Loading...
HomeMy WebLinkAboutSouthold Villas .iK~ ~~ v~~. ~/ , ~A~~ ~M'/7lC:P~ G~, -/ crx~6/f'0" " ~ ", , .,. ..4. ..r , '. 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. " ~' ~' ' .. '. .." .' 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 T--- ~ .... ... . 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.- Title. ~/~ :~el ~1;;.~ ~~'-;;C.H 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. /n//d~~ ~:-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 ~K~ ~11ahed 1878 201 OLD COUNTRY ROAD MELVILLE, NEW YORK 11747 516/547.3048 THOMAS E. LAVERY VICE PRESIDENT <~,/ '>~ 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, Thtddb~ J .. t} / //(I! L%,) f (')' /.?,..)/;J? ~'--;~- . /U~ ( .. .,:. .-,_.-~ ,/d:1'(. . / L~~ )' ~;1.- / /..)/ ./ 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 ", " ~~K~ 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 ./ t/"..,</Gi<.- Co - C-3"/~#r 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 ~ , ' ! L_....._ 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