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HomeMy WebLinkAboutLetter of CreditHarnett COUNTY MEMORANDUM TO: Vanessa Young, Director of Finance FROM: Mark Locklear, Manager of Planning Services 'I DATE: March 26, 2008 RE: Letter of Credit # 436 in the amount of $250,000.00 to Guarantee Construction of Streets in Asheford Subdivison Please hold this Letter of Credit for the subdivision referenced above until further notice. Thank you in advance for your cooperation. strong roots • new growth Planning Department w ww.harnet! org PC Box 55 9C: East Front Sire ail Igton, NC 27546 )h 910- 893 -7525 3x, 910- 893 -2793 March 25, 2008 LETTER OF CREDIT NO. 436 ADVISING BANK Four Oaks Bank & Trust Co. PO Box 99 Dunn, NC 28335 BENEFICIARY Harnett County Planning Department RE: Asheford Subdivision Gentlemen: Sincerely, Page, FOUR OAKS BANK & TRUST COMPANY 5 !i APPLICANT Horizon Developers, LLC 2919 Breezewood Ave., Ste 202 Fayetteville, NC 28303 AMOUNT $250,000.00 EXPIRATION DATE March 25, 2009 We hereby establish our IRREVOCABLE LETTER OF CREDIT NO. 436 in your favor, for the account of Horizon Developers, LLC, and thereby undertake to honor your draft at sight on us not exceeding the aggregate of Two Hundred Fifty Thousand and no /100 ($250,000.00), such draft to be accompanied by a written statement certifying the following: (1) That you (Beneficiary) Have duly demanded from the Account Party all conditions of the agreement referred to above be upheld to the satisfaction of Beneficiary. (2) That you (Beneficiary) are entitled to the amount of accompanying draft. The drafts drawn under this letter of credit must be marked "Drawn under Four Oaks Bank & Trust Company Irrevocable Letter of Credit No. 436 dated March 25, 2008" and accompanied by the Letter of Credit No. 436. This credit is valid until March 25, 2009 and a draft drawn hereunder, if accompanied by documents as specified above, will be honored if presented to issuing branch of Four Oaks Bank and Trust Company on or before March 25, 2009. Except as otherwise expressed stated herein, the credit is subject to the "Uniform Customs and Practice for Documentary Credit (1983 Revision), International Chamber of Commerce Publication No. 400 ". Four 0 s Bank and Trus omp y ssistant c sident I Ini[" 17 C.CJCJO KJJ. CJLI I I \iJ11. I I1 ti41 1 11V 11VV JL 1 VJJVV HIGHLAND P A V I N G Attn: Dale Short LWS Homes,Inc. 2919 Breezewood Suite 202 Fayetteville, N.C. 28303 PROPOSAL AND CONTRACT Dear Dale, RE: Asheford Subdivision ESTIMATE TO COMPLETE PROJECT Pursuant to our earlier discussions and instructions, Highland Paving Co.,LLC offers to provide the labor, materials and equipment necessary to perform the following work at the above mentioned job. Description of work and prices: 1. Grade for abc approx. 13,075 s.y. © $0.50 per s.y. _ $6,537.50 2. Place abc approx 3458 tons at $18.50 per s.y. = $63,973.00 3. Fine grade for abc approx. 13,075 s.y. © $0.50 per s.y. = $6,537.50 4. 2 tk. S 9.5A asphalt with wedge curb approx. 11,725 s.y. 0 $9.70 per s.y.= $113,732.50 5. Dress up 8 seed Lump Sum $9,125.00 Approx. Total $199,905.50 Note: We cannot warrant or guarantee the physical appearance of finished asphalt if placed when temperatures are less than 80 degrees. NOTE: DUE TO RISING LIQUID ASPHALT PRICES. THIS PROPOSAL IS ONLY BINDING FOR 30 DAYS. UPON RECEIPT OF THIS SIGNED PROPOSAL, THESE PRICES WILL BE BINDING THROUGH SEPTEMBER 30,2008. Note: The above price includes 2 mobilizations. Any additional mobs will be at $750.00 per tnp. We are pleased to be able to provide you with a price on this project. If this proposal meets with your approval, please sign below and return to us. We are committed to providing you with quality, reliability and value. Sincerely, Accepted: Berry R. Scott r-3 Date I V. V V..J i V • L March 19,2008 PO Box 64553 pht 910.485.5790 http://www.highlandpaving.com info@highlandpaving.com