HomeMy WebLinkAboutSouthold Villas
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C . L" 'led 1878
Hay 26, 1992
201 OLD COUNTRY ROAD
MELVILLE, NEW YORK 11747-2724
516/547-2278
ROBERT G. 1\JRNER
SENIOR VICE PRESIDENT
Town of Southold
Community Development Agency
53095 Hain Road
Southold, New York 11971
RE: Southold Villas Project
AHC Grant ID # 91/625
Letter of Credit No. 771036
Beneficiary: The Town of Southold
Gentlemen:
By order of Peconic Properties Management Corporation, a New York
corporation having its principal place of business at P.O. Box 1143,
Cutchogue, New York 11935 ("Customer") and for account of same, we, The
Long Island SaVings Bank, FSB( "Bank"), hereby establish this irrevocable
letter of credit ("Letter of Credit") in your favor in amounts not to
exceed an aggregate of One Hundred Eighty Thousand and no/l00 United
States Dollars ($180,000.00) ("Credit Amount"), available by your drafts
at sight. Except as provided in Section 8 hereof, any draft on this
Letter of Credit shall be made by presentation to us of a drawing
certificate ("Drawing Certificate") in the form of Exhibit A annexed
hereto.
1. Any draft hereunder must be presented before the close of the
Bank's business (3:00 p.m.) on the date which is eighteen months from the
date hereof ("Expiration Date"). This Letter of Credit shall expire at
3:00 p.m. on the Expiration Date.
2. The Drawing Certificate submitted to the Bank with each draft
must: (1) state that it is, "drawn under Letter of Credit No. 771036 of
the Bank dated Hay 26, 1992," and (2) set forth the amount endorsed on
this Letter of Credit pursuant to said draft.
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Town of Southold
Letter of Credit No.. 771036
May 26, 1992
Page 2
3. A draft duly drawn hereunder shall be paid by (a) wire transfer
of iDDllediately available funds to such account as may be specified by you
at the time the draft is presented to us for payment, or (b) such other
method of payment as may be acceptable to you.
4. Presentation of a draft may be made to the Bank at its offices at
201 Old Country Road, Melville, New York 11747-2724, Attention.
Commercial Lending Department, or at any other office of the Bank in the
City of New York or the Counties of Nassau or Suffolk, State of New York,
which may be designated by us in written notice delivered to you prior to
presentation of such draft. If a draft is duly presented to us as of
11.00 a.m. New York City time, payment thereof shall be made on the same
business day as the date of presentation in the amount set forth in the
Drawing Certificate submitted to the Bank for such draft. If a draft is
duly presented to us. after 11.00 a.m. on a business day, then payment
thereon shall be made in the amount set forth in the Drawing Certificate
for such draft by no later than the succeeding business day.
5. Multiple drafts may be made hereunder, provided that each draft
shall pro tanto reduce the Credit Amount.
6. If, on the Expiration Date, the Bank's office designated for
presentation of drafts hereunder is closed or inaccessible by reason of an
act of God, riot, civil unrest, insurrection, war or any other reason,
then timely presentation of drafts may be duly made to us on the day on
which such disruption ends if such day is a business day or on either of
the next two succeeding business days.
7. 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 Bank as provided herein.
8. This Letter of Credit shall inure your benefit and to the benefit
of your successors and assigns and without prior notice to us may be
transferred by you to the New York State Affordable Housing Corporation
("Corporation"), a public benefit corporation established and existing
pursuant to Section 45-b of the New York State Private Housing Finance
Law, which shall then succeed to your rights and position hereunder and
may then draw on this Letter of Credit and present drafts with Drawing
Certificates as the Beneficiary hereof instead of you.
MMH/194/2
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Town of Southold
Letter of Credit No.. 771036
May 26, 1992
Page 3
9. 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, and any amendments or subsequent revisions thereof.
10. Upon the earliest of. (a) the payment by us of a draft hereunder
which reduces to zero dollars ($0.00) and thereby extinguishes the Credit
Amount.; (b) the surrender to us by you of this Letter of Credit; or (c)
3.00 p.m. on the Expiration Date, this Letter of Credit shall be
terminated; except that any draft duly presented prior to 3.00 p.m. on the
Expiration Date will be paid as otherwise provided herein.
