HomeMy WebLinkAboutCouncil Resolution 668RESOLUTION NO. aFA
A RESOLUTION GRANTING APPROVAL OF A FINAL PLAT
FOR A LAND PARTITION
(Applicants: Gerald and Esther Corcoran)
(37 2W 2BC Tax Lot 1100)
Recitals
1. Applicants previously received tentative plan approval
from the Planning Commission for a land partition of a 7.46-acre
parcel of land in an R-3 zone, located between North Tenth Street
and Interstate 5, and adjacent to Cherry Street, in Central
Point, Oregon. The City Council reviewed the tentative plan
approval and granted a modified approval, set forth in City
Council Resolution No. 651.
2. After the Planning Commission approval of the tentative
plan, but before City Council review of the tentative plan,
applicants made application for final plat approval.
3. On November 17, 1992, the Central Point Planning
Commission reviewed and approved said application for final plat
approval. On November 19, 1992, the City Council voted to review
the Planning Commission's decision. A hearing was held by the
City Council on December 17, 1992, and was continued to December
23, 1992, February 18, 1993, and November 4, 1993.
Now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CENTRAL
POINT, OREGON, AS FOLLOWS:
Section 1. The City Council finds and determines that the
final plat is in substantial conformance .with the tentative plan
approved in City Council Resolution No. 651 and all conditions
placed thereon, that it is in proper form and has been timely
submitted, and contains ali of the information required by CPMC
16.36 and all applicable state statutes.
Section 2. Construction of all required. improvements has
not been completed, but applicants have agreed to enter into a
Development Agreement, attached hereto, marked Exhibit "A", and
by this reference. incorporated herein, which agreement satisfies
the requirements of CPMC Chapter 16.36. Applicants have also
provided the City with three letters of credit totaling $200,000
and one cash deposit of $40,000 for a total of $240,000. Copies
of the three letters and the cash deposit instructions for the
1 - RESOLUTION N0. 668 (110493)
$40,000 are attached hereto, marked Exhibits ^B", "C", "D" and
"E", and by this reference incorporated herein. Such letters
satisfy the requirements for securing performance of the
obligations contained in the Development Agreement.
Section 3. Approval is hereby granted to the final plat
submitted herein for a land partition of a 7.46-acre parcel,
located between North Tenth Street and Interstate 5, adjacent to
Cherry Street, in Central Point, Oregon, subject to all
applicable conditions contained in the tentative plan approval,
and subject to the successful performance of all obligations
contained in the Development Agreement.
Section 4. The Mayor is hereby authorized and directed to
sign and record the final plat on behalf of the City.
Passed by theC_Quncil and signed by me in authentication of
its passage this ~`' day of '~sr~n~o( 1993.
~J~9 u- ~~~a.cR
May Roger Westensee
ATTEST:
~~~
City Re res tative
Approved by me this ~ day of `~~rtifvx~ul / 1993.
~%~.6e_4
May Roger Westensee
2 - RESOLUTION N0. 668 (110493)
r,t?iBPP
DEVELOPMENT AGREEMENT
(Willow Glen Partition)
(37 2W 2BC Tax Lot 1100)
This agreement, made and entered into this. ~~' day of
'7~~,9tif.,r..,~t/iSJ 1993, by and between the City of Central
Poin Oregon, an Oregon municipal corporation, hereinafter
referred to as "City"; and Gerald and Esther Corcoran, as
trustees under the "Gerald and Esther Corcoran Family Trust", and
the Willow Glen Limited Partnership, hereafter collectively
referred to as "Developer".
Recitals
1. Developer has previously been granted tentative plan
approval by City for partition of a 7.46-acre parcel, off North
Tenth Street and adjacent to Cherry Street, as set forth in City
Council Resolution No. 651, dated February 18, 1993, which
approval is subject to certain conditions.
2. Developer has applied to City for final plat approval of
said partition..
3. Before final plat approval can be obtained, Central
Point Municipal Code Chapter 16.36 requires, among other things,
that Developer and City execute and file an agreement relating to
certain improvements and repairs required to be made in the
development at issue..
