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1996-0102_KI/FKLA RANCHO REALTY_Staff Memo M R' 4VIEMORANDUM TO: Tony Foster, Engineering Assistant FROM: Cheryl Johnson, City Clerk DATE: January 2, 1996 SUBJECT: Substitution of Surety. PM 85-306 (Rosan/Bedford/ Kaiser/Kemper Realty) Attached is the original Letter of Credit No. 1-83068 dated July 6, 1987, received from Wells Fargo Bank in the amount of $764,000. We have received substitute bonds this date. 111 Sou, " it i85i WEILS FAR, G 0 1RAN ,N.A. ES] P.O.BOX 63022, SAN FRANCISCO,CALIFORNIA 94163 E 9000 FLAIRE DRIVE, EL MONTE,CALIFORNIA 91735 LETTER OF CREDIT OPERATIONS 525 MARKET STREET, 25TH FLOOR SAN FRANCISCO, CA 94163 LETTER OF CREDIT City of San Juan Capistrano 32400 Paseo Adelanto San Juan Capistrano, CA 92675 Attention: Stephen B. Julian, City Manager RE: IRREVOCABLE LETTER OF CREDIT NO. 1-83068; PARCEL MAP 85-306/ROSAN RANCH Gentlemen: We have been informed by Kaiser Development Company, a California, corporation, hereinafter referred to as "Principal", but have not independently confirmed, that this, letter of credit is given to fulfill the requirements of that certain agreement entered into between the City of San Juan Capistrano, a political subdivision of the State of California, hereinafter referred as "City", and Principal covering certain improvements to be installed in that certain subdivision known and designated as Parcel Map No. 85-306/Rosan Ranch by Principal, and in accordance with said agreement. At the request of Principal, we hereby establish in favor of City and, for the account of Principal our Irrevocable Letter of Credit No. 1-83068 in the amount of SEVEN HUNDRED SIXTY-FOUR THOSAND U.S. DOLLARS (U.S.$764,000.00) to be paid by drafts at sight on us if accompanied by a certificate dated and signed by the City Manager or City Attorney of City in the, following form: The undersigned, the [City Manager or City Attorney3 of the City of San Juan Capistrano, California, hereby certifies that: 1. Kaiser Development Company has failed to perform its obligations under that certain agreement entered into between the City of San Juan Capistrano and Kaiser Development Company covering certain improvements to be installed in that certain subdivision known and designated as Parcel Map No. 85-306/Rosan Ranch in accordance with said agreement; 2. The amount of the sight draft accompanying this certlifieate— is . - -7 U.S. Dollars ) and the amount of this draft is now , due and payable-to the City of San Juan Capistrano under;; 1 ' said agreement. • • (CONTINUED ON PAGE 2) • Since,((([ 1852 WE LL S FAR�G 0 BANK,N.A. El P.O.BOX 63022, SAN FRANCISCO,CALIFORNIA 94163 ❑ 9000 FLAIRE DRIVE, EL MONTE,CALIFORNIA 91735 LETTER OF CREDIT OPE ATIO 525 MARKET STREET, 25TNS H FLOOR SAN FRANCISCO, CA 94163 - Page 2 - Our L/C No. I-83068 All drafts under this Letter of Credit shall be marked: NAME OF BANK ADDRESS IRREVOCABLE LETTER OF CREDIT NO. 1-83068 We expressly agree with you that all drafts drawn under and in compliance with the terms of this Letter of Credit shall meet with due honor in accordance with Section 5112 of the Uniform Commercial Code of the State of California. Partial drawings are permitted hereunder. This Letter of Credit expires at our above office on June 30; 1989 and shall be automatically extended without written amendment to June 30 in each successive calendar year unless not less than sixty (60) calendar days prior to any June 30 (including June 30, 1989), we have sent notice to you in writing by registered mail at your address above that we elect not to renew this Letter of Credit beyond the June 30 next succeeding by at least sixty (60) calendar days, the date we send you such notice. This Letter of Credit is subject to the Uniform Customs and Practice for Documentary Credits (1983 Revision) International Chamber of Commerce, Publication No. 400 ("UCPA") and to the Uniform Commercial Code of the State of California ("UCC"). In the event of any conflict between the UCPA and the UCC, the UCC shall prevail and control. DATED: JULY 7, 1987 WELLS FARGO BANK, NATIONAL A - lCIATION der By: L/ Authorized Signature CAACE O.Y.HUNG MEMORANDUM TO: John Gibson, City Treasurer FROM: Dawn Marie Schanderl, Records Coordinator DATE: Jul 9, 1987 _ _ _ _ SUBJECT: Letter of Credit No. I-83068, Parcel Map 85-306 - Rosan Ranch/Kaiser Development Company Letter of Credit No. I-83068, dated July 7, 1987, was received from Well Fargo Bank in the amount of $764,000.00 for Parcel Map 85-306 Rosan Ranch/Kaiser Development Company. The letter is forwarded to you for placement in the safety deposit box. Mary Ann Hanover MAH/dm cc: Tony Foster, Assistant Engineer