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Home My WebLink AboutNCC201085_NOT Closeout Documents_20210212GUILFORD COUNTY PLANNING AND DEVELOPMENT DEPARTMENT EROSION CONTROL SECTION SURETY RELEASE 1-27-21 Charles Dunstan 3D Development Holdings 3540 Wheeler Rd. Suite 309 Augusta, Ga 30909 Re: O'Reilly Auto Parts Dear Charles Dunstan, Due to significant site stabilization, Guilford County can release the erosion control surety for the above referenced project. Enclosed you will find the Irrevocable Letter of Credit For $2,400.00. Please call my office at (336) 601-8925, if you have any questions. Sincerely, Curtis J. Moore Erosion Control5pecialist Guilford County Planning and Development Earl Davis, Soil Erosion Control Section Chief. t336J 6G-380 fames Terdiff, Erosion Qm1ral Specialist 036) 64I-2259 Curtis Mnorr. Emersion Control Sperinust Fast [7jftre Bar 3427 Greensbmn, North Carolina 2, 402 II 1 Ill 11 !1 I I I i��, ��Il Ilfl IIIII lllfl I fl I II IIIiI Ill1llll� IIIII lfl I llll IIII! ll! I lllii ��f illll Illll I�III III[) fill IIII I I '00000051060061B7-B147003II2202i7' �j]/ i�� 1��f��jji jVV IRREVOCABLE LETTER OF CREDIT Borrower: 3UAev3Topm6nflialdtn$s LLC Lander: Renasant Bank 3540 Wheeler Rd Suit& 3013 CML NStt CRE NASHViLLE MAIN WEST END Augusta, GA 30909 1520 WEST END AVE NASHVILLE, TN 37203 (87713fl7.63T1 Beneficiary: County of Guilford State of North Carolina 400 W. Market St Greensboro, NC 27401 NO.: 4047 EXPIRATION DATE. This letter of credit shall expire upon the earlier of the close of business an 03.02.2021 and all drafts and accompanying statements or docurents must be presented to Lender on or Data re In at Irma, cr the day that Lander honors a draw under which the full amount of this Letter of Credit has been drawn (the "Expiration Date") AMOUNT OF CREDIT. Lender hereby establishes et line request and for the account of Borrower an IrrevocatilD Letter of Credit rn favor at Beneficiary far a sum of Two Thousand Four hundred 6 001100 Dollars t$2.400.00! (the "Letter Of Credit") These funds shall be made available to Beneficiary upon Lenders receipt from Beneficiary of eight drafts drown on Lender al Lender's address indicMad above (or other such address that Lender may provide BanerrGary in writing) during regular business hours and accompanied by the signed written statements or documents indicated below WARNING TO BENEFICIARY PLEASEEXAMINE THIS LETTER OF CREDIT AT ONCE. IF YOU FEEL UNABLE TD MEET ANY OF ITS REOUIREMENTS, EITHER SINGLY OR TOGETHER, YOU SHOULD CONTACT BORRGVVFR IMMEDIATELY TO SEE IF THE LETTER OF CREDIT CAN BE AMENDIED OTHERWISE, YOU WILL RISK LOSING PAYMENT UNDER THIS LETTER OF CREDIT FOR FAILURE TO COMPLY STRICTLY WITH ITS TERMS AS WRITTEN DRAFT TERMS AND CONDITIONS. I.ender snail honor drafts submffled by Beneficiary under the fallowing larms and conditionsWhen accompanied by a signed statement from an authorized representative of County or Guilford State of North Carolina stating that 3E Development f-Ialdinpe I.LC has failed to honor Weir dOntiauuai agreement with County of Guilford State of North Caroltaa (Beneficiary) Its subsidiaries and affiliates Upon Lerldeea honor OF such drafts. Lender shall ba fully dlscnarged of Lenders Dal lgalmnS antler this Letter of Credit and shall rlaf be atIigetod fa make arty Further payments under this _ettar of Credit once the full amount of cred ill available under Ihls Letter of Credit has been drawn Beneficlary shall have no recourse against Lender for any amount paid under this Letter of Credit Once Larder has nonared any draft or dthe* document which Compiles strictly with this Letter of Credit. and which On [is Face appears otherwise In order but which is signed, issued. or presented by a party or under the name of a party purporting tit act for Beneficiary purporting to daim through Beneficiary or posing as Beneficiary without 9enericlery's authorization By paying an amount demanded In accordance with this Letter of Credit. Lender makes no representation as to the correctness of the amount demanded and tender shall not be liable to Beneficiary, or any other person, for any amount paid or disbursed ter any reason whatsoever, Including, without limitation, any nanappllcatton or rnlanpplicatnon by Beneficiary of the proceeds of such payment By presenting upon Larder or a confirming bank. Benefdary Certifies that Beneficiary has not and will not present upon the other, unless and until B"Iciary meets with dishonor Beneficiary promises to return to Lender any funds received by Beneficiary in excess of the Letto* of Credit's maximum drawing amount. USE RESTRICTIONS. All drafts must to marked "DRAWN UNDER Renasant Bank IRREVOCABLE