Now, therefore, in consideration of the covenants herein
exchanged, the parties agree as follows:
Agreement
1. PROPERTY AFFECTED. This agreement affects the
partitioned property, which is fully described on Exhibit "A",
attached hereto and by this reference incorporated herein. This
agreement shall be recorded, and is intended to attach to, and
shall run with the land. In addition, all subsequent purchasers
and Developer's heirs, successors and assigns shall be bound by
this agreement.
It is understood that Parcel 2 of the 7.46 acre total parcel
is being purchased by the Willow Glen Limited Partnership. Upon
deeding of said property to the Willow Glen Limited Partnership,
the term "Developer", as used herein, shall refer to said
partnership. However, the Gerald and Esther Corcoran Family
Trust shall continue to be bound by the terms of this agreement.
1 - DEVELOPMENT AGREEMENT (102893)
2. CONSTROCTION. A. Developer shall construct or cause to
be constructed, at Developer's own expense, the improvements,
described in and in compliance with, the following:
1. The tentative plan previously approved for the
project, including all conditions. placed on such tentative plan
approval;
2. Central Point City Council Resolution No. 651, dated
February 18, 1993;
3. All construction plans and specifications;
4. Terms and conditions contained in the City's Public
Work Standards;
Permit;
5. Terms and conditions contained in the Construction
6. All terms and conditions set forth herein; and
7. Any applicable provisions of the Central Point
Municipal Code.
B. As to Section 3, Condition 4, of Central Point City
Council Resolution No. 651, pertaining to the southern access, it
is agreed that performance of that condition shall be deemed
complete after the south access has been constructed and accepted
as complete by City, or after occurrence of the following:
1. Good faith negotiations for the necessary
easement(s) have failed to procure the necessary easement(s) by
May 7, 1994; provided that said date shall be extended to match
any extension of Developer's Letters of Credit; and
2. City has not, as of May 7, 1994 or the termination
of any extension of the effective date of Developer's Letters of
Credit, whichever is later, resolved to commence condemnation
proceedings to acquire the necessary easement(s).
3. AMENDMENT TO FINAL PLAT. Once the location of certain
easements from Developer to City become known, those certain
easements must be added to the Final Plat. Upon the City
designating the location of the same, Developer shall add. to the
Final Plat the following easements:
2 - DEVELOPMENT AGREEMENT (110293)
A. The easement or easements for ingress and egress over
Parcel 1 or Parcel 2, or both, relating to the southern access,
as set forth on page 5, paragraph 4(g) of Resolution No. 651; and
B. Easements for the installation, maintenance., repair and
replacement of water, sewer and storm drainage, as set forth on
page 6, paragraph 6 of Resolution No. 651.
4. SECURITY FOR PERFORMANCE. In connection with this
agreement, Developer shall also submit to City, to assure his or
her full and faithful performance of all obligations hereunder,
one of the forms of security approved under Central Point
Municipal Code Chapter 16.12.080. Developer has chosen the
following:
surety bond
cash deposit
XXX letter of credit
The sum agreed to secure Developer's performance hereunder is
$240,000, which sum is hereby deemed sufficient to cover the cost
of the improvements and repairs, including related engineering
and incidental expenses, administrative expenses, inflationary
costs, and the cost of city inspections.
5. TIME ALLOWED FOR CONSTRIICTION. Developer shall complete
each and. every obligation contained herein within 180 days from
the date of the execution of this agreement. Said period may, in
the sole discretion of City be extended, in writing, for a
reasonable time thereafter. In the event that City extends the
time for completion, the City may also, in its discretion,
require an increase in the amount of security for performance of
the project, whether it be by surety bond, cash deposit or letter
of credit.
6. REMEDIES IIPON BREACH. In the event that Developer shall
fail, in any way, to perform the obligations required herein,
City shall have all remedies available under local,. state and
federal law, including, but not limited to, completing or causing
completion of all obligations hereunder and proceeding against
Developer, his letter of credit, his cash deposit or his bond for
recovery of the costs of said completion. Such costs shall
include all costs and expenses described herein.
