HomeMy WebLinkAboutRichmond Shores at Peconic SUFFOLK COUNTY NATIONAL BANK
137 WEST BROADWAY · P.O. BOX 442 · PORT JEFFERSON, NY 11777-0442 · (516) 642-1000 * FAX (516) 642-0200
December 21, 2001
Southold Planning Board
Town of Southold
Main Road
Southold, NY 11971
Re: "RichmondShoresatPeconic"
Irrevocable Letter of Credit No. 011221
JAN u 20 Z
Southold Town
Pt nning Board
Dear Board Members:
By order and for the account of our clients, Schembri Homes, Inc., 2042 North Country
Road, Suite 203, P.O. Box 6, Wading River, New York 11792, we hereby issue in your favor
our Irrevocable Letter of Credit No. 011221 up to an aggregate amount of U.S. $95,356.00
effective immediately and expiring at our Commercial Loan Office located 244 Old Country
Road, Riverhead, New York 11901 on January 5, 2003.
Funds under this Letter of Credit are available by your sight draft(s) drawn on us,
indicating our Credit No. 011221 accompanied by:
"Beneficiary's signed statement certifying that Schembri Homes, Inc., has failed to
complete certain site improvements for the final plat of "Richmond Shores at Peconic", as
called out by resolution of the Southold Planning Board in the amount of $95,356.00."
It is a condition of this Letter of Credit that it shall be deemed automatically extended
without amendment for one additional year from the present expiration date, unless forty-five
days (45) days prior to any such date, we shall notify you in writing by certified mail at the
above listed address that we elect not to consider this Letter of Credit renewed for any such
additional period. In such an event the Letter of Credit may be drawn on in the full amounL
Draft(s) drawn to state: "Drawn under The Suffolk County National Bank Letter of Credit
No. 011221 dated December 21, 2001."
We hereby engage with you to honor your draft(s) as specified above when accompanied by
documents in conformity with the terms and conditions of this Letter of Credit when presented
to: The Suffolk County National Bank, 244 Old Country Road, Riverhead, New York 11901.
~4ddress all correspondence regarding the Letter of Credit to The Suffolk County National
Bank address mentioning our Letter of Credit No. 011221.
.®
THE SUFFOLK COUNTY NATIONAL BANK
Irrevocable Letter of Credit No. 011221
Schembri Homes, Inc.
Page 2
Except so far as otherwise expressly stated herein, the Letter of Credit is subject to the
Uniform Customs and Practice for Documentary Credits (1993 Revision) International
Chamber of Commerce Publication No. 500.
This Letter of Credit supercedes our previously issued Letter of Credit No. 010105 dated
January 5, 2001.
The Suffolk County National Bank
David T. DeVito
Vice President