Backup Documents 12/14/2010 Item #16A 4MEMORANDUM 16A
DATE: October 2, 2007
TO: Trish Morgan, Supervisor, Clerk to Board
R�
FROM: Sherry atop, Engineering Technician
Engineering Services
RE: Heritage Bay Clubhouse
Water and Sewer Facilities Acceptance
Attached please find Utilities Performance Security (UPS), in the form of an Irrevocable
Standby Letter of Credit No. FGAC -07149 in the amount of $22,516.39, for the
above - referenced project for your safekeeping.
If you have any questions, please call me at 213 -2935.
attachment
AR -10876 - doc:2092
FIDELITY GUARANTY AND ACCEPTANCE CORP.
700 NW 107 AVENUE - SUITE 240 6 A 4
MIAMI, FLORIDA 33172 A
PHONE (305) 553 -8724 I �1
IRREVOCABLE STANDBY LETTER OF CREDIT NO. FGAC -07149
ISSUER: FIDELITY GUARANTY AND ACCEPTANCE CORP.
PLACE AND DATE OF ISSUE: 700 NW 107 AVENUE- SUITE 240, MIAMI, FLORIDA, 33172
SEPTEMBER 10, 2007
PLACE OF EXPIRY: AT ISSUER'S COUNTERS LOCATED AT 700 NW 107 AVE, SUITE 240
MIAMI, FLORIDA 33172
DATE OF EXPIRY: THIS CREDIT SHALL BE VALID UNTIL SEPTEMBER 30, 2009, AND SHALL THEREAFTER
BE AUTOMATICALLY RENEWED FOR SUCCESSIVE ONE -YEAR PERIODS ON THE ANNIVERSARY OF ITS
ISSUE, UNLESS AT LEAST SIXTY (60) DAYS PRIOR TO ANY SUCH ANNIVERSARY DATE, THE ISSUER
NOTIFIES THE BENEFICIARY IN WRITING TO STAFF (AT ENGINEERING REVIEW SERVICES, 2800 N.
HORSESHOE DRIVE, NAPLES, FLORIDA 34104) BY REGISTERED MAIL THAT THE ISSUER ELECTS NOT TO
SO RENEW THIS CREDIT. IN NO CASE IS THE EXPIRATION DATE TO EXCEED SEPTEMBER 10, 2010,
APPLICANT: LENNAR HOMES, LLC. (HEREINAFTER "APPLICANT ")
10481 BEN C PRATT SIX MILE CYPRESS PARKWAY
FORT MYERS, FLORIDA 33966
BENEFICIARY: THE BOARD OF COUNTY COMMISSIONERS, COLLIER COUNTY, FLORIDA
(HEREINAFTER "BENEFICIARY ")
COLLIER COUNTY GOVERNMENT CENTER
3301 E. TAMIAMI TRIAL
NAPLES, FLORIDA 34112
AMOUNT: $22,516.39 (U.S.) UP TO AN AGGREGATE THEREOF.
CREDIT AVAILABLE WITH: FIDELITY GUARANTY AND ACCEPTANCE CORP.
BY: PAYMENT AGAINST DOCUMENTS DETAILED HEREIN AND BENEFICIARY'S DRAFTS AT SIGHT
DRAWN ON THE ISSUER.
DOCUMENTS REQUIRED: AVAILABLE BY BENEFICIARY'S DRAFT(S) AT SIGHT DRAWN ON THE ISSUER
AND PRESENTED AT PLACE OF EXPIRY ACCOMPANIED BY BENEFICIARY'S STATEMENT PURPORTEDLY
SIGNED BY THE COUNTY MANAGER, CERTIFYING THAT: LENNAR HOMES, LLC. HAS FAILED TO
CONSTRUCT AND /OR MAINTAIN THE POTABLE WATER AND SANITARY SEWER CONSTRUCTION
ADDITIONS, EXTENSIONS AND /OR IMPROVEMENTS AS SHOWN ON THE PLANS FOR HERITAGE BAY
CLUBHOUSE SDP -PHASE A, OR PRIOR TO THE DATE OF EXPIRY THE APPLICANT FAILED TO COMPLETE
THE REQUIRED FINAL ACCEPTANCE PROCEDURES AS REQUIRED BY THE COLLIER COUNTY UTILITIES
STANDARDS AND PROCEDURES ORDINANCE, AND THE APPLICANT FAILED TO PROVIDE THE COUNTY
WITH SATISFACTORY ALTERNATIVE PERFORMANCE SECURITY AS REQUIRED BY THAT ORDINANCE."
DRAFT(S) DRAWN UNDER THIS LETTER OF CREDIT SHALL BE MARKED: "DRAWN UNDER FIDELITY
GUARANTY AND ACCEPTANCE CORP. CREDIT NO. FGAC- 07149, DATED SEPTEMBER 10, 2007." THE
ORIGINAL LETTER OF CREDIT AND ALL AMENDMENTS, IF ANY, MUST BE PRESENTED FOR PROPER
ENDORSEMENT.
FIDELITY GUARANTY AND ACCEPTANCE CORP. 16A 700 NW 107 AVENUE - SUITE 240 4
MIAMI, FLORIDA 33172
PHONE (305) 553 -8724
REFERENCE NO. FGAC -07149 PAGE 2
THIS LETTER OF CREDIT SETS FORTH IN FULL THE TERMS OF THE ISSUER'S UNDERTAKING, AND SUCH
UNDERTAKING SHALL NOT IN ANY WAY BE MODIFIED, AMENDED, OR AMPLIFIED BY REFERENCE TO
ANY DOCUMENTS, INSTRUMENT, OR AGREEMENT REFERENCED TO HEREIN OR IN WHICH THIS LETTER
OF CREDIT RELATES, AND ANY SUCH REFERENCE SHALL NOT BE DEEMED TO INCORPORATE HEREIN
BY REFERENCE ANY DOCUMENT, INSTRUMENT OR AGREEMENT.
ISSUER HEREBY ENGAGES WITH BENEFICIARY THAT DRAFT(S) DRAWN UNDER AND IN COMPLIANCE
WITH THE TERMS OF THIS CREDIT WILL BE DULY HONORED BY ISSUER IF PRESENTED WITHIN THE
VALIDITY OF THIS CREDIT.
THIS CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS
(2007 REVISION) INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 600.
FIDELITY GUARANTY AND ACCEPTANCE CORP.
JACQUEL Df!SOUZA, t'E PRESIDENT