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DEVELOPMENT AGREEMENT PHASE 2, LOT 3, BLOCK 1 OF THE MEADOW BROOK ADDITION TO THE CITY OF MOSCOW This agreement is entered into this :3 µ day of June, 1992, by and between Leroy Beyers and Anne M. Beyers, husband and wife (hereinafter "Developers") being developers of real property described in this agreement, and the City of Moscow, a municipal corporation of the State ofldaho (hereinafter "City"); WITNESSETH: WHEREAS, Developers own property within the corporate limits of the City of Moscow, described as Phase 2, Lot 3, Block 1 of the Meadow Brook Addition to the City ofMoscow; and WHEREAS, the City desires to ensure that all public improvements are properly installed by Developers; NOW THEREFORE, Developers and the City hereby agree and covenant as follows: I. PROPERTY AFFECTED: This agreement affects real property known as Phase 2, Lot 3, Block 1 of the Meadow Brook Addition to the City of Moscow, Latah County, Idaho. This property is described in the plat identified as Meadow Brook Addition to the City of Moscow. The public improvements subject to this agreement are identified in "Exhibit A" which is attached and incorporated by this reference into this agreement. II. PUBLIC IMPROVEMENTS: The Developers hereby agree to install a cul-de sac on Meadow Street in accordance with Exhibit A, from the boundary line between Lot 1 and Lot 2 of Phase 2 Block 1 of the Meadow Brook Addition to the City of Moscow, north, as shown in Exhibit A, including necessary earthwork, curb, base aggregate and paving in accordance with the approved plans and to City standards during and under the terms of this agreement. All plans and drawings shall be approved by the City Engineer prior to beginning of any construction of improvements. III. CITY'S COVENANT: The City shall issue a building permit on Phase 2, Lot 3, Block 1 of the Meadow Brook Addition to the City of Moscow after all public improvements have been constructed as required herein and have been inspected and accepted by the City Engineer, or after adequate security has been provided to ensure proper construction of the required public improvements. DEVELOPMENT AGREEMENT PAGE 1 ---PAGE BREAK--- IV. DEVELOPER'S COVENANT: The Developers agree as follows: A Developers shall construct a cul-de-sac on Meadow Street in accordance with attached Exhibit A, from the boundary line between Lot 1 and Lot 2 of Phase 2, Block 1 of the Meadow Brook Addition to the City of Moscow, north, as shown on Exhibit A, including necessary earthwork, curb, base aggregate and paving in accordance with the approved plans and to City standards during and under the terms of this agreement. It is further agreed that Developers shall provide security for such improvements in accordance with this agreement as required below. B. If the Developers fail to complete all public improvements within 60 calendar days from the issuance of the building permit, and the City may utilize the security specified in paragraphs VI and VII to complete work on the improvements. V. TERM: This agreement shall remain in effect until all improvements are constructed and has been accepted by the City for maintenance. VI. SECURITY FOR IMPROVEMENTS. The City agrees that upon receipt of the security described in paragraph VII the City will issue a building permit (upon payment of permit fees) for Phase 2, Lot 3, Block 1 of the Meadow Brook Addition to the City of Moscow. If the Developers fail to complete construction of the public improvements within 60 days after issuance of the building permit as described in paragraph IV of this agreement, the City may attach the security and cause the public improvements to be made. Any engineering or construction costs in excess of the security shall be borne by the developers. Any additional construction services shall be let by bid, and subject to the laws of the State of Idaho relative to the letting of such bids. VII. FORM OF SECURITY: A The Developers agree to provide security in the amount of EIGHTEEN THOUSAND TWO HUNDRED FORTY DOLLARS ($18,240.00) for public improvements as identified and described in paragraph IV.A above. The security shall be in the form of a construction