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Bond Information • Extraco Extraco Banks - Greater Waco 1700 N. Valley Mills Drive �t z Ball P.O. Box 7813 Waco, Texas 76714.7813 254776.0160 Ext. 225 254.741.4019 Fax mreynolds @extra coba nks. com Mark E. Reynolds • - Executive Vice President and IRREVOCABLE LETTER OF CREDIT Senior Lending Officer DATE: March 1, 2002 • TO BENEFICIARY: City of College Station • • Attention: Director of Development Services . 1101 Texas Avenue College Station, Texas 77840 • IRREVOCABLE LETTER OF CREDIT NO.: 50000000987 ISSUE DATE: 12:00 Noon Central Standard Time, 3/1/2002 • EXPIRATION DATE: 12:00 Noon Central Standard Time, 6/1/2002, or upon the completion and final payment to all contractors, whichever occurs first. • • LOCATION OF PROJECT: SW Comer of Holleman & Jones Butler Rd. • College Station, Texas 77840 • AMOUNT: One hundred ninety three thousand, three hundred forty-six and No /100 U.S. Dollars ($193,346.00) ACCOUNT OF: Four Ags Investments, L.P. (herein "developer ") P. O. Box 5429 Waco, Texas 76708 • • GENERAL TERMS & CONDITIONS: Extraco Banks, N.A. hereby issues its IRREVOCABLE LETTER OF CREDIT NO. 50000000987 in favor of the CITY OF COLLEGE STATION, TEXAS, in accordance with Chapter 5, V.T.C.A. Texas Business and Commerce Code and pursuant to the Code of Ordinances of the City of College Station, Chapter 9: Subdivisions, for the Account of DEVELOPER for an amount of up to One hundred ninety-three thousand, three hundred forty-six and NO /100 U.S. Dollars ($193,346.00). This amount is available by your draft(s) payable at sight when accompanied by the following: 1. Sworn Statement by a duly authorized representative of the City of College Station, Texas, stating that Developer has/have defaulted and failed to complete the performance and construction of the improvements described below in accordance with Chapter 9 of the Code of Ordinances of the City of College Station,' Texas, and that the proceeds from this Letter of Credit will either be utilized by the City of College Station, Texas, to complete such construction or will be returned by the City of College Station to the Issuing SPECIAL TERMS & CONDITIONS: • 1. All banking fees /expenses /charges incurred are for the account of Developer. This Letter of Credit is issued in conjunction with the development of Developer in the City of College Station,. Texas, , specifically for the following: - To guarantee the payment and performance of the proposed • • • construction of the water, sanitary sewer, storm sewer and street improvements in Holleman Village, a proposed addition to the City of College Station, Texas, for a period not to exceed 90 days from the date hereof. 2. Disbursements pursuant to this Letter of Credit will never exceed the above - stated amount, less any amount released by the City of College Station, Texas. The amount of credit under this Letter of Credit may be reduced upon approval and acceptance by the City of College Station of completed improvements, which reduction may only be made with the written authorization of the Director of Development Services of the City of College Station. 3. In accordance with Section 5.106 of the Texas Business and Commerce Code, this Letter of Credit may be modified, upon the execution and delivery to Issuer of a sworn statement giving consent to modification by the Director of Development Services of the City of College Station. 4. The Issuer of this Letter of Credit has caused this Letter to be signed by the undersigned officer who has attached proof of his authorization to sign, together with attestation by Issuer's authorized attesting officer and sealed with the seal of Issuer. ISSUER: E T' O BANK BY: Mark E. Reynolds Executive j• e Presiden / �/ Atteste`. . �//� KAt Le N No s State of Texas § County of McLennan § This instrument was acknowledged before me on / , 2002, by Mark E. Reynolds, an authorized officer of Extraco Banks, N.A., a Texas Banking Corporation, on behalf of said Banking Corporation and in the capacity stated. -- Notary Public – State of \ DIANE R. CASTELLO � NOTARY PUBLIC STATE T 1 My Comm. OF Exp. 09 -19 EXAS -02 Apr 24 02 00122a H - Fire & Safety Equip. 