HomeMy WebLinkAboutC2024-133 - 8/1/2024 - NA (2) DEFERMENT AGREEMENT
STATE OF TEXAS §
COUNTY OF NUECES §
This deferment agreement ("Agreement") is entered into between the City of
Corpus Christi ("City"), a Texas home-rule municipality, and LENNAR HOMES OF
TEXAS LAND AND CONSTRUCTION, LTD ("Developer"), a TEXAS LIMITED
PARTHNERSHIP in order to defer the completion of certain required public
improvements prior to recording the final plat of CALALLEN SOUTH UNIT 2 (the "Plat").
A copy of the Plat is attached and incorporated by reference into this Agreement as
Exhibit 1.
WHEREAS, the Developer is obligated under Section 8.1 of the Unified
Development Code ("UDC") to construct the required public improvements before the
final Plat is endorsed by the City's City Engineer or Development Services Engineer,
as applicable ("City Engineer");
WHEREAS, the Developer is seeking to delay the construction of the required
public improvements ("Deferred Improvements") shown in Exhibit 2, which exhibit is
attached and incorporated by reference into this Agreement, and to have the Plat filed
immediately with the County Clerk of Nueces County, Texas;
WHEREAS, in order to have the Plat filed prior to completion of the Deferred
Improvements, the Developer agrees to deposit with the City a form of pre-approved
financial security authorized by Section 3.30.1 of the UDC in the amount
representing 110% of the estimated cost of constructing the Deferred Improvements
as shown in the cost estimate, which cost estimate is attached and incorporated by
reference into this Agreement as Exhibit 3;
WHEREAS, water and sewer service are available to serve the subdivision, and
the Developer has completed all other subdivision requirements, park dedications, park
deferment agreements, maintenance agreements, and all special covenants;
WHEREAS, the Assistant City Manager and City Attorney have both approved
this transaction; and
WHEREAS, the Developer is entering into this Agreement pursuant to Section
8.1.10 of the UDC in order to defer construction and record the final Plat.
NOW, THEREFORE, for the consideration set forth in this Agreement, the City and
Developer agree as follows:
Standard Form Deferment Agreement 10/8/2021 BB SCANNED Page 1 of 9
1. Preamble.
The above Preamble, and all defined terms therein are incorporated in this
Agreement for all purposes. The preamble to this Agreement is included as
substantive content in this instrument and upon which both parties to this
Agreement have relied and will continue to rely during the term of this Agreement.
2. Consideration.
In consideration of the Developer's request to enter into this Agreement and the
posting of approved financial security, the City agrees to waive the requirement
that construction of the Deferred Improvements be completed before the final Plat
is endorsed by the City Engineer and filed for record with the County Clerk of
Nueces County, and City further agrees to allow the Developer to delay
construction of the Deferred Improvements per the terms of this agreement.
3. Improvements.
Developer covenants to construct and install, at Developer's expense, all external
and internal subdivision improvements required to comply with City ordinances,
regulations, and policies governing subdivision approval for the Plat, including
Deferred Improvements as shown in Exhibit 2 and Exhibit 3.
4. Financial Security.
As a condition of this Agreement, the Developer agrees to deposit with the City
$236,544.69, as a form of financial security authorized in Section 3.30.1 of the
UDC, upon execution of this Agreement or before the filing of the Plat. The
financial security must provide for 110% of the estimated cost of constructing the
required Deferred Improvements, as those costs are shown in Exhibit 3. The
City Engineer will not endorse a plat until the financial security is deposited with
the City. The Developer acknowledges and specifically agrees that, in the event
the financial security required by this Agreement has not been deposited with
the City before the filing of the Plat in the official public records of Nueces County,
this Agreement is NULL AND VOID WITHOUT ANY NOTICE OR FURTHER
ACTION REQUIRED BY EITHER PARTY.
5. Improvement Completion.
Deferred Improvements are to be completed in conformance with City's engineering
Standards within 12 months from the execution of this Agreement.
6. Letter of Credit.
If a letter of credit is utilized as financial security under this Agreement, the
content of the irrevocable letter of credit must be pre-approved by the City's
Director of Financial Services ("Finance Director") and City Attorney, be issued
by a banking institution having a local branch office within the State of Texas
(Corpus Christi location preferred), be valid for a period of twelve (12) months
from the date of issuance or longer, and require, as sole documentation for
payment, a statement in writing from the City's Assistant City Manager setting
Standard Form Deferment Agreement 10/8/2021 BB Page 2 of 9
forth (i) the circumstances of default giving rise to the draft or (ii) the Developer's
failure to furnish proof of renewal not less than thirty (30) days prior to the
expiration of the then current letter of credit [see the section below regarding
renewal], and accompanied by a properly drawn draft not to exceed the face
value of the letter of credit.
7. Letter of Credit renewal.
If the form of financial security is a letter of credit, the Developer must ensure that
the letter of credit is kept valid at all times. The letter of credit must be renewed
by the Developer before expiration, and proof of such renewal must be received
by the City at least thirty (30) days prior to the expiration of the then current letter
of credit. If timely renewal is not received by the City, or cash in lieu thereof is
not deposited as financial security with the City, the City may, after ten (10) days
prior written notice to the Developer, call (redeem) the letter of credit for failure to
timely renew. If the letter of credit is called for failure to timely renew, the funds
will be held in an account as if cash had been posted by the Developer for this
Agreement in lieu of the letter of credit. The City shall not be liable for interest on
any letter of credit so called nor shall the City be liable to the Developer for the
accrual or payment of interest on any type of financial security posted by the
Developer pursuant to this Agreement.
