this document shall serve as Notice of Lien against such properties.
IN WITNESS WHEREOF, the parties heretofore have caused this Agreement to be
signed by the proper persons of each party and their corporate seals, if any, to be hereunto
affixed.
Dated: March 20th, 2012.
In the Presence of: Casey's Meadow, LLC
2al
By: Chet esenberg By: Timothy'Rusch
Owner/member Owner/member
Casey's Meadow LLC Casey's Meadow LLC
W:B.A. tLc); 11244
®2007 Wisconsin Bankers Association/Distributed by FIPCO® Boxes Checked Are Applicable.
Boxes Not Checked Are Not Applicable.
IRREVOCABLE STANDBY LETTER OF CREDIT
FIRST NATIONAL BANK- FOX VALLEY
550 S.GREEN BAY ROAD
NEENAH,WI 54956
(NAME AND ADDRESS OF ISSUING BANK)
BENEFICIARY LETTER OF CREDIT NO. DATE
CITY OF OSHKOSH 1842 March 20, 2012
215 CHURCH STREET
OSHKOSH WI 54901
WE HEREBY AUTHORIZE YOU TO DRAW ON US FOR THE ACCOUNT OF CASEY'S MEADOW LLC
UP TO AN AGGREGATE AMOUNT OF Five Hundred Nineteen Thousand Six Hundred Sixty One and 00/100 ($519,661.00
AVAILABLE BY YOUR DRAFTS AT SIGHT TO BE ACCOMPANIED BY
EVIDENCE OF ACCOUNT HOLDERS FAILURE TO COMPLY WITH THE DEVELOPERS AGREEMENT FOR SECOND ADDITION
TO CASEY'S MEADOW SOUTH (LOTS 33-56)
SPECIAL INSTRUCTIONS:
ALL BANKING CHARGES OTHER THAN ISSUING BANK'S ARE FOR BENEFICIARY'S ACCOUNT.
PARTIAL DRAWINGS® PERMITTED❑ NOT PERMITTED.
ALL DRAFTS MUST BE MARKED"DRAWN UNDER LETTER OF CREDIT OF FIRST NATIONAL BANK- FOX VALLEY
(NAME OF ISSUING BANK)
NO.1842 DATED March 20, 2012
THIS LETTER OF CREDIT IS SUBJECT TO THE INTERNATIONAL STANDBY PRACTICES (1998), INTERNATIONAL CHAMBER OF
COMMERCE PUBLICATION NO. 590.WE AGREE WITH YOU TO PAY DRAFT(S) DRAWN UNDER AND IN COMPLIANCE WITH THE TERMS
OF THIS LETTER OF CREDIT IF PRESENTED AT THIS OFFICE TOGETHER WITH THIS LETTER OF CREDIT ON OR BEFORE THE CLOSE
OF OUR BUSINESS ON March 20, 2016
March 20, 2012
(DATED)
FIRST NATIONAL BANK- FOX VALLEY
NAME OF K
BY L�
AUT IZED ATURE
TIMOTHY J VOGELSANG, VICE PRESIDENT
lapAk
W.B.A. e>. _ 10 010 411 11244
•
m 2007 Wisconsin Bankers Association/Distributed by FIPCO® Boxes Checked Are Applicable.
Boxes Not Checked Are Not Applicable.
IRREVOCABLE STANDBY LETTER OF CREDIT
FIRST NATIONAL BANK- FOX VALLEY
550 S.GREEN BAY ROAD
NEENAH,WI 54956
(NAME AND ADDRESS OF ISSUING BANK)
BENEFICIARY LETTER OF CREDIT NO. DATE
CITY OF OSHKOSH 1843 March 20, 2012
215 CHURCH STREET
OSHKOSH, WI 54901
WE HEREBY AUTHORIZE YOU TO DRAW ON US FOR THE ACCOUNT OF CASEY'S MEADOW LLC
UP TO AN AGGREGATE AMOUNT OF Thirty One Thousand One Hundred Eighty and 00/100 ($31,180.00
AVAILABLE BY YOUR DRAFTS AT SIGHT TO BE ACCOMPANIED BY
EVIDENCE OF ACCOUNT HOLDERS FAILURE TO COMPLY WITH THE DEVELOPERS AGREEMENT FOR SECOND ADDITION
TO CASEY'S MEADOW SOUTH (LOTS 33-56)
SPECIAL INSTRUCTIONS:
ALL BANKING CHARGES OTHER THAN ISSUING BANK'S ARE FOR BENEFICIARY'S ACCOUNT.
PARTIAL DRAWINGS® PERMITTED❑ NOT PERMITTED.
ALL DRAFTS MUST BE MARKED"DRAWN UNDER LETTER OF CREDIT OF FIRST NATIONAL BANK- FOX VALLEY
(NAME OF ISSUING BANK)
NO.1843 DATED March 20, 2012
THIS LETTER OF CREDIT IS SUBJECT TO THE INTERNATIONAL STANDBY PRACTICES (1998), INTERNATIONAL CHAMBER OF
COMMERCE PUBLICATION NO. 590.WE AGREE WITH YOU TO PAY DRAFT(S) DRAWN UNDER AND IN COMPLIANCE WITH THE TERMS
OF THIS LETTER OF CREDIT IF PRESENTED AT THIS OFFICE TOGETHER WITH THIS LETTER OF CREDIT ON OR BEFORE THE CLOSE
OF OUR BUSINESS ON March 20, 2016
March 20, 2012
(DATED)
FIRST NATIONAL BANK- FOX VALLEY
NA, E•F• K
BY Md/
A HORI D SIt)URE
TIMOTHY J VOGELSANG, VICE PRESIDENT