bond, irrevocable letter of credit from a certified bank of financial institution, or such other form of security acceptable by the City prior to issuance of the building permit by the City. The security required must be effective until September 15, 1992, or 90 days from the issuance of the building permit, whichever is longer. If this security is in the form of an irrevocable letter of credit or bond, the secured improvements shall be constructed at least 40 days prior to the expiration date of the security. If not completed at that time, the City may claim the security and utilize it to complete the improvements. The amount of security may, from time to time, be modified as deemed appropriate by the City Engineer as conditions warrant. If for any reason the security for such improvements shall be withdrawn by the Developers or the surety or financial institution, or the value or terms thereof shall be compromised in any way, the City shall immediately revoke the building permit issued by the terms contained herein, and further, the Developer shall hold the City harmless for any and all causes of action and damages alleged to have been sustained because of the revocation of DEVELOPMENT AGREEMENT PAGE2 ---PAGE BREAK--- such building permit. If the building permit is revoked pursuant to this section, it shall be re-issued upon the receipt by the City of new or additional security as required herein. VIII. FAILURE TO COMPLY: If the Developers fail to comply with the terms of this agreement, the City, after 5 days written notice to Developers, may seek performance of the agreement and may attach the security to complete the improvements. The Developers agree to pay all expenses incurred by the City in enforcing this agreement. IX. Developers agree that no person shall be allowed to occupy any structure on the described property until the public improvements required by this agreement are completed and accepted by the City for maintenance Developers further agree that the City shall withhold occupancy permits for the structures erected on the described property until such a time as the public improvements are completed and accepted by the City for maintenance. X. BINDING ON HEIRS, ASSIGNEES AND PURCHASERS: This agreement shall be binding upon the heirs, assignees and purchasers of the property described herein. XI. VENUE AND ATTORNEY'S FEES: The parties agree that should any provision of this agreement be litigated in the future, venue for such litigation shall be with the District Court for the State of Idaho in and for the County of Latah. The prevailing party in such action shall be awarded its reasonable costs and attorney's fees incurred in such litigation. XII. MODIFICATION: Developers and City agree that the provisions of this agreement may be modified only upon written request of the Developers accompanied by a complete set of development plans, and acceptance of such modification by the City Council. XIII. COVENANTS TO RUN WITH THE LAND: This agreement shall run with the land affected hereby, as shall the covenants contained herein, and shall be to the benefit of the City and its successors and assigns. This development agreement shall be recorded with the Latah County Recorder. XIV. NOTICES: Any notice required or called for by this agreement shall be deemed served upon the party to whom it is sent when delivered by certified or registered United States Mail to the following address: Developers: Leroy and Ann Beyers 903 S. Hayes St. Moscow, Idaho 83843 City: Mayor DEVELOPMENT AGREEMENT City of Moscow P.O. Box 9203 Moscow, Idaho 83 843 PAGE3 ---PAGE BREAK--- IN WITNESS WHEREAS, The Developers have executed this agreement to be effective the date first above written. DEVELOPERS: CITY OF MOSCOW _ Elaine Russei(CiYCierk I, DALE PERNULA, do hereby certify that I witnessed Leroy and Anne M. Beyers, signatur5to the above development agreement this 3rd day of June, 1992. DEVELOPMENT AGREEMENT Dale Pernula, Community Development Director, City of Moscow PAGE4 ---PAGE BREAK--- .I • i i ; I s:::l l - I I o.J . 