7. INSPECTION OF WORK. Developer shall provide access to
City to conduct inspections, including, but not limited to, the
following:
a. Inspection. and testing of all storm drainage,
sanitary sewer pipe, water pipe and fire hydrants;
3 - DEVELOPMENT AGREEMENT (102893}
b. T.V. inspection. of all sanitary sewer and storm
drainage pipes;
c. Inspection and testing of trench backfilling for
water pipes, storm drains and sanitary sewers;
d. Inspection and testing of subgrade prior to placing
street rock base;
e. Inspection and testing of base rock prior to placing
surfacing;
f. Inspection and testing of the placement of the
surfacing material;
g. Inspection and testing prior to placing any
concrete;
h. Inspection of other construction within public right
of way or easement dedicated or to be dedicated.
8. COSTS OF ADMINISTRATION AND INSPECTION. Developer
agrees to pay City for the costs of administration and inspection.
of the project to the extent that the same are reasonably related
to City's assuring compliance with the plans and specifications,
the Central Point Municipal Code, the within agreement, and all
other applicable standards, rules, regulations and laws, which
sums shall be due on a monthly basis and shall be paid within 10
days of billing. Failure to pay such sums shall be grounds for
withholding acceptance of completed work and/or proceeding
against Developer's security for performance. Such
administration and inspection costs shall include, but not be
limited to the following:
a. All inspections and testing done pursuant to the
previous paragraph, entitled "Inspection of Work".
b. Meetings with Developer, project engineer or
developer to review project, City standards, specifications,
ordinances and procedures.
c. Providing Developer, Developer's representative or
any jurisdictional, governmental, or utility entity with
information on existing conditions, facilities, and capital
improvements required.
d. Reviewing all construction drawings, engineering or
specifications for the construction of, or modification to the
construction of, the improvements.
4 - DEVELOPMENT AGREEMENT (102893)
e. Reviewing existing as-built information to assist in
determining the location of existing facilities.
f. All costs of application review and processing,
including, but not limited to, administrative and legal staff
time costs, plan checks, construction inspection and preparation
of agreements, to the extent that the same are in excess of the
filing fee.
9. ACCEPTANCE OF COMPLETED WORA. Upon completion of the
improvements in full compliance with the tentative plan
previously approved for the project, ail conditions placed on
tentative plan approval, all construction plans, construction
specifications, terms and conditions contained in the City's
Public Works Standards, terms and conditions contained in the
construction permit, together with all terms and conditions set
forth herein and any applicable provisions of the. Central Point
Municipal Code, the Public Works Director, or his designee, shall
perform an inspection. If all work is found to be satisfactory,
and all deficiencies, if any, have been cured by Developer, the
Public Works Director shall issue a written acceptance of
completed work. Upon such acceptance, the City Administrator
shall be authorized to release any surety bond, cash deposit or
letter of credit posted by Developer.
10. GUARANTEE OF WORE. Developer guarantees, for a period
of two years from acceptance of completed work, that all
improvements hereunder shall be free from defects in materials
and workmanship. Prior to the expiration of said warranty
period, City shall determine if any materials or workmanship
deficiencies exist, and at City's request, Developer shall repair
or cause the repair of all such deficiencies. In the event there
are no deficiencies, or upon approval of any necessary repairs,
City shall issue a written document certifying Developer's
satisfactory completion of warranty.
11. BUILDING AND OCCOPANCY PERMITS. Upon execution of this
agreement and upon satisfaction of the security for performance
requirements of Central Point Municipal Code 16.12.080, City may
issue building permits to Developer concurrently with
construction work upon the improvements themselves, under the
following terms and conditions:
a. Developer must, prior to commencing construction
under any such building permits, or allowing the commencement of
construction thereunder, furnish a survey performed by a
registered professional land surveyor meeting the requirements of
state law, setting out the property corners for the lot for which
the building permit or permits are to be issued, with either iron
pins or wood stakes establishing said corners.
