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Home My WebLink AboutMarratime Capital V LLC TD Bank America's Most Convenient Bank° Global Trade Finance 6000 Atrium Way Mount Laurel,NJ 08054 tdbank.com T 856 751 9000 F 856 533 6545 RECEIVED January 10, 2025 Southold Town Clerk Town of Southold Town Hall Annex 54375 State Route 25 Southold, NY 11971 Re: Irrevocable Standby Letter of Credit No. 20010502 Marratime Capital V LLC To Whom It May Concern: We're writing to let you know that according to the terms and conditions of the above-referenced letter of credit (copy enclosed) we elect not to renew this letter of credit and will close our file at close of business February 14, 2025. If the letter of credit is no longer needed, please return the original letter of credit to us in the self- addressed, stamped envelope provided for your convenience. If you have any questions, please call me at 1-856-533-6788, Monday through Friday, 9am — 5pm. Thank you for your cooperation. Sincerely, Dorris M. Ancheta Assistant Vice President Encl cc:Marratime Capital V LLC TD Bank America's Most Convenient Bank° Global Trade Finance RECEIVED 6000 Atrium Way tdbank.com Mount Laurel,NJ 08054 T 856 751 9000 F 856 533 '6545 FEB 24W6 February 14, 2024 IRREVOCABLE STANDBY LETTER OF CREDIT NO. 20010502 Southold Town Clerk EXPIRATION DATE: February 14,2025 Town of Southold Town Hall Annex 54375 State Route 25 Southold, NY 11971 Re: Marratime Capital V LLC We hereby establish our Irrevocable Standby Letter of Credit No. 20010502 in favor of Town of Southold, hereinafter referred to as "Beneficiary", at the request of Marratime Capital V LLC, hereinafter referred to as "Applicant",in an amount not to exceed in the aggregate Twenty Thousand and 00/100($20,000.00)U.S. Dollars. Funds are available by your draft on us at sight bearing the clause: "Drawn under TD Bank, N.A. Letter of Credit No..20010502 dated February 14, 2024"and accompanied by the following documents: 1. This original Letter of Credit and any amendments thereto. 2. A statement purportedly signed by the Town Planning Director stating that: "Marratime Capital V LLC has not performed in accordance with the terms and conditions of the declaration of covenants and restrictions between Marratime Capital V LLC and Town of Southold, and filed with the Suffolk County Clerk at.Liber D00013200 Page 222, and the approved filed subdivision map on file with the Suffolk County Clerk as File #12281 .Messina 80/60 Clustered Conservation Subdivision."Specifically, Marratime Capital V, LLC has failed to plant and maintain thirty-six(36)street trees. along Laurel Avenue as shown on the Subdivision.Map. The declaration of covenants further requires the tree species to be.acceptable to the Planning Board. Marratime Capital V, LLC, agrees to and shall comply with the aforementioned conditions of the recorded covenants." It is a condition of this Letter of Credit that it will be extended automatically without amendment, for additional periods of one(1)year from the present or each future expiration date,unless at least thirty(30)days prior to the current expiration date, we notify you in writing by overnight courier at the above.address, that we elect not to renew this Letter of Credit for said additional period. This Letter of Credit sets forth in full the terms of our undertaking and such undertaking shall not in any way be modified, amended or amplified by reference to any document, instrument or contract referred to herein or in which this Letter of Credit is referred to or to which this Letter of Credit relates, and any such reference shall not be deemed to incorporate herein by reference any document, instrument or contract. We.hereby agree that drafts)drawn under and in compliance with the terms of this Letter of Credit will be duly honored upon receipt of documents as specified above,which may be presented in person or sent via overnight courier at our office located at 6000.Atrium Way, Mt. Laurel,:NJ 08054 on or before the expiration date noted above or any extended date. Except so far as otherwise expressly stated herein, this Letter of Credit is subject to the"Uniform Customs and Practice for Documentary Credits(2007 Revision) International Chamber of Commerce, Publication