1:3' z I I . . I'N 111.::: 20' EXH\Bl A Lot 3 J .slack 1) m adow srook Add! on 9 ;1 7 tr';1 I !I j' _L 5/YO J - L 0+ 0 ·o . b_g cY /1 ·y , 7 - £07-0 At3Mt39 ·uo9 xCTJ l7utp31X.;J oJ Jc>2uuT- oo+o 3 · · . · . - ---PAGE BREAK--- DEVELOPMENT AGREEMENT PHASE 2, LOT 3, BLOCK 1 OF THE MEADOW BROOK ADDITION TO THE CITY OF MOSCOW This agreement is entered into this 3rd day of June, 19 9 2 , by and between Leroy Beyers and Anne M. Beyers , husband and wife (hereinafter "Developers") being developers of real property described in this agreement, and the City of Moscow, a municipal corporation of the State of Idaho (hereinafter "City") WITNESSETH: WHEREAS, Developers own property within the corporate limits of the City of Moscow, described as Phase 2, Lot 3, Block 1 of the Meadow Brook Addition to the City of. Moscow; and WHEREAS, the City desires to ensure that all public improvements are properly installed by Developers; NOW THEREFORE, Developers and the City hereby agree and covenant as follows: I. wRTY AFFECTED: This agreement affects real property known as Phase 2, Lot 3, Block 1 of the Meadow Brook Addition to the City of Moscow, Latah County, Idaho. This property is described in the plat identified as Meadow Brook Addition to the City of Moscow. The public improvements subject to this agreement are identified in "Exhibit A" which is attached and incorporated by this reference into this agreement. II. PUBLIC IMPROVEMENTS: The Developers hereby agree to install a cul-de-sac on Meadow Street in accordance with Exhibit A, from the boundary line between Lot 1 and Lot 2 of Phase 2 Block 1 of the Meadow Brook Addition to the City of Moscow, north, as shown in Exhibit A, including necessary earthwork, curb, base aggregate and paving in accordance with the approved plans and to City standards during and under the terms of· this agreement. All plans and drawings shall be approved by the City Enginee prior to beginning of any construction of improvements. III. CITY'S COVENANT: The City shall issue a building permit on Phase 2, Lot 3, Block 1 of the Meadow Brook . Addition to the City of Moscow after all public improvements have been constructed as required herein and have been DEVELOPMENT AGREEMENT PAGE 1 ---PAGE BREAK--- ) inspected and accepted by the City Engineer, or after adequate security has been provided to ensure proper construction of the required public improvements. IV. DEVELOPER'S COVENANT: The Developers agree as follows: A. Developers shall construct a cul-de-sac on Meadow Street in accordance with attached Exhibit A, from the boundary line between Lot 1 and Lot 2 of Phase 2, Block 1 of the Meadow Brook Addition to the City of Moscow, north, as shown on Exhibit A, including necessary earthwork, curb, base aggregate and paving in accordance with the approved plans and to City standards during and under the terms of this agreement. It is further agreed that Developers shall provide security for such improvements in accordance with this agreement as required below. B. If the Developers fail to improvements within 60 calendar days the building permit, and the City may specified in paragraphs VI and VII to improvements. complete all public from the issuance of utilize the security complete work on the V. TERM: This agreement shall remain in effect until all improvements are constructed and has been accepted by the City for maintenance. VI. SECURITY FOR IMPROVEMENTS. The City agrees that upon receipt of the security described in paragraph VII the City will issue a building permit (upon payment of permit fees) for Phase 2, Lot 3, Block 1 of the Meadow Brook Addition to the City of Moscow. If the Developers fail to complete construction of the public improvements within 60 days after issuance of the building permit as described in paragraph IV of this agreement, the City may attach the security and cause the public improvements to be made. Any engineering or construction costs in excess of the security shall be borne by the developers. Any addi tiona! construction services shall. be let by bid, and subject to the laws of the State of Idaho relative to the letting of such bids. VII. FORM OF SECURITY: A. The Developers agree to provide security in the amount of EIGHTEEN THOUSAND TWO HUNDRED FORTY DOLLARS ($18,240.00) for public improvements as identified and described in paragraph IV. A. above. The