11. Except as provided in a writing executed by you, this Letter of
Credit. and our undertaking set forth fully herein shall not be modified or
amended except only by the sight draft(s) referred to herein; and such
reference shall not be deemed to incorporate herein or reference any
document, instrument or agreement except for such duly presented sight
draft(s) .
SAVINGS BANK, FSB
N e. V.;cNGiC.-
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Title, Vlc.e I',eGSID~r
MMH/194/3
Drawing Certificate
To Letter of Credit # 771036
Dated ::
The Long Island Savings Bank, FSB
201 Old Country Road
Melville, New York 11747-2724
Attention: Commercial Lending Department
RE: Letter of Credit #771036
Dated: May 26, 1992
Gentlemen,
The undersigned is the beneficiary ("Beneficiary") of the above
captioned letter of credit ("Letter of Credit"), issued by you for the
account of the Peconic Properties Management Corporation, a New York
corporation having an office at P.O. Box 1143, Cutchogue, New York 11935
("Customer"), in an aggregate amount of drafts not to exceed One Hundred
Eighty Thousand and no/l00 United States Dollars ($180,000.00) ("Credit
Amount"), and in connection with a transaction involving the BenefiCiary
and the Customer to which the Letter of Credit relates, the Beneficiary is
entitled to receive payment from the Customer. BenefiCiary hereby
certifies to you that: (1) it is the BenefiCiary of the Letter of Credit;
(2) the BenefiCiary hereby demands that you make payment to it of
$ in United States dollars ("Demand Amount") on
presentation hereof pursuant to the Letter of Credit; (3) the Demand
Amount is drawn under Letter of Credit #771036 of the Bank dated May 26,
1992; (4) the Customer is obligated to pay to Beneficiary the Demand
Amount in connection with the transaction to which the Letter of Credit
relates; (5) the aggregate of (a) the Demand Amount endorsed on the Letter
of Credit pursuant to this draft and (b) the total amount of monies paid
to Beneficiary by the Bank to date pursuant to any other drafts under the
Letter of Credit does not exceed the Credit Amount.
Sincerely,
THE TOWN OF SOUTHOLD
By:
Title.
MMH/194/4
JUDITH T. TERRY
TOWN CLERK
REGISTRAR OF vrr AL ST A TlSTlCS
MARRIAGE OFFICER
Town Hall, 53095 Main Road
P.O. Box 1179
SouIhold, New York 11971
Fax (516) 765-1823
Telephone (516) 765-1801
OFFICE OF THE TOWN CLERK
TOWN OF SOUTHOLD
THIS IS TO CERTIFY THAT THE FOLLOWING RESOLUTION WAS ADOPTED BY THE
SOUTHOLD TOWN BOARD AT A REGULAR MEETING HELD ON MAY II, 1993:
RESOLVED that the Town Board of the Town of Southold hereby authorizes
the release of the $180,000 Letter of Credit placed with the Town by
Peconic Properties Management Corporation to protect the New York State
Affordable Housing Corporation in the event of a foreclosure of the
Southold Villas Affordable Housing Project at Route 25, Southold; said
release is upon the recommendation of James C. McMahon, Southold Town
Community Development Office, who has advised the Town Board that all
17 units in Southold Villas, Section I have been sold and are now occupied,
and were sold in accordance with the Town of Southold's Affordable Housing
Code.
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~:-Terry
Southold Town Clerk
May 5, 1993
JAMES C. McMAHON
Administrator
SCOTI L. HARRIS
Supervisor
Telephone (516) 765-1892
Town Hall, 53095 Main Road
P.O. Box 1179
Southold, New York 11971
Fax (516) 765-1823
TOWN OF SOUTHOLD
COMMUNITY DEVELOPMENT AGENCY
April 21, 1993
RtUll/tO
APR 2 2 \993
Mrs. Judith T. Terry
Town Clerk
Town Hall - Main Road
Southold, NY 11971
SIIl&thokl '0_ C.-
Re: Southold Villas, Section 1
Letter of Credit No. 771036 for $180,000.