No. 600." TD Bank, N.A. Michael Nunziata Vice President ��W� TD Bank America's Most Convenient Bank° Global Trade Finance 6000 Atrium Way Mount Laurel.NJ 08054 tdbank.com T 856 751 9000 RECEIVED F 856 533 6545 February 14, 2024 F EB 1 5 2024 Town of Southold Town Hall Annex Southold Town Clerk 54375 State Route 25 Southold, NY 11971 Re: Irrevocable Standby Letter of Credit No. 20010502 Marratime Capital V LLC We're writing to let you know the above-referenced letter of credit was issued in your favor. The original letter of credit is enclosed. Please address all correspondence regarding this letter of credit to: TD Bank, N.A. Attn: Global Trade Finance Standby Letter of Credit 6000 Atrium Way Mt. Laurel, NJ 08054 Be sure to mention our letter of credit number in any correspondence. If you have any questions, please call me at 1-856-533-6791 Monday through Friday, 9am - 5pm. Thank you for your cooperation. Sincerely, Michael Nunziata Standby Letter of Credit Department Encl. cc: Marratime Capital V LLC TD Bank RECEIVED America's Most Convenient Bank° Global Trade Finance 6000 Atrium Way Mount Laurel,NJ 08054 F E B 1 5 2024 tdbank.com T 856 751 9000 F 856 533 6545 February 14, 2024 Southold Town Clerk IRREVOCABLE STANDBY LETTER OF CREDIT NO. 20010502 EXPIRATION DATE: February 14, 2025 Town of Southold Town Hall Annex 54375 State Route 25 Southold, NY 11971 Re: Marratime Capital V LLC We hereby establish our Irrevocable Standby Letter of Credit No. 20010502 in favor of Town of Southold, hereinafter referred to as "Beneficiary", at the request of Marratime Capital V LLC, hereinafter referred to as "Applicant",in an amount not to exceed in the aggregate Twenty Thousand and 00/100($20,000.00)U.S.Dollars. Funds are available by your draft on us at sight bearing the clause: "Drawn under TD Bank, N.A. Letter of Credit No. 20010502 dated February 14, 2024"and accompanied by the following documents: 1. This original Letter of Credit and any amendments thereto. 2. A statement purportedly signed by the Town Planning Director stating that: "Marratime Capital V LLC has not performed in accordance with the terms and conditions of the declaration of covenants and restrictions between Marratime Capital V LLC and Town of Southold, and filed with the Suffolk County Clerk at Liber D00013200 Page 222, and the approved filed subdivision map on file with the Suffolk County Clerk as File #12281 Messina 80/60 Clustered Conservation Subdivision."Specifically, Marratime Capital V, LLC has failed to plant and maintain thirty-six(36)street trees along Laurel Avenue as shown on the Subdivision Map. The declaration of covenants further requires the tree species to be acceptable to the Planning Board. Marratime Capital V, LLC, agrees to and shall comply with the aforementioned conditions of the recorded covenants." It is a condition of this Letter of Credit that it will be extended automatically without amendment, for additional periods of one(1)year from the present or each future expiration date, unless at least thirty(30)days prior to the current expiration date, we notify you in writing by overnight courier at the above address, that we elect not to renew this Letter of Credit for said additional period. This Letter of Credit sets forth in full the terms of our undertaking and such undertaking shall not in any way be modified, amended or amplified by reference to any document, instrument or contract referred to herein or in which this Letter of Credit is referred to or to which this Letter of Credit relates, and any such reference shall not be deemed to incorporate herein by reference any document, instrument or contract. We hereby agree that draft(s) drawn under and in compliance with the terms of this Letter of Credit will be duly honored upon receipt of documents as specified above,which may be presented in person or sent via overnight courier at our office located at 6000 Atrium Way, Mt. Laurel, NJ 08054 on or before the expiration date noted above or any extended date. Except so far as otherwise expressly stated herein, this Letter of Credit is subject to the"Uniform Customs and Practice for Documentary Credits(2007 Revision) International Chamber of Commerce, Publication No. 600." TD Bank, N.A. Michael Nunziata Vice President