security shall be in the form of a construction bond, irrevocable letter of credit from a certified bank of financial institution, or such other form of security acceptable by the City prior to issuance of the building permit by the City. The security required must be effective until September 15, 1992, or 90 DEVELOPMENT AGREEMENT PAGE 2 ---PAGE BREAK--- ) days from the issuance of the building permit, whichever is longer. If this security is in the form of an irrevocable letter of credit or bond, the secured improvements shall be constructed at least 40 days prior to the expiration date of the security. I'f not completed at that time, the City may claim the security and utilize it to complete the improvements. The amount of security may, from time to time, be modified as deemed appropriate by the City Engineer as conditions warrant. If for any reason the security for such improvements shall be withdrawn by the Devlopers or the surety or financial institution, or the value or terms thereof shall be compromised in any way, the City shall immediately revoke the building permit issued by the terms contained herein, and further, the Developer shall hold the City harmless for any and all causes of action and damages alleged to have been sustained because of the revocation of such building permit. If the building permit is revoked pursuant to this section, it shall be re-issued upon the receipt by the City of new or additional security as required herein. VIII. FAILURE TO COMPLY: If the Developers fail to comply with the terms of this agreement, the City, after 5 days written notice to Developers, may seek performance of the agreement and may attach the security to complete the improvements. The Developers agree to pay all expenses incurred by the City in enforcing this agreement. IX. Developers agree that no person shall be allowed to occupy any structure on the described property until the public improvements required by this agreement are completed and accepted by the City for maintenance • . Developers further agree that the City shall withhold occupancy permits for the structures erected on the described property until such a time as the public improvements are completed and accepted by the City for maintenance. X. BINDING ON HEIRS, ASSIGNEES AND PURCHASERS: This agreement shall be binding upon the heirs, assignees and purchasers of the property described herein. XI. VENUE AND ATTORNEY'S FEES: The parties agree that should any provision of this agreement be litigated in the future, venue for such litigation shall be with the District Court for the State of Idaho in and for the County of Latah. The prevailing party in such action shall be awarded its reasonable costs and attorney's fees incurred in such litigation. XII. MODIFICATION: Developers and City agree that the prov1s1ons of this agreement may be modified only upon written request of the Developers accompanied by a complete set of development plans, and acceptance of such DEVELOPMENT AGREEMENT PAGE 3 ---PAGE BREAK--- modification by the City Council. XIII. COVENANTS TO RUN WITH THE LAND: This agreement shall run with the land affected hereby, as shall the covenants contained herein, and shall be to the benefit of the City and its successors and assigns. This development agreement shall be recorded with the Latah County Recorder. XIV. NOTICES: Any notice required or called for by this agreement shall be deemed served upon the party to whom it is sent when delivered by certified or registered United States Mail to the following address: Developers: City: Leroy and Ann Beyers 903 S. Hayes St. Moscow, Idaho 83843 Mayor City of Moscow P.O. Box 9203 ·Moscow, Idaho 83843 IN WITNESS WHEREAS 1 The Developers have executed this agreement to be effective the date first above written. DEVELOPERS: Leroy Beyers Ann Beyers State of Idaho County of Latah On this 3rd day of Public in and for said to me to be the person executed the foregoing CITY OF MOSCOW Paul c. Agidius, Mayor ATTEST: ss June , 1992, before me, a Notary State, appeared Leroy Beyers, known named above and acknowledged that he agreement. Notary Public in and for the State of Idaho DEVELOPMENT AGREEMENT PAGE 4 ---PAGE BREAK--- State of Idaho