5 - DEVELOPMENT AGREEMENT (102893)
b. Developer must submit a plan for the protection of
streets and improvements satisfactory to City, and shall assume
all responsibility for any additional or corrective work that may
be necessary to the improvements, as determined by City as a
result of the construction performed under the building permits
authorized.
c. Developer must indemnify and hold the City harmless
from any and all liability by reason of the issuance of any such
building permits or any injuries or damages incurred by any
person by reason of construction under the permits or any claims
of any sort arising out of the issuance of the building permit
and construction performed thereunder.
d. Developer shall not sell any of said lots or enter
into any agreement for the sale of any such lots, unless he has
first furnished to the City written proof of the fact that he has
advised a purchaser or prospective purchaser that no certificate
of occupancy will be issued by City until completion, approval
and acceptance of the improvements by the City, in accordance
with the entire Development Agreement, and agree to assume full
and complete liability and hold City harmless by reason of the
refusal by the City to issue any such certificate of occupancy
until the provisions of the Development Agreement and Central
Point Municipal Code Chapter 16.36 shall have been met.
e. Neither Developer, nor any person on his behalf,
shall allow another person to occupy any lot or improvements
thereon until City has issued a certificate of occupancy.
12. HOLD HARMLESS AND INSIIRANCE. Developer agrees to hold
harmless City and its duly-elected and appointed officials,
employees, agents and assigns from any and all liability or
responsibility by reason of any omissions, errors, or deletions
on the. plans and specifications far the improvements or the
construction thereof.,. and .shall indemnify the same against any
such liability or responsibility. Developer shall obtain and
maintain a policy of liability insurance coverage with policy
limits in the sum of not less than one million dollars
($1,000,000.00) combined single limit, naming City and its duly
elected and appointed officials, employees, agents and assigns,
as insured parties therein.
13. MISCELLANEOOS PROVISIONS. This agreement contains the
entire agreement to which it relates and supersedes any prior
written or verbal agreements or representations; this agreement
shall be binding upon the parties and their agents, successors
and assigns; Developer shall not assign his rights under the
terms of this agreement without the express written approval of
City.
6 - DEVELOPMENT AGREEMENT (102893)
In the event either party institutes legal proceedings for
the purpose of enforcing the within agreement or seeking damages
for the breach hereof, or to recover the cost of completion of
the improvements described herein, including an action against
Developer, his bond, cash deposit or letter of credit, the
prevailing party shall be entitled to recover attorney fees and
costs incurred at trial and on appeal in reasonable sums to be
determined by the respective courts.
14. GRANTING FINAL PLAT APPROVAL. It is understood by the
parties that upon execution of this agreement and related
documents, City will issue final plat approval.
EXECUTED IN DUPLICATE, each party retaining an original.
City of Central Foint, Oregon
BY o9.1.~ ~.~~-~a-e o
May Roger Westensee
Authori Representative
Developer
Gerald Corcoran, Trustee for
Gerald and Esther Corcoran
Family Trust
Esther Corcoran, Trustee for
Gerald and Esther Corcoran
Family Trust
Willow Glen Limited Partnership
Larry Tokarski
General Partner of Willow Glen
Limited Partnership
STATE OF OREGON )
ss.
County of Jackson )
-w
On the ~ day of y~-~~(t-c-a~t~-+~ 1993, before me
personally appeared ~~~Q i:7F5TtJ1,~5~ and
SRnJ~'Y l..orrnMtL who, being first duly sworn, each
for himself and not for the other, did say that the former is
~ A'/~ ~ and the latter is the
A-ili+}OR~ZE1~ ~6P /VTs}7/UG of the City of Central Point, an
Oregon municipal corporation, and that the foregoing instrument
7 - DEVELOPMENT AGREEMENT (102893)
was signed on behalf of said municipal corporation by authority
of its City Council, and each of them acknowledged the foregoing
instrument to be his or her volunt y act and deed
rte- _ ':'_°"~"
t i ~ -:' ~ ~
i '. r ~;orJ
Notar Pu li or~ O ~-J°
Y ~ ~ .. , ~5$~P1? a. ~,e, i~s~
My Commis-~L¢xpi~re
STATE OF OREGON )
ss.
County of Jackson )
On the day of~~~ ~~1/7~I~ , 1993, before me
personally appeared. Gerald Corcoran, Trustee for the Gerald and
Esther Corcoran Family Trust, who being first duly sworn,
acknowledged the foregoing instrument to be his voluntary act and
deed. - _ ;'~
~vu o~,I~i~L s~AL ~
JANET t1 JOPt ,ON ~~ ' _
i ~i rr NOIr Ci ~~d i- CRcGON
~, cc~1NI ie n0 ooi.,29 tary Public Oregon _
Vl QM H15 r'D F'..gr 1n1G 29.1999
--,--__ ~.,~ y Commission Expires: ~
STATE OF OREGON
County of Jackson
ss.