ARC Grant ID #91/625
Beneficiary: Town of Southold
Dear Judy:
Please be advised that all 17 housing units in
Section 1 have been sold and are now occupied.
units were sold in accordance with the Town of
Affordable Housing Code.
Southold Villas,
All of these
Southold's
Based upon the above, I recommend that the Town Board of the
Town of Southold release the above Letter of Credit for Southold
Villas, Section 1.
Sincerely,
c~~.
James C. McMahon
Town of Southold
Community Development Office
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~11ahed 1878
201 OLD COUNTRY ROAD
MELVILLE, NEW YORK 11747
516/547.3048
THOMAS E. LAVERY
VICE PRESIDENT
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April 8, 1993
RECEIVED
APR 2 0 1993
Mr. James C. McMahon, Administrator
Town of Southold
Community Development Agency
Town Hall, 53095 Main Road
p .0" Box 1179
Southold, New York 11971
Southokl Town Clerk
Re: Southold Villas Project
Letter of Credit No. 771036 for $180,000
AHC Grant ID #91/625
Beneficiary: Town of Southold
Dear Mr. McMahon:
This is in furtherance of our telephone conversation of this morning
regarding the Southold Villas development.
Based upon your letter of March 29, 1993 to Lisa C. Welliver of this
Bank, my understanding that the captioned Letter of Credit which expires in
November, 1993 is no longer required. In order that we may remove this
liability from our books, would you be good enough to return the original
Letter of Credit to my attention.
Thank you very much for your assistance in this matter.
TEL:pr
cc: Lisa C. Welliver
Very truly yours,
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Eat~lahed 1878
201 OLD COUNTRY ROAD
MELVillE. NEW YORK 11747.2724
516/547-2000
March 12, 1993
RECEIVED
MAR 1 '7 1993
Town Board
Town of Southold
Main Road
Southold, NY 11971
Southold fawn CI.rIt
RE: Southold Villas Project
Letter of Credit No. 771036 for $180,000
ARC Grant 10 # 91/625
Beneficiary: The Town of Southold
Gentlemen:
In reference to the above stated project, the acquisition,
development and construction for the development of seventeen (17)
"affordable" single family homes under the New York state
Affordable Housing Corporation (ARC) has been completed (pictures
attached).
Please note the satisfaction of the ARC mortgage has been
released for recording in February, 1993. I have attached copies
of the ARC Grant Enforcement Note and mortgages for your files.
We are requesting a Project Closeout Report be completed and
sent to the New York state Affordable Housing corporation so that
we may expedite the release of the Letter of Credit (771036).
If you need any further information or have any questions,
please do not hesitate to contact me at (516) 547-2053.
Thank you for attention to this matter.
Very truly yours,
~,{~~
Lisa C. Welliver
commercial Lending Department
/pg
Attachments
cc: R. Turner
D. Brush
MMH/538/1
AN EQUAL OPPORTUNITY EMPLOYER M/F/H/V
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EetM:lMIhed 1878
201 OLD COUNTRY ROAD
MELVILLE, NEW YORK 11747-2724
516/547-2278
ROBERT G. TURNER
SENIOR VICE PRESIDENT
May 26, 1992
Town of Southold
Community Development Agency
53095 Main Road
Southold, New York 11971
RE: Southold Villas Project
AHC Grant ID # 91/625
Letter of Credit No. 771036
Beneficiary: The Town of Southold
Gentlemen:
By order of Peconic Properties Management Corporation. a New York
corporation having its principal place of business at P.O. Box 1143,
Cutchogue. New York 11935 ("Customer") and for account of same, we. The
Long Island Savings Bank. FSB ("Bank"), hereby establish this irrevocable
letter of credit ("Letter of Credit") in your favor in amounts not to
exceed an aggregate of One Hundred Eighty Thousand and no/l00 United
States Dollars ($180,000.00) ("Credit Amount"). available by your drafts
at sight. Except as provided in Section 8 hereof, any draft on this
Letter of Credit shall be made by presentation to us of a drawing
certificate ("Drawing Certificate") in the form of Exhibit A annexed
hereto.