ss County of Latah On this 3rd day of June , 1992, before me, a Notary Public in and for said State, appeared Ann Beyers, known to me to be the person named above and acknowledged that she executed the foregoing agreement. State of Idaho County of Latah On this 3rd day of Public in and for said to me to be the person executed the foregoing ss Notary Public in and for the State of Idaho June , 1992, before me, a Notary State, appeared Paul Agidius, known named above and acknowledged that he agreement. Notary Public in and for the State of Idaho DEVELOPMENT AGREEMENT PAGE 5 ---PAGE BREAK--- mJdDW street cu/-de'sdc · L e r o B s e C e rs : , De ve I ope r . . , cost Estimate tor AEreem1m _ _ _ _ _ _ _ _ l. Ea rthwork . _ _ _ . _ _ ³ 2. _ . c u r D - soo _ cu . -[EMAIL REDACTED]- - $ s, Ooo J- - - .f 2 5 _ lin. ft. ² ´1 0. 00 _ _ _ _ I, 2 50 . . _ _ _ _ . . I _ _ _ _ sm Jrem _ 17 s tnns _ _ _ . . _ _ z,4so _ _ · _ _ _ _ _ I. Z 5 ton--50. DO _ _ _ _ _ _ _ _ _ 6, 250 _ _ _ _ _ . i4. _ _ _ _ _ _ _ _ . - - • _ _ _ - - : - - · - . _ _ E SiJm atd COD JrUd/ o _n _ .CO..S.t _ 4,950 _ _ _ _ _ _ _ _ _ _ _ cont 1n e nc _ ( 10'7,) _ _ _ _ 1, soo ĉ- - EnFJneerJDG _ and_ 27.) 1, 790 _ _ , - . - - - - - - - - - - - - · · - - . . _ ; _ _ _ _ _ _ _ _ _ TOTAL_ ES.IlMAJED C05I. . _ _ . _ . _ _ _ _ . _ _ :_J8 , 240 _ : : 1 . - - - - - - - - - - . . . - - - - · . I ' I , - . - - l - - - . . ' . . - - - - - · _ - ,v - ---PAGE BREAK--- June 3, 1992 Gary Riedner, Attorney City of Moscow POB 9203 Moscow , ID 83843 F1rst Secur1ty Bank! RE: Leroy A. and Ann M. Beyers Dear Gary: Enclosed is a copy of the application for an Irrevocable Stand-by Letter of Credit in favor of the City of Moscow regarding the public improvements required by Mr. and Mrs. Beyers for development of Phase 2, Lot 3, Block 1 of Meadowbrook Addition to the City of Moscow. I am not authorized to sign the actual Letter of Credit , however I am authorized to approve the issuance of it. I have authorized the Letter of Credit to be issued by our Letter of Credit Department today, and you should receive a faxed copy later today with the original Letter of Credit to follow. If you have any questions about the terms outlined on the application , feel free to contact me. Sincerely , c;M L John P. McCabe V.P. & Loan Manager JPM/sd Enclosure First Securely Bank of Idaho, N.A. 221 Soutlr Main Street P.O. Box 8549 Moscow, idaho 83843 Telephone [PHONE REDACTED] A financial services company of First Security Corporation ---PAGE BREAK--- APPLICATION, AGREEMENT AND NOTE FOR STAND-BY DOCUMENTARY CREDIT First Security Bank ot= Idaho Moscow _ Ortice Moscow - , Idaho Advising Bank (if blank, correspondent bank) In Favor of (Beneficiary's Name & Address) City of Moscow POB 9203 Moscow, ID 83843 Attention: Gary Riedner Date ol Apphcalton LIC Number (For Bank Use Only) June 3 1992 Advise by: 0 Cable Short Details 0 Cable Full Details U Mail directly to beneficiary 0 Beneficiary will pick up For Account of (Applicant's Name & Address) Leroy A. and Ann M. Beyers 903 S. Hayes Moscow, ID 83843 Amount (Indicate Currency Type - i.e. U.S. and specify amount in f1gures and words) $18,240 (U.S. Eighteen Thousand Two Hundred Fortv and no/100) Expiration Date at Your Counters O:tober 1 1992 Available by draft(s) drawn (at your option) on you or your correspondent at sight accompanied by the following documents: Documents .equired; 1 . Beneficiary 1 s written statement, signed b_y a purportedly authorlzed s1gner of the Beneficiary, certifying that Leroy A. Beyers anct Ann M. Agreement s1gnect June 2, 1992 for Phase 2, Lot 3, Block 1 of Meadowbrook Addition to the Cj ty of Moscow, i ncl udj ng installation of a cul--de sac on Meadow Street and necessary earthwork, curb, base aggregate and paving. Special 1 nstructi ons: h r__lt.l.oL-t7.ohus:::e5C..iutL.;y6oU.J.f-..: Mo:JU>s:iJCo.;;OI..