On the ~~ day of~ 1993, before me
personally appeared Esther Corcoran, Trustee for the Gerald and
Esther Corcoran Family Trust, who being first duly sworn,
acknowledged the foregoing instrument to be her voluntary act and
deed.
Or ICIAL S;AL
~. ''' 1SNET 1 JOHNSON
~
i,. d r ~ ,
u
S
~
-
NGiA('Y F~F
" ~~„
.
~.
~
m
~?,,,;
M1
..~.._.,.__ LIC Or
GON
Cv\111 SiOly NO 0076?9
YOh Ml«1031c%FI~F 4UG [9,1995
,_.=,~Q~_,_m,~~
tart' Pub11C
y Commission
f Oregon
Expires: ~ 5
STATE OF OREGON
County of
ss.
On the day of 1993, before me
personally appeared Larry Tokarski, General Partner for Willow
Glen Limited Partnership, who being first duly sworn,
acknowledged the foregoing instrument to be the voluntary act and
deed of Willow Glen Limited Partnership.
Notary Public for Oregon
My Commission Expires:_
8 - DEVELOPMENT AGREEMENT (102893)
Authorized Representative Esther Corcoran, Trustee for
Gerald and Esther Corcoran
Family Trust
Willow Glen Limited Partnership
~ry Tokare
General Partner of Willow Glen
Limited Partnership
STATE OF OREGON
County of Jackson
On the day of
personally appeared _
1993, before me
_ and
who, being first duly sworn, each
for himself and not for the other, did say that the former is
and the latter is the
of the City of Central Point, an
Oregon municipal corporation, and that the foregoing instrument
was signed on behalf of said municipal corporation by authority
of its City Council, and each of them acknowledged the foregoing
instrument to be his or her voluntary act and deed.
Notary Public for Oregon
My Commission Expiress_
STATE OF OREGON )
ss.
County of Jackson )
On the day of 1993, before me
personally appeared Gerald Corcoran, Trustee for the Gerald and
Esther Corcoran Family Trust, who being first duly sworn,
acknowledged the foregoing instrument to be his voluntary act and
deed,
Notary Public for Oregon
My Commission Expiress_
ss.
7 - DEVELOPMENT AGREEMENT (090893)
STATE OF OREGON )
ss.
County of Jackson. )
On the day of 1993, before me
personally appeared Esther Corcoran, Trustee for the Gerald and
Esther Corcoran Family Trust, who being first duly sworn,
acknowledged the foregoing instrument to be her voluntary act and
deed.
Notary Public for Oregon
My Commission Expires:_
STATE OF OREGON }
ss.
County" of ~~~rry~ )
On"the ~yt` day of `~'~~m~Y 1993, before me
personally appeared Larry Tokarski~, General Partner for Willow
Glen Limited Partnership, who being first duly sworn,
acknowledged the foregoing instrument to be the voluntary act and
deed of Willow Glen Limited Partnership.
F.7c a.. ~~.~:<c..."-,'~.~ :cam:: ~-.~ .~ . -.::_''' ~a~. ~~ I,~ I
~j r DL-6JRAH NOT} ~;
4,i,u !!yPh~~AF:rF'UEILK, ~~~~~ No ary Public f r Oregon
v~ \ y ~ . ~IMMIa9~UN NU nrw»6 1 My Commission Expires • 1 zi X45
4~ MY COmhIS~ION E%WaF51ah 1~ tui r,72
8 - DEVELOPMENT AGREEMENT (090893)
EXtII:U'iT ~.-~
GI5 HIGH ST. N.R. a P.O. 130X 8d7 ®SALG<`'1. OR 9:308 ®(503) 585-5290
September 14, 1993
Zb Beneficiary:
City of Central Point
155 South 2nd
Central Point, OR 97502
For Account of:
Willow Glen Limited Partnership
(Larry Tokarski)
Re: North Access Cherry St.
