20070747 Ver 1_Letter of Credit_20110726

CFGCOMMUNiTy BANK
July 25, 2011
North Carolina Department of Environmental and Natural Resources
Weslands, Buffers, Stormwater, compliance and Permitting Unit
Attn: Katie Merritt
512 N. Salisbury Street
Raleigh, North Carolina 27604
RE: Letter of Credit Greenvest/Flat Swamp, LLC
Dear Ms. Merritt,
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JUL 2 6 2011
As per the letter to Mr. Lashley of Greenvest/Flat Swamp, LLC dated June 22, 2011, we
are submitting a replacement Irrevocable Letter of Credit to reduce the financial
assurance from $100,000.00 to $60,000.00.
Upon your review and acceptance of the replacement , please forward the original
Irrevocable Letter of Credit to my attention at the address below.
Should you have any questions or concerns, please feel free to contact me.
Thank you for your help in this matter.
Very truly yours,
Lin a H. Hale
Loan Administrator
COMMERCIAL LENDING DEPARTMENT
1419 FOREs'r DRIVE, SUITE io, ANNAPOLIS, MD 21403 T. 410-919-46oo E 410-919-4613 www.cfgcommunitybank.com
CFGCOMMUNITYBANK
July 6, 2011
REPLACEMENT
IRREVOCABLE LETTER OF CREDIT
BENEFICIARY:
North Carolina Department of Environmental and Natural Resources
Wetlands, Buffers, Stormwater, Compliance and Permitting Unit
512 N. Salisbury St.
Raleigh, North Carolina 27604
Attn: Ms Higgins
Dear Ms. Higgins,
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We hereby amend our Irrevocable Standby Letter of Credit No. 68331 in your favor, at the
request for the account of GreenVest/Flat Swamp LLC, 726 Second Street, Suite 36, Annapolis,
Maryland 21403, up to the aggregate amount of Sixty Thousand U.S. dollars ($60,000.00)
available upon presentation of your sight draft, bearing reference to this Letter of Credit No.
68331.
Funds hereunder are available to you against presentation of your sight draft(s), drawn on us,
mentioning thereon our Letter of Credit No. 68331 accompanied by the following
documentation:
YOUR DATED STATEMENT, signed by the Director, North Carolina Department of Environment
and natural Resources: Division of Water Quality as follows:
"The undersigned hereby certified that The North Carolina Department of Water Quality has
the right to draw down the amount of USD $60,000.00 against Letter of Credit No. 68331, in
accordance with the Mitigation Banking Instrument ("MBI") entitled, Flat Swamp Neuse River
Riparian Buffer and Nutrient Offset Mitigation Banking Instrument, to provide for the
completion of construction implementation and monitoring activities as authorized and require
by the MBI as GreenVest/Flat Swamp LLC has failed to perform such activities as required and
is in default."
500 YORK ROAD, Towson, MD 21204 T. 410-769-580o F. 410-823-4401 www.cfgcommunitybank.com
SPECIAL INSTURCTIONS:
The proceeds of any draft(s) drawn on this letter of credit shall not be paid to the Beneficiary.
The proceeds shall be paid to any person-except any individual or entity listed on the OFFICE OF
FOREIGN ASSETS CONTROL SPECIALLY DESIGNATED NATIONALS AND BLOCK PERSONS report
- indentified by the Director, Division of Water Quality, North Carolina Department of
Environmental and Natural Resources in an Assignment of Proceeds of Standby Letter of Credit
and Request for Issuer's consent in the form attached hereto as Exhibit "A". Acknowledgement
of such instructions of assignment of proceeds in subject to our approval and will not be
unreasonably withheld.
This amended letter of credit is effective as of February 3, 2011. The letter of credit shall expire
on October 9, 2011 but such expiration date shall be automatically extended without
amendment for additional periods of one (1) year from the present or future expiration date,
unless at least one hundred twenty days (120) days before an expiration date, we notify you by
certified mail or overnight courier, that we have decided not to extend this letter of credit for
any such additional period. In the event you are so notified, any unused portion of the credit
shall be available upon presentation of your sight draft, and your written and dated statement
stating that you have received an election not to renew from and no satisfactory replacement
letter of credit has been received from thirty (30) days before the stated expiration of the letter
of credit.
Whenever this letter of credit is drawn on under and in compliance with the terms of this
credit, we shall duly horror such draft upon presentation to us, and we shall pay the amount of
the draft as instructed at time of presentation.
Except as far as otherwise expressly stated herein, this Standby is subject to the International
Standby Practices ("ISP98"), International chamber of commerce Publication No. 590, and as to
matters not addressed by the ISP98, shall be governed by and construed in accordance with the
laws of the State of Maryland and applicable U.S. Federal law.
Sincerely,
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Emil Keller
Executive Vice President
CFG Community Bank formerly
Annapolis Community Bank