&lowl__ _ [PHONE REDACTED] All documents to be forwarded m one cover, by mail, unless otherw1se stated. Multiple Drawings: 0 Permitted X Not Permitted The undersigned ("Applicant") and First Security Bank of Idaho, N.A. ("First Security") hereby agree as follows: 1. COMMITMENT TO LOAN. Applicant hereby applies to First Security for the issuance of an irrevocable letter of credit on substantially the terms and conditons above. This Agreement constitutes a promissory note in lhe principal sum of the amount of the letter of credit, which sum Applicant agrees to repay together with interest and expenses upon DEMAND. Applicant understands and agrees that in issuing its irrevocable letter of credit to the above named Beneficiary ("Beneficiary") for the account of Applicant, First Security undertakes to advance funds to Beneficiary which funds Applicant unconditionally agrees to repay to First Security on demand NOTWITHSTANDING ANY DISPUTE BETWEEN APPLICANT AND BENEFICIARY. APPLICANT AGREES WITH FIRST SECURITY THAT THE ONLY PRECONDITION OF APPLICANTS OBLIGATION TO REPAY TO FIRST SECURITY the sum of any such advances to Beneficiary is First Security's written demand to Applicant for repayment. Applicant also understands that First Security has agreed to make advances only to Beneficiary (and not directly to Applicant) upon presentation to First Security (or to First Security's correspondent at First Security's option) of the documentation specified above. All such advances shall bear interest from the date of such advance until repaid in full (calculated on the basis of a three hundred sixty-five (365) day year) at Three percent 3. 00 per annum above First Security Bank of Idaho Prime Rate ("Index Rate"). If the ''Index Rate" selected is First Security's prime rate, it is defined as the bank's announced rate of interest used as a reference point from which the cost of credit to customers may be calculated, and is subject to change from time to time. The bank may make loans bearing interest above, at or below its prime rate. The "Index Rate" may change from time-to-time, and the interest payable under this Agreement will continue to fluctuate at the same increment above the "Index Rate". Any changes in the "Index Rate" under this Agreement shall become effective without prior notice on the date on which the "Index Rate" changes. Should the rate of interest as calculated exceed that allowed by law, the applicable rate of interest will be the maximum rate of interest lawfully allowed. Interest shall be payable on demand, or if no demand, then on the first day of each calendar month. This Agreement is to be construed under the laws of the State of Idaho. The makers, sureties. guarantors, and endorsers of this Agreement jointly and severally waive presentment for payment, protest, notice of protest, and notice of non-payment under this Agreement and consent that this Agreement or any payment due under this Agreement may be extended or renewed without demand or notice, and further consent to the release of any collateral. or part thereof, with or without substitution. APPLICANT AUTHORIZES FIRST SECURITY TO AUTOMATICALLY DEBIT ITS ACCOUNT(S) WITH FIRST SECURITY IN THE AMOUNT OF ANY AND ALL SUMS OWED TO FIRST SECURITY IN CONNECTION HEREWITH. L-241 Idaho R 7/85 7V ---PAGE BREAK--- 2. FEES AND EXPENSES PAYABLE BY APPLICANT. In addition to the amount of the letter of credit, Applicant agrees to pay to First Security an opening fee of Dollars ) together with a commitment fee equal to One and one half percent 1. 50 per annum of the unused portion of the amount of the letter of credit, payable annually in advance through the expiry date of the same. and in any event not less than One Hundred Fifty and no/100 Dollars 150.00 Applicant agrees to pay any and all fees charged by correspondent banks including, but not limited to, confirmation fees, commissions and out-of pocket expenses. Applicant also agrees to reimburse First Security for any and all out-of-pocket expenses incurred including, but not limited to. postage, wire and cable charges. and including any and all attorneys' fees and costs incurred by First Security in connection with such letter of credit, whether incurred 1n connection with the drafting and review of documentation related to or given to secure the letter of credit, or incurred prior to the institution of any legal proceedings, during the pendency of such proceedings, and including any such expenses incurred upon appeal Applicant agrees to reimburse First Security for any and all attorneys' fees and costs incurred notwithstanding the fact that suet• fees and expenses may be incurred by First Security in defense of claims brought by Applicant against First Security. All obligations of Applicant are additionally secured by any deeds of trust or other documentation which reference this agreement or the obligations of Applicant hereunder. 