LETTER OF CREDIT NO 4047 12ATFO 03-02-2020 and the amount Of each draft shall be marked on the draft Only Beneficiary may complete a draft and accompanying statements ar documents vcluired by this Loner of Credit and make a draw under this Letter Of Cmdit. This original Letter of Credit must accompany any draft drawn hereunder Partial draws are permitted under this Letter of Credit Lenders honor of a partial draw shall correspondingly reduce the amount of credit available under this Latter of Credit Following a partial drew Lander shall return tttis Oiigfnet Letter of Credit to 8enefi," with the partim draw rimed hereonin the alternative. and in fts We discretion. Lender may Issue a substitute Letter of Credit to Beneficiary In the amount shown above less any partial draw(s) PERMITTED TRANSFEREES The right to draw under this Letter of Credit shall be nontransfersttle except for: A. A transfer fin its entirety, but not in Dart) oy direct operation of law to the administrator, executor. bankruptcy trustee. receiver Ilit idator successor. dr other representative at taw of the drrginal Benefidary: and B The first Immediate transfer tin its entirety. Out not in part} by such legal representative to a tribe party after express approval of a governmental body oudidal administrative, or execufivel TRANSFEREES REQUIRED DOCUMENTS. When the presenter is a permitted transferee (i) by operation of law or Ili) a third party receiving transfer'rom a legs representative as dascribed above, Ina documents required for a drew shot Include a Certified copy of She one Or more documents whlub show the presenters aulhority 10 Claim through or to act with aulhorf y for the original Beneficiary COMPLIANCE BURDEN. Len air is not responsible For any imp ossi h Oily or other difficulty in achreving sl ricI compliance with the require men is at this Le tier of Credn precisely as wnIten 9ansTciary urderstanda and adknowleogas. {Ij that unless and until the present wording of Ibis Letter of Credit is amended with Lenders prior wntten consent the Burden Of complying strictly with such wording remains solely upon Beneficiary and Ili] that Lander is relying upon the lack of such amendment as constituting Beneficiary's initial and canUnued approval of such warding NON-SEVERABILITY. If arty aspen of ttiis Letts- of Crean is eve* declared unenforceable for arty reason try any court or governmental hndy having turisdictlan LendWs entire einpagernerl Under this Latlw Of Credit shall be dalamed null and void tab tnnto. and both Lander and Berwldaly shall tas restored to the pnsltidn each would have occupied with all fights available as though this Latter or Credit had never occurred. This mxr seveirabil,ty provisdn shall Override all other provisons in ih+s Letter of Credit no matter where such provision appears within ihls Letter of Credit. GOVERNING LAW. This Agreement *fit he governed by federal law appticalele to Lendef and, to the extent not preempted by federal law, the laws or the State of Tannessee without regard 10 He sonrilots of law provisions, and &xeept to the extent such laws are Inconsistent with the 2007 Revision of the Uniform Customs and Practice for Documentary Credits or the international Chamber of Commerce, ICC Publication No. GOO Thus Agreement has been accepled by Lender In the State of Tonnassea. EXPIRATION. Lender hereby agrees with Beneficiary that drabs drawn under and in Compliance with the !erne of this Letter of Credit will be duty honored cF presented to Lender on or before the Expiration Data unless otherwise provided for above, ADDITIONAL RENEWAL TERMS- This Letter of Credit is val4 for one year from 03/02/2020 and -s automatically renewable For addillonal one Year periods without any effort On the part of the Beneficiary at Ranasanl Bank's Optian until ttie aforesaid conlred is satlshed In full Should Renasant Bank decide not to renew this Letter of Credit, Renasant Bank agrees to notify the Benefnclary in writing 30 days pnarto expiration date by registered mail, retum receipt requested. at which time the Beneficiary can draw up to the amount then available of the Leiter of Cradlt GOVERNING LAW ADDITIONAL TERMS. The reference to the °2007 Revision of the Uniform Customs and Practice for Documentary Credits of the International Chamber of Commerce, FCC publEcalian No 600" in trig Governing Law section above Is deleted and the following publication is substituted in Its place: "Internatnonai Standby Practica 1995 11$P9S1" IRREVOCABLE LETTER OF CREDIT 10g7 Loan No: 51 ODUDB187-S (Continued) Page g BANK LEN➢ER: RENASANT SANK 1' By: Authorized 5iyner ENDORSEMENT OF DRAFTS DRAWN: Amount Amount Date Negotiated B n Whrgs n F" res