Improvements
Ila2EVOCABLE r.~a OF CRIDIT N0. 1012
Amount: Seventy Nine Thousand Seven Hundred Fifty Three and 53/100
Dollars ($79,753.53)
Expiry: May 7, 1994, at our mounters at 615 High St, Salem, Oregon
or by mail at PO Box 847, Salem, OR 97308.
Gentlemen:
We hereby establish our Irrevocable Letter of (Yedit in your favor
available by your drafts at sight on ourselves and acoarq~arued by the
documents specified below:
Beneficiary's signed statement on their letterhead stating
QUOi'E "I, the undersigned duly authorized signer for the
beneficiary, certify that Willow Glen Limited Partnership
(Lai-zy Tokarski) has failed to canplete certain construction
as indicated in that certain doclanent oalcnonly referred to
as the Development Agreement covering Willow Glen Partition,
37 2W 2BC Tax Lot 1100, dated
Beneficiary's signed statement must reference the specific
item that has rat bin coaq~leted, and identify the. corre-
sponding cost am~mt being requested.
This original Letter of Cr~it.
Other Conditions:
Partial Drawings are permitted.
All Drafts must be marked QWPE "Drawn. under Bank of Salem
Credit Number 1012."
This credit is subject to the "Uniform Custans and Practice for Doc-
umentary Credits (1983 Revision) International C7lalnber of sce,
Publication No. 400."
Irrevocable Letter of Credit No. 1012
Page 2
September 15, 1993
We hereby engage with you that all drafts drawn under and in ~~li-
ance with the terms of this credit will be duly honored if drawn and
presented for payment at this office on or before the expiration date
of this credit.
Sino2rely,
Barilc o Salem
P. C. Vrontakis
President
(503) 585-5290
Sn HIBiT ~--
cu iiicii sr. n.c. ®~.o. aox sa; ®snLen+. oa s,sos ^ csoa~ sss-szso
September 14, 1993
Zb Beneficiary: For Account of:
City of Central Point Willow Glen Limited Partnership
155 South 2nd (~r~-Y ~~~-)
Central Point, OR 97502 Re: South Access Improvements
IRREVOCALBE LEITEE2 OF CRIDIT NO. 1011.
Artaunt: One Hundred Thousand arm No/100 Dollars ($100,000.00)
Expiry: May 7, 1994, at our mounters at 615 High St, Salem, Oregon or
by mail at PO Box 847, Salem, OR 97308
Gentlemen:
We hereby establish our Irrevocable Letter of Credit in your fawr avail-
able by your drafts at sight on ourselves and aonied by the documents
specified below:
Beneficiary's signed statement on their letterhead stating QUOTE
"I, the undersigned duly authorized signer for the beneficiary,
certify that Willow Glen Limited Partnership (Tan-y Zbkarski)
has failed to complete certain construction as indicated in that
certain document mommonly referred to as the Development Agr~it
covering Willow Glen Partition, 37 2W 2BC Tax Lot 1100, dated
~.
Beneficiary's signed statement must reference the specific item
that has not been oacq~leted, and identify the corresponding most
amount being requested.
Tfiis original Letter of Credit.
Other Conditions:
Partial Drawings are permitted.
A11 Drafts must be marked QUOTE "Drawn urxler Bank of Salem
Credit Number 1011."
This credit is subject to the "Uniform Custans and Practice for Docimien-
tary Credits (1983 Revision) International Chamber of Camierce, Publica-
tion No. 400."
Irrevocable Letter of Credit No. 1011
Page 2
September 15, 1993
We hereby engage with you that all drafts drawn under and in aMq~li-
ance with the terms of this cmdi.t will be duly honored if drawn and
presented for payment at this office on or before the expiration date
of this credit.
Sincerely,
Banc of Salem.
v-
P. C, Vrontakis
President
(503) 585-5290
~ii~L~SiT
Irrevocable Letter of Credit. NO. SB93-0026
Telcpl)onc
(503)776-3333
Original Letter of Credit dated August 31, 1993 has been
(503)779972 Zmended at the request of the City of Central Point, Oregon
on September 15, 1993.
Amount: Twenty Thousand Two Hundred. Forty Six and 65/100
Dollars ($20,246.65)
Expiry: May 7, 1994, at our counters at 601 Crater Lake
Ave, Medford, Oregon or by mail at P.O.Box 1047,.