3. DEFAULT. In the event of any failure of Applicant to pay the principal amount of the letter of credit upon demand or any failure to pay interest, expenses or other sums as agreed, or in the event of any failure by Applicant to observe the terms and conditions of any other obligations of indebtedness of Applicant to First Security, or in the event of the filing of any petition in bankruptcy by or against Applicant, at the option of First Security the principal sum of the letter of credit (whether or not such sum shall then have been advanced) shall become immediately due and payable together with interest. Any portion of such amount which shall not have been drawn against by Beneficiary upon the expiry of the letter of credit (or. at such later date that First Security is able to ascertain that all drawings under the letter of credit have been received at the counters of First Security) shall be refunded to Applicant without interest after the deduction of any sums otherwise payable to First Security by Applicant (if any) IN THE ABSENCE OF ANY UNRESOLVED CONTROVERSY WITH RESPECT TO SUCH SUMS. 4. DUTY OF ISSUER. NEITHER FIRST SECURITY NOR ANY CORRESPONDENTS SHALL BE IN ANY WAY RESPONSIBLE FOR PERFORMANCE BY BENEFICIARY OF ITS OBLIGATIONS TO APPLICANT, INCLUDING ANY CLAIM OF APPLICANT TO THE EFFECT THAT THE TRANSACTION BETWEEN APPLICANT AND BENEFICIARY IS TAINTED BY FRAUD, FORGERY OR OTHER DEFECT. To the extent permottcd by applicable law. APPLICANT WAIVES APPLICANT'S RIGHT TO CAUSE FIRST SECURITY TO BE ENJOINED FROM HONORING DRAFTS PRESENTED PURSUANT TO THE LETTER OF CREDIT. Applicant understands and agrees that First Security shall honor any documents wh1ch First Secunty beliƄves to be, on the1r face, 1n compliance w1th the terms and cond1t1ons of the letter of cred1t. F1rst Secunty shall have no 11ab1!1ty or respons1b1!1ty for the form, sulf1ciency, accuracy, correctness. genuineness, or authority of any person Signing, falsification, or legal effect of any documents presented to F1rst Security (notwithstanding notification by Applicant of the existence of any latent or apparent defect) and First Security shall be held harmless insof:lr as 1t acts 1n accordance w1th the terms of th1s Agreement. Applicant acknowledges that any attempt by Applicant to cause F1rst Secunty to be enjoined from honoring any presentation of documents under the letter of credit may be opposed by F1rs1 Security, THE EXPENSE OF WHICH PROCEEDING SHALL BE BORNE BY APPLICANT. 5. MISCELLANEOUS. The letter of credit and performance by First Secunty, by any correspondents, by Applicant and by Beneficiary shall be governed by the ··uniform Customs and Practrce for Documentary Credits" as established by the International Chamber of Commerce and such rev1s1ons thereof as are in effect as of the date of issuance Applicant agrees that the obligations of Applicant, or Security. of any correspondents and of Beneficiary may be governed or modified by fore1gn laws. customs and usages of the trade, and to the extent that the same are subsequently determmed by First Security to be applicable. Applicant agrees and covenants to hold First Security and its correspondents harmless therefrom. All directions and correspondence relatrng to the letter of credit are to be sent at the risk and expense of Applicant and First Secunty assumes no responsibility for any inaccuracy, interruption. error or delay in transmission or delivery by post, telegraph, cable. or other means of commun1cation. or for any rnaccuracy of translation. The term "Applicant" shall include all of the undersigned and all obligations of Applicant shall be the JOint and several obligations of each undersigned. Dated _ , 19 92. Account number to be charged for fees and drawings. APPLICANT Ann M. Beyers 0 Title: This Application. Agreement and Note shall be deemed to be accepted by First Security and shall become effective upon the execution of this agreement, and upon issuance of the letter of credit described on the reverse side hereof. Dated _--lolJ...,unou.lie'--"'3'---- . 