20070747 Ver 1_Mitigation Information_20091026

Strickland, Bev
From: Kulz, Eric
Sent: Monday, October 26, 2009 8:26 AM
To: Strickland, Bev
Subject: FW: Flat Swamp NOC/NBC as-built docs
Attachments: image003Jpg; Conservation Easement _Executed _10_22_09.pdf; LOC_Flat Swamp.pdf;
FS Credit Ledger _NBC_10_23_09.pdf; FS_Credit Ledger_NOC_10_23_09.pdf; Eric Kulz_As-
built Survey_cover letter.pdf; Flat Swamp Topo REVISED (10-21-09) WETLANDS-11x17 .pdf
Bev
These documents were received Friday. All go to Flat Swamp bank (07-0747). 1 have hard copies stamped in Friday.
Eric
From: Scott Frederick [mailto:[e-mail]]
Sent: Friday, October 23, 2009 3:35 PM
To: Kulz, Eric
Subject: Flat Swamp NOC/NBC as-built docs
Eric,
Thanks for meeting with me this a.m. to discuss the as-built submittal. Attached are the digital files as requested. Can
you give me an idea of when this review will be completed and acceptance letter sent so as to coordinate with my client
and with recording at the Clerk's office in Craven Co.? Thanks. Have a good weekend.
-Scott
Scott J. Frederick, El, NCLSS
Environmental Scientist
'Sig
Soil, Wauw, & Emrmummi
Gmup
Research Building 1, Centennial Campus
1001 Capability Dr., Suite 312
Raleigh, NC 27606
Ph [phone]
Fax[phone]
Cell [phone]
sj frederickgswegrp. com
www.swegrp.com
ANNAPOLIS
COMMUNITY
F BANK
A DIVISION OF AMEQICASSANK
October 9, 2009
IRREVOCABLE LETTER OF CREDIT
BENEFICIARY:
North Carolina Department of Environment and Natural Resources
Division of Water Quality
2321 Crabtree Boulevard
Suite 250
Raleigh, North Carolina 27604
ATTN: Mr. Eric Kulz
Dear Sir or Madam:
We hereby establish our Irrevocable Standby Letter of Credit No 68331 in your favor, at the request
and for the account of GreenVest /Flat Swamp LLC, 726 Second Street, Suite 3B, Annapolis,
Maryland 21403, up to the aggregate amount of One Hundred Thousand U.S. dollars (5100,000.00
United States Dollars) 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 certifies that The North Carolina Department of Water Quality has the
right to draw down the amount of USD $100,000.00 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 required by the MBI as
GreenVest /Flat Swamp LLC has failed to perform such activities as required and is in default."
1419 FOREST NivE, SUITE 10 eNNAPOLIS, MARYLAND 21403
www.annapoliscommunitybank.com
SPECIAL INSTRUCTIONS:
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
BLOCKED PERSONS report - identified by the Director, Division of Water Quality, North
Carolina Department of Environment and Natural Resources in an Assignment of Proceeds of
Standbv Letter of Credit and Request for Issuer's Consent in the form attached hereto as Exhibit
"A" Acknowledgment of such instructions of assignment of proceeds is subject to our approval and
will not be unreasonably withheld.
This letter of credit is effective as of October 9. 2009 and shall expire on October 9, 2010 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 days
(30) 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 honor 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,
Eric Edstrom
President, Annapolis Community Bank,
A division of AmericasBANK
Authorized Signature(s)
EXHIBIT A
ASSIGNMENT OF PROCEEDS OF STANDBY LETTER OF CREDIT
AND REQUEST FOR ISSUER'S CONSENT
DATE:
*NAME FINANCIAL INSTITUTION
*ADDRESS
Re: Your Letter of Credit No.
Ladies/Gentlemen:
The undersigned beneficiary of the captioned letter of credit issued by you (the "Credit") hereby
assigns to the Assignee named below the proceeds of the undersigned beneficiary's drawing(s)
payable to the undersigned beneficiary under the Credit, and instructs you to remit the proceeds of
such drawing(s) presented to you, if and when honored under the Credit, as follows:
Exact Name of A ssignee:
Complete Address of Assignee:
Payment Instructions for Assignee: Account No. , Name of
Bank: , ABA No.
The amounts or portions assigned and to be paid to Assignee are as follows (check/complete only
one):
0 All drawings under the Credit, without limit.
O The sum of in the aggregate of the next drawing(s)
under the Credit until such sum has been paid.
0 % of the amount of each of the next drawing(s) under the Credit,
but not exceeding in the aggregate.