Medford, Oregon 97501
Gentlemen:
We hereby establish our Irrevocable Letter of credit in
your favor available by your drafts at sight on ourselves
and accompanied by the documents specified below:
• Beneficiary's signed statement on their
letterhead stating QUOTE "I, the undersigned duly
authorized signer for the beneficiary, certify
that Willow Glen Limited Partnership has failed
to complete certain construction as indicated in
that certain document commonly referred to as the
Development Agreement covering Willow Glen
Fartition, 37 2F7 2BC Tax Lot 110G, dated October
7, 1933." UNQUOTE.
• Beneficiary's signed statement must reference the
specific item that has not been completed, and
identify the corresponding cost and amount being
requested.
0 This original Letter of Credit.
Other Conditions:
• Partial Drawings are permitted.
• All Drafts must be marked QUOTE "Drawn under
Western Bank Credit Number SB93-0026." UNQUOTE
\t. rob. r I"1)N'
Irrevocable Letter of Credit no. SB93-0026
Page 2
September 15, 1993
This credit is subject to the "Uniform Customs and
Practice for Documentary Credits (1983 Revision)
International Chamber of Commerce, Publication No. 400."
We hereby engage with you that all drafts drawn under and
in compliance with the terms. of this credit will be duly
honored if drawn and presented for payment at this office
on or before the expiration date of this credit.
Sincerely,
Western Bank
//~~~
Russ Story
Assistance Vice President
(503) 770-6616
subject letter has been amended at the request of the City
of Central. Point, Oregon. This is the first amendment.
r~xrr~rr„;
., ,~,~
CASH DEPOSIT INSTRUCTIONS
TO BENEFICIARY:
FOR THE ACCOUNT OF:
AMOUNT:
EXPIRATION:
Gentlemen:
CITY OF CENTRAL POINT
155 S. Second.
Central Point, OR 97502
GERALD E. CORCORAN and
ESTHER J. CORCORAN, Trustees under
the Gerald E. Corcoran and Ester J.
Corcoran Family Trust
$40,000.00
MAY 7, 1994, or to extension date of
irrevocable letters of credit previously
filed by developer
We hereby deposit the sum of $40,000.00 with you, which you
shall hold pursuant to these instructions. Said funds shall be
held by you as security for completion. of the second access
referred to in the Development Agreement entered into between the
City of Central Point, the Corcorans as trustees and Willow Glen
Limited Partnership (The "Development Agreement"). In the event
the Developer referred to in the Development Agreement (the
"Developer") fails to meet the requirements of the Development
Agreement for constructing the second access and in the further
event that you have used all funds available from the letters of
credit delivered by Developer to you. and said second. access is
still not complete as provided in the Development Agreement, you
are authorized to use the funds deposited with you for the
completion of construction of the second access referred to in the
Development Agreement upon delivery to the Corcorans ~ Lee A.
Mills, at the address set forth below, a signed statement that the
Cash. Deposit Instructions - 1
conditions set forth in this paragraph have occurred and the second
access is not yet complete.
Beneficiary's signed statement must reference the specific
item that has not been completed and identify the corresponding
cost and amount being requested.
Upon completion of the second access improvements as required
by the Development Agreement, or upon the expiration date hereof,
whichever first occurs, the beneficiary shall return all remaining
funds deposited with this agreement, earned, to "Lee A. Mills,
Trustee, 201 W. Main, Suite SA, Medford, Oregon 97501" for deposit
in said. law firm's trust account for the purpose of paying out said
moneys pursuant to "Addendum to Contract of Sale" entered into
between Gerald E. Corcoran and Esther J. Corcoran, Trustees, in
willow Glen Limited Partnership, dated September 20, 1993.
DATED: November ~_, 1993
GERALD E. COR~ORAN AND
a- 9 ~~~a.s.~ /
ESTHER J. COR(' AN, TRUSTEES
UNDER THE GERALD E. CORCORAN AND
ESTHER J. CORCORAN FAMILY TRUST,
UAD 11/7/91
APPROVED:
CITY OF~CENTRAL POINT
BY ~ ~1J~9.r.~ ~ r
Title:'~Yl~yv~i,af /
Cash Deposit Instructions - 2