1. Any draft hereunder must be presented before the close of the
Bank's business (3:00 p.m.) on the date which is eighteen months from the
date hereof ("Expiration Date"). This Letter of Credit shall expire at
3:00 p.m. on the Expiration Date.
2. The Drawing Certificate submitted to the Bank with each draft
must: (1) state that it is, "drawn under Letter of Credit No. 771036 of
the Bank dated May 26. 1992," and (2) set forth the amount endorsed on
this Letter of Credit pursuant to said draft.
'.
',.
.'
Town of Southold
Letter of Credit No.: 771036
May 26. 1992
Page 2
3. A draft duly drawn hereunder shall be paid by (a) wire transfer
of immediately available funds to such account as may be specified by you
at the time the draft is presented to us for payment. or (b) such other
method of payment as may be acceptable to you.
4. Presentation of a draft may be made to the Bank at its offices at
201 Old Country Road. Melville, New York 11747-2724. Attention:
Commercial Lending Department. or at any other office of the Bank in the
City of New York or the Counties of Nassau or Suffolk, State of New York,
which may be designated by us in written notice delivered to you prior to
presentation of such draft. If a draft is duly presented to us as of
11:00 a.m. New York City time, payment thereof shall be made on the same
business day as the date of presentation in the amount set forth in the
Drawing Certificate submitted to the Bank for such draft. If a draft is
duly presented to us after 11:00 a.m. on a business day. then payment
thereon shall be made in the amount set forth in the Drawing Certificate
for sllch draft by no later than the succeeding business day.
5" Mul tiple drafts may be made hereunder. provided that each draft
shall pro tanto reduce the Credit Amount.
6. If. on the Expiration Date. the Bank's office designated for
presentation of drafts hereunder is closed or inaccessible by reason of an
act of God, riot, civil unrest. insurrection. war or any other reason,
then timely presentation of drafts may be duly made to us on the day on
which such disruption ends if such day is a business day or on either of
the next two succeeding business days.
7.. 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 Bank as provided herein.
8. This Letter of Credit shall inure your benefit and to the benefit
of your successors and assigns and without prior notice to us may be
transferred by you to the New York State Affordable Housing Corporation
("Corporation"). a public benefit corporation established and existing
pursuant to Section 45-b of the New York State Private Housing Finance
Law, which shall then succeed to your rights and position hereunder and
may then draw on this Letter of Credit and present drafts with Drawing
Certificates as the Beneficiary hereof instead of you.
MMH/194/2
.'
Town of Southold
Letter of Credit No.. 771036
May 26, 1992
Page 3
9. 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, and any amendments or subsequent revisions thereof.
10. Upon the earliest of: (a) the payment by us of a draft hereunder
which reduces to zero dollars ($0.00) and thereby extinguishes the Credit
Amount; (b) the surrender to us by you of this Letter of Credit; or (c)
3.00 p.m. on the Expiration Date, this Letter of Credit shall be
terminated; except that any draft duly presented prior to 3:00 p.m. on the
Expiration Date will be paid as otherwise provided herein.
11. Except as provided in a writing executed by you, this Letter of
Credit and our undertaking set forth fully herein shall not be modified or
amended except only by the sight draft(s) referred to herein; and such
reference shall not be deemed to incorporate herein or reference any
document, instrument or agreement except for such duly presented sight
draft(s) .
SAVINGS BANK, FSB
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By: Itndn ( ~ L
Name. I'ItJlil'l 1.... f.:./+AlC-rl
Title: VILE I'/!GS/De::r.J r
MMH/194/3
-,
Drawing Certificate
To Letter of Credit # 771036
Dated.