19 FOR BANK USE ONLY Branch No. APPROVED: Branch Lending Officer Date APPROVED: Branch Manager Date APPROVED: Division Office Date FIRST SECURITY BANK OF IDAHO, N.A. .,02zz- Tille: Vice President Commercial Customer No. Officer No.: CREDIT DIVISION USE ONLY Opening Fee: Commitment Fee: ---PAGE BREAK--- 1 - - . . ; . - . ñ - . - . - F1rst !iec:ur1ty Bank !RREVOCASLE STANDBY LETTE:R OF CREDIT NOߘ 028-92-176 ISSUED IN Boise, Idaho on 04 JUN 1992 APPLICANT: Lroy A. and Ann M. Beyers 90ީ 3. Hyes MOS¢0W, !0 83843 AMOUNT: USD ߔ**18,240.00 EIGHTEEN THOUSAND TWO h1NDRED FORTY AND 00/100 UNITED STATES DOLI]l.R> BENEFICIARY: City of Moscow P.O. Box 9203 Moscow, ID 83843 Attn: Gary Riedner DATE AND PLACE OF EXPIRY Ol OCT 1992 Boise, Idaho ˬ1e hcroPl iGsua c1.4r !rre·voca.ble above named beneficiary. standPY Letter of credit in favor of the AVA߅߆Q߇߈ WI!n• F • . ޣt security Bank of Idaho, N.A. International Department 119 N. 9th Street, 2nd Fleer BY: PAYMENT AVAlt.ABLE l3Y DRAFTS AT SIGH'I' DRAWN ON: Firct £ߌߍ"-llti.ߎߏ-; :1a1 Boise, Idaho 1. Beneficiary's written statement, signed by a purportedly ߁lltr߂߃i e ˧ ò.p t-hޥ bߑn"':ߒiGiZ\.=:/ I t:,Ɛ:tƑƒ.;; Ll.&.u. ˦ vy ޤ. Beyers and Ay'n M- ߚ=>yߜ?rs ha,_re fail9d tc provide ޭubl ie i 'nlt'tt:-vg·!T'ߕn"':..:;; as :r߀qu.ircd. b::z- Development A߉L[::[ment s igne.d 3une ˲ 1992 tor Phase 2, Lot 3, Block 1 of Meadowbrook Addition tަ tާA City of Moscow, including instߓllation of a aul-de-sao on Meadow Street and necessary earthwork, curb, basެ aggregate and paving." o߄igin&l v! ޮhlޯ leter ot crectit. Drafts drawn under this Letter of credit must bear the clause: ?i:ri;"t -tޱ,· Daްk. Vf rd.ar-.v, Yrrevocable Standb\' Lߐtt$1: Qt Credjt n?A--Q?-17˼ ˤ Qct . Ĉ ˨ ll[ lp·˹·io \ • · \ • . • l · i,ta:r,, 837.1(: :\d11lt·;·:· l"˿ii3UÙí-,J ·ldr\ J /JIUUit';lll ˽l·rc,fLt·˾ ;;.,:H1JUJJ:!_J ˭ˮ1 l˱ir l ,'1r˸ Ttnl;, (̂•1Jid.1:/ff,ll/ ---PAGE BREAK--- . . ' I · . r 1_ • L/C 020-92-176 .f'AGE 2 Wޞ htitr'ibY a.r;rree to hoޛor.- Mteh clrn. ft' ޘޙlH.J'!'1 UޚdP.-r hi"n'] ln wlL.l1 Lt:!rmD oi. thie crua;'t., ˡr dUJY nrPƏPnorPn (together with the documents as specfed) at our off ce on or ޟaferޠ the ޜxޝi:Ly J.c:tLt ut Lhlt:i credit. REIMBURSEMENT 1NSTRUCTIONS: PA'iMlliN'I' 'I'O BE EFFF.C'rRT) ?ޗ'R vnnR INSTRUCTIONS AGAINST CONFORMING DOCtn·1EHTS Pn.ESޡtiTE!w AT 0Uk MULTIPLE DRAWINGS NOT PERMITTED. This letter of credit is subject to Uniform Customs and Practice for Documentary Credits (1983 Revision) International Chamber of Commerce Publication No. 400ˣ ---PAGE BREAK--- - - • - . - . - ! . F1rst Secur1ty Bank., IRREVOCABLE STANDBY LETTER OF CREDIT NO. 02Ƌ-ƌ2-l76 APPLICANT: Lt:1.L.uy cs.nll Ann .l"i. l'eye:r:s 903 s. Hayes Moscow, ID 83843 AMOUNT! USD ***18,240.00 EIGHTEEN THOUSAND TWO HUNDRED FORTY 1 HD 00/lOC UNITDD G'l'ATES DOLL.ހO BENEPl.t.:.LA.I:<.Y: Cl.ty ot" Moscow P.O. Box 9203 Moscow, ID B3B43 Attn: Gݸl:Y RiބJuޅ.L. DATE AND PLACE OF EXPIRY; 01 OCT 1992 Idaho we hereby issue our rrrevocab1e Standby Letter of Credit in favor of the above named bo.ncfici::-.r:z. CR?rTH9" 1-.Vi!ITTފ"F\T."F. WI'T'Hދ fiƃƄƅ SƇwƈƉlƊy !ݺnk 0ݱ Tށނhn; N . A, Int@rn2tiona1 nApސrޑmޒnޓ 11ݵ N. ݴth Str9et, 2nd Fleer BoCse, Idaho 83702 ޔޕ}.A.!ޖ:C!.:E Dl=llݼZ First Security Bank of Idaho, N.A. Boise, Idaho Documents Requirތd: 1. Beneficiary's written statement, signed by a purportedly authoriz:ed signer of the beneficiary, certifying that "Leroy A. Beyers and Ann M. Beyers have failed to provide public rr::'!n i ݷ·V ݳhe !ƍ;;.z:-cc;mr.nr. i r;r,e.ݽ 1. 1 qq? frrr , 1, B.leult 1 sf H-aa..1&WL..vuk AJul Llun to the City of Moscow, including installation of a cul-de-sac on MPArlnw Strݿet and neމeEE3ry anލthwork, ގuޏh, basݹ ˖˗˘L˙ydlu and paving." 2. The original of thia letter of credit. 3. J:>rƂft ctrawn on Fi t'Rt. SPރnri Bank cf Idaho, N nކ:J.fއވ cl.ݻa'\-m t.l ui. ..:r:edit mus-e: .uea.r t:.lle cJ.ause: "Drawn under First SeclJ.ritv Ban'k nf Tilrhn N ll T"l"'-rcaunt"'˚.blc Standby Letter of Credit No. 02B-92-176 dated June 4, 1992.11 F11·,1 H,7,!1: of J,J;}itt•, Dq•arl'llo'!l! !i·l \m1l1 :ðlr.·.-1 11 < 1 :l)u