254- 752 -0300 p.2 LETTER OF COMPLETION CITY ENGINEER nATE: 11/71/ ` 2 CITY OP CULLEGF, S'T'ATION COLLEGE STATION, TEXAS RE: COMPLETION OFj &i J • near Sir: The purpose of our letter is to requeFt that the following listed improvements be approved and accepted as being constructed under city inspection and completed according to plans 'and epecifTcatione,aa approved and required by the City of College Station, Texas. This approval and acceptance by the City is requested to order that we may finalize any sub. contracts and to affirm their warranty on the work. This approval and acceptance by the City of the improvements listed below does hereby void the letter of guarantee for the listed improvements on the above reference project. The one year warranty is herby affirmed and agreed to by �ISP1 t4►/, f L/ C /`.Sand by their sub - contractors ne indicated by signatures below. J WORK CQMELETED DATE S-{ r« 7 c�,a/- k i f l lA ) SAIL, t../ , .51 Y.29462 _14(2, jr_______ _ ' 9 494 • Owner: fcL .104 /NVe_ raAdrs, 1.- Contractor: /o4trl1 Co /i Address: PC2, ,,5fz: ,`Y0 9 Address: AU. a h 6_7 5' wIt-co .r-c• 76 7L28 8 7 ' 4 7"X 778:0 780 Signature: ...,.;;',e, Signature: . I/// :i at: y Repro elulativa� ACCEPTANCE & APPROVAL City Lngineor 2 Wk-I,( 11:17cogiP.vHJ oun n. 390d L6L28 86L6: Xd3 S2101001N00 ON(lO),: G I 9V: E0 Wd ZO, V /V0 00V' °N 31I3 I Deborah Grace - Re: Holleman Village Phase II Holleman and Jones - Butler Page 1 From: Bob Mosley To: Deborah Grace; Kelly Templin; Natalie Ruiz; Spencer Thompson Date: 4/18/02 1:59PM Subject: Re: Holleman Village Phase II @ Holleman and Jones - Butler It doesn't. 1 met with Hunter and talked multiple times to Galindo. I did not see this as any different as any other subdivision in that sidewalks should be required for completion of the infrastructure. The risk to sidewalks exist the same as on any other subdivision when builders arrive to construct residences. They indicate that they plan on constructing all the residences and know all of the locations of the driveways but there is no provision that they could not sell individual lots for other builders. My concern is that it would end up like Westfield phase I who provided a financial guarantee for the sidewalks and planned on having the sidewalks completed by the builder. Jim was requested but unable to call in the financial guarantee for the sidewalks when they were not in place during the one year warranty period. A continuous sidewalk path will not exist until 100% build -out. Anyway, Mark previously told the developer that they could block out a space for the driveway from the sidewalk and therefore Vem will consider the infrastructure completed with the sidewalk construction, except for the driveway block -outs, are done. »> Spencer Thompson 04 /18/02 01:43PM »> I received a call from the contractor asking if they could bond -out of construction of the sidewalks. The concern is that the concrete trucks will likely damage them as each individual slab is poured for each duplex. Then, they would have to reconstruct them. Does anyone see a problem with this? Thanks st This is Hunter's project, but don't let that influence you. Spencer G. Thompson, Jr. Development Services, Engineering City of College Station PO Box 9960 College Station, TX 77842 Ph. 979.764.3570 Fx. 979.764.3496 CC: Mark Smith; Vern Wright Deborah Grace - Re: Holleman Village Phase II Holleman and Jones- Butler Page 1 From: Natalie Ruiz To: Bob Mosley; Deborah Grace; Kelly Templin; Spencer Thompson Date: 4/18/02 1:45PM Subject: Re: Holleman Village Phase II @ Holleman and Jones - Butler I don't have a problem with it. It's Bob's call. »> Spencer Thompson 04/18/02 01:43PM »> I received a call from the contractor asking if they could bond -out of construction of the sidewalks. The concern is that the concrete trucks will likely damage them as each individual slab is poured for each duplex. Then, they would have to reconstruct them. Does anyone see a problem with this? Thanks st This is Hunter's project, but don't let that influence you. Spencer G. Thompson, Jr. Development Services, Engineering City of College Station PO Box 9960 College Station, TX 77842 Ph. 979.764.3570 Fx. 979.764.3496