The Long Island Savings Bank, FSB
201 Old Country Road
Melville, New York 11747-2724
Attent,ion. COl1llllercial Lending Department
RE. Letter of Credit #771036
Dated: May 26, 1992
Gentlemen:
The undersigned is the beneficiary ("Beneficiary") of the above
captioned letter of credit ("Letter of Credit"), issued by you for the
account of the Peconic Properties Management Corporation, a New York
corporation having an office at P.O. Box 1143, Cutchogue, New York 11935
("Customer"), in an aggregate amount of drafts not to exceed One Hundred
Eighty Thousand and no/l00 United States Dollars ($180,000.00) ("Credit
Amount"), and in connection with a transaction involving the Beneficiary
and the Customer to which the Letter of Credit relates, the Beneficiary is
entitled to receive payment from the Customer. Beneficiary hereby
certifies to you that: (1) it is the Beneficiary of the Letter of Credit;
( 2) the Beneficiary hereby demands that you make payment to it of
$ in United States dollars ("Demand Amount") on
presentation hereof pursuant to the Letter of Credit; (3) the Demand
Amount. is drawn under Letter of Credit #771036 of the Bank dated May 26,
1992; (4) the Customer is obligated to pay to Beneficiary the Demand
Amount in connection with the transaction to which the Letter of Credit
relates; (5) the aggregate of (a) the Demand Amount endorsed on the Letter
of Credit pursuant to this draft and (b) the total amount of monies paid
to Beneficiary by the Bank to date pursuant to any other drafts under the
Letter of Credit does not exceed the Credit Amount.
Sincerely,
THE TOWN OF SOUTHOLD
By.
Title:
MMH/194/4
~ "
JAMES C. McMAHON
Administrator
SCOTI L. HARRIS
Supervisor
"
Telephone (516) 765-1892
Town Hall, 53095 Main Road
P,O, Box 1179
Southold, New York 11971
Fax (516) 765-1823
TOWN OF SOUTHOLD
COMMUNITY DEVELOPMENT AGENCY
June 2, 1992
....
JUN 2..
1.- CIMIr ~u- "If
Judy::
Please file this with the other Letter of Credit.
This is to protect the NYS Affordable Housing Corporation in
the event of a foreclosure of Southold Villas.
Io)rn@rnD\Vlrn~
Jol JJl2 - 1992 ~
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sur":":-;",, ~~::G2':'; or-neE
L_ TOVj:\~ ()F sourHOl.Q..,~,___
Established 1876
201 OLD COUNTRY ROAD
MELVILLE. NEW YORK 11747-2724
516/547-2000
June 1, 1992
Hr. :Scott Harris
Town of Southold
Community Development Agency
53095 Main Road
Southold, NY 11971
RE: Southold Villas Project
Letter of Credit No. 771036
Dear Mr. Harris:
Enclosed please find a Letter of Credit in favor of the Town of
Southold Villas affordable housing project.
If you should have any questions, please feel free to call me at (516)
547-2163.
Very truly yours,
fn l-tn L PoC'YVv '-
Anita L. Branch
Vice President
/pg
Ene.
MMH/227/1
AN eQUAL OPPORTUNITY EMPLOYER M/F/H/\.'
. .
. .
JUDITH T. TERRY
TOWN CLERK
REGISTRAR OF VnAL STATISTICS
MARRIAGE OFFICER
Town Hall, 53095 Main Road
P.O. Box 1179
SouIhold, New York 11971
Fax (516) 765.1823
Telephone (516) 765-1801
OFFICE OF THE TOWN CLERK
TOWN OF SOUTHOLD
THIS IS TO CERTIFY THAT THE FOLLOWING RESOLUTION WAS ADOPTED BY THE
SOUTHOLD TOWN BOARD AT A REGULAR MEETING HELD ON JUNE 16. 1992:
RESOLVED that the Town Board of the Town of Southold hereby accepts,
and directs the Town Clerk to file, the $180,000 Letter of Credit of Peconic
Properties Management Corporation, submitted to the Town of Southold to
protect the New York State Affordable Housing Corporation in the event
of a foreclosure of the Southold Villas affordable housing project property
at Route 25, Southold, New York.
~~./
"..-7-~ L
Judith T. T~
Southold Town Clerk
June 17. 1992