HomeMy WebLinkAboutLong Pond Estates Section IINoi r l-I /
The North Fork Bank & TrLlst Co
Member FDIC ~
October 29, 1990
Town Clerk
Town of Southold
Town Ball
53095 Main Road
Southold, New York
11971
Re:
Performance Bond: $193,595.00
Long Pond Estates, Section 2
Town of Southold, Suffolk County, New York
Letter of Credit No. M-90112
Dear Planning Board Members:
By order of Mohring Enterprises, Inc. and for the account of same, we hereby
establish this Irrevocable Letter of Credit in your favor up to the aggregate
amount of ONE HUNDRED NINETY THREE THOUSAND FIVE HUNDRED NINETY FIVE AND
00/100 ($193,595.00) U.S. Dollars available by your drafts at sight and this
original Letter of Credit accompanied by:
A certified copy of the Resolution of the Town Board, certified by the
Town Clerk which indicates:
"Mohring Enterprises, Inc. has failed to complete all of the roads and
improvements to be completed by Mohring Enterprises, Inc. with regard to a
subdivision map entitled "Long Pond Estates, Section 2", heretofore approved
by the Planning Board of the Town of Southold, on October 9, 1990, and that as
a result of said failure, there is due and owing an amount equal to the face
amount of our attached draft. We further certify that the amount drawn
hereunder is for the sole purpose of completing those items of improvement
which were to have been completed by Mohring Enterprises, Inc."
This Letter of Credit must be presented for payment by the beneficiary at our
counters at 9025 Route 25, Mattituck, New York, 11952, not later than 3:00
P.M. on October 29, 1992 and all drafts thereunder must be negotiated ou or
before that date.
Each draft must state that it is "Drawn Under Letter of Credit #M-90112 of The
North Fork Bank and Trust Company, dated October 29, 1990" and the amount
endorsed on this Letter of Credit.
Partial drawings are permitted.
We hereby agree with the Drawers, endorsers and bona fide holders of drafts
drawn under and in compliance with the terms of this Letter of Credit that
such drafts will be duly honored upon presentation to the drawee.
Except so far as otherwise expressly stated, this Letter of Credit is subject
to the Uniform Customs and Practice for Documentary Credits (1983 Revision),
International Chamber of Commerce Publication #400.
Very truly yours,
THE NORTH FORK BANK AND TRUST COMPANY
By
Vice President
Subsidiary of North Fork Bancorporation, Inc.
Home Office: Mattituck, New York 11952-0902, Tel: (516) 298-5000