Irrevocable Letter Of Credit Template - Bank Agreement printable pdf download

Irrevocable Letter of Credit Bank Agreement

BENEFICIARY

PERMITTEE

Board of Supervisors

AMOUNT: $

Shenandoah County

600 North Main Street, Suite 107

ISSUING BANK

Woodstock, Virginia 22664

ADDRESS

DATE OF ISSUE:

EXPIRY DATE:

ISSUING BANK ABA NO.:

We hereby issue our Irrevocable Letter of Credit No. _______________ in favor of the Board of

Supervisors of Shenandoah County, Virginia, for the account of _________________________,

its agents, successors or assigns for a sum not exceeding ________________________ U.S.

Dollars ($

) available by your sight draft on the above stated Issuing

Bank and accompanied by documents stated below:

A certified statement signed by the Shenandoah County Director of Planning and

Zoning, or authorized representative of the Board of Supervisors, stating that

_______________________ has not fully satisfied any of the following

requirements:

1. The construction of and satisfactory maintenance of all required improvements

shown on the approved Erosion & Sediment Control Plan, including but not

limited to silt fence, sediment traps/basins, detention ponds, construction

entrances, culverts, drainage swales and ditches, channel linings, etc. In

addition, the stabilization of all denuded areas.

2. An as-built plan has been approved by Shenandoah County that shows

stormwater conveyance channels, ponds, and other facilities have been

installed according to the approved plan.

We hereby engage the drawers, endorsers, and bona fide holders that all drafts drawn in

compliance with the terms of this credit shall be duly honored upon presentation and delivery of

the above documents. This Irrevocable Letter of Credit shall remain in full force and effect for a

minimum of two (2) years from the date hereof and shall be automatically extended for

additional terms of six (6) months from the present or future expiration dates, unless sixty (60)

days prior to such date or dates, the above named bank or financial institution issuing the

instrument, notifies the Director of Planning and Zoning of Shenandoah County in

writing by certified mail that they elect not to renew the instrument for such additional period.

During the last thirty (30) days while this Letter of Credit is in force and effect after notice of

termination has been given, Shenandoah County may draw up to the full amount of the sum

when accompanied by a document stating that _______________________________________

Irrevocable Letter Of Credit Template - Bank Agreement