O Other (specify):
In the event that this Assignment does not apply to the full proceeds of the Credit, pay the balance
of the proceeds, if any, as directed by the undersigned.
3
The undersigned beneficiary requests your consent to this Assignment, and in consideration thereof,
the undersigned beneficiary agrees that this Assignment is irrevocable and cannot be cancelled or
amended without the written agreement of the Assignee and you.
The undersigned beneficiary transmits to you herewith the original Credit, including any and all
accepted amendments, and requests that you endorse thereon the foregoing Assignment and dispose
of the Credit as follows (checklcomplete only one):
? Return it to the undersigned beneficiary.
? Send it to
? Retain it in your records.
In the event of multiple assignments, the undersigned beneficiary authorizes you to pay in order of
your receipt of or consent to such assignments.
To cover your assignment of proceeds fee of .XX % of assigned amount, deduct such fee from the
disbursement under the Credit.
This Assignment, and your consent thereto, (i) is not a transfer of the Credit, (ii) does not give the
Assignee any right to draw on the Credit or to consent or to refuse to consent to amendments to the
Credit or to the cancellation thereof, (iii) does not affect whether the undersigned beneficiary can
transfer its right to draw on the Credit, and (iv) does not affect the undersigned beneficiary's right to
draw on the Credit or the undersigned beneficiary's or your right to consent or to refuse to consent
to amendments to the Credit or to the cancellation thereof.
4
The undersigned beneficiary represents and warrants to you that: (i) other than as set forth above,
the undersigned beneficiary has not and will not, by transfer or assignment of the Credit, by
negotiation of drafts, by drawing drafts to a third party, or otherwise, assign the right to receive the
whole or any portion of the above proceeds of the Credit or give any other authorization or direction
to make any payment thereof to any other party; (ii) the undersigned beneficiary has not and will
not, without your prior written consent, present to anyone but you any documents under the Credit;
(iii) the undersigned beneficiary's and applicant's execution, delivery, and performance of this
Assignment (a) are within their respective powers, (b) have been duly authorized, (c) do not
contravene any charter provision, by-law, resolution, contract, or other undertaking binding on or
affecting the undersigned beneficiary or applicant or any of the undersigned beneficiary or
undersigned applicant's properties, (d) do not violate any applicable domestic or foreign law, rule,
or regulation, and (e) do not require any notice, filing, or other action to, with, or by any
governmental authority; (iv) this Assignment has been duly executed and delivered by the
undersigned beneficiary and undersigned applicant and is the undersigned beneficiary's and
undersigned applicant's legal, valid, and binding obligation (as applicable); and (v) the transactions
underlying the Credit (including any shipment of goods or provision of services and any related
financial arrangements) and this Assignment do not violate any applicable United States or other
law, rule, or regulation.
The undersigned beneficiary agrees to immediately return to you any assigned proceeds of the
Credit inadvertently paid to the undersigned beneficiary.
[BALANCE OF PAGE INTENTIONALLY LEFT BLANK]
This Assignment is made subject to the practice rules (e.g., UCP500 or ISP98 to which the Credit is
subject) and shall be governed by the laws of the State of *NAME OFSTATE.
SIGNATURE GUARANTEED:*
Very truly yours,
(Name of Bank Guaranteeing Beneficiary's
Signature)
(Authorized Signature)
(Print or Type Signer's Name and Title)
(Address of Bank)
(Telephone Number of Bank)
(Name of Beneficiary)
(Authorized Signature)
(Print or Type Signer's Name and Title)
(Address of Beneficiary)
(Telephone Number of Beneficiary)
*The beneficiary's signature, with title as stated herein, conforms with that on file with us, and is
authorized for the execution of this Assignment.
6
CONSENT TO ASSIGNMENT OF PROCEEDS OFLETTER OF CREDIT
The undersigned, as issuer of the captioned letter of credit, hereby consents to the foregoing
Assignment of Proceeds of Letter of Credit as of (insert date and time):
Very truly yours,
(Name of Issuer)
(Authorized Signature)
(Print or Type Signer's Name and Title)
ACKNOWLEDGEMENT AND AGREEMENT OFAPPLICANT
The undersigned as applicant of the captioned letter of credit, hereby acknowledges and agrees to
be bound by the representations, warranties and indemnification obligations in the Assignment of
Proceeds of Letter of Credit applicable thereto as of (insert date and time):
Very truly yours,
(Name of Applicant)
(Authorized Signatory)
(Print or Type Signer's Name and Title)
7