8. Financial Security Modification.
In accordance with Section 8.1.10.B of the UDC, an increase in financial security
from the Developer may be required on an annual basis if the City deems itself,
in the sole discretion of the City, insecure as to the prospect of payment or
performance on a demonstrated reasonable basis or it reasonably determines
that the financial security does not provide for 110% coverage of the estimated
construction costs.
9. Time is of the Essence.
Time is of the essence in the performance of this Agreement.
10. Improvements Approval.
Detailed construction drawings must be provided by the Developer and approved
by the City's Departments of Development Services and Engineering prior to the
start of construction of the Deferred Improvements.
11. Improvements Construction Standards.
The Developer shall construct the Deferred Improvements in accordance with the
City's engineering standards in effect at the time of construction and in
accordance with the construction drawings approved by the City departments
pursuant to the section above.
12. Acceptance of Improvements.
Upon completion of the Deferred Improvements by the Developer as verified by
Standard Form Deferment Agreement 10/8/2021 BB Page 3 of 9
the Assistant City Manager and Director of Development Services and within the
time period stated in section 4 of this Agreement, acceptance of the Deferred
Improvements by the City Engineer, and compliance by the Developer with the
remaining terms of the Agreement, the City Engineer shall:
a. Immediately release the Developer from the obligations to construct the
Deferred Improvements by mailing a release letter to Developer at the
address shown above Developer's signature line in this Agreement.
b. Return to the Developer within sixty (60) days of the completion of the
construction of the Deferred Improvements and settlement of the actual
construction costs, or within sixty (60) days of acceptance of the Deferred
Improvements by the City, whichever is later, any balance remaining of all
monies received by the City from the Developer.
13. Warranty.
Developer fully warranties the workmanship of and function of the Deferred
Improvements and the construction thereof for a period of two years for streets,
curbs, gutters, and sidewalks and one year for all other improvements from and
after the date of acceptance of the improvements by the City Engineer.
14. Default (failure to construct improvements).
If the Developer has not begun construction of the Deferred Improvements at
least thirty (30) days prior to the completion date stated in section 4 of this
Agreement, the Developer agrees that the City, after notice in writing to the
Developer, may accelerate payment or performance or require additional
financial security when the City deems itself at risk as to the prospect of
performance or payment based on a demonstrated reasonable basis. In
addition, if the Developer defaults and fails to deposit any increased security
after notice and an opportunity to cure, the City may transfer the cash funds
received or call (redeem) the letter of credit and transfer the funds (if the financial
security provided was in the form of a letter of credit) to the appropriate City
account, and the City may begin completion of the construction of the Deferred
Improvements. If City constructs all or any part of the required Deferred
Improvements, the Developer shall reimburse the City for any additional costs
related to completion of the Deferred Improvements within thirty (30) days after
the City completes the required Deferred Improvements and invoices the
Developer if the funds on account prove inadequate for the City to complete the
Deferred Improvements.
15. Notice.
Unless otherwise stated in this Agreement, any notice required or permitted to be
given by either party shall be in writing and must be given by personal delivery,
fax, or certified mail, return receipt requested, postage prepaid, and notice is
deemed sufficiently given if addressed to the appropriate party at the address
shown for the party in the signature block of this Agreement or faxed to the fax
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phone number shown in the signature block for the party. Any party may, by
notice to the other in accordance with the provisions of this section, specify a
different address or addressee for notice purposes.
16. Default Notice.
If Developer defaults in any of its covenants or obligations under this Agreement
[excluding failure to timely renew a letter of credit, post additional security, or as
may be made applicable by Addendum A, for which the default provisions are
separately addressed in this document], the City Engineer shall send written
notice to the Developer [(and may send notice to the Developer's project
engineer ("Project Engineer"), if such address is known by the City] by certified
mail, return receipt requested, advising the Developer of the default and giving
the Developer thirty (30) days from date of receipt of the notice letter to cure the
default. If the Developer fails to cure the default after receipt of notice and
opportunity to cure, the City Engineer may transfer any funds received to the
appropriate fund of the City in order to complete the Deferred Improvements. In
the event there are any funds received by the City from the Developer remaining
after the City has completed construction of the Deferred Improvements, the
excess funds will be refunded to the Developer within sixty (60) days of the
completion of construction of the Deferred Improvements and settlement of the
actual construction costs.
17. Plat Vacation.
The City and Developer agree that, if the Developer formally vacates the current
Plat with approval of the Planning Commission prior to the deadline for
completion of construction of the Deferred Improvements, any money received
by the City from the Developer remaining on deposit will be released and
immediately returned to the Developer.
18. Certificate of Occupancy.
The City reserves the right not to issue certificates of occupancy for all or any
portion of the real property that is the subject of the Plat until the Deferred
Improvements are constructed, installed in working order, and accepted by the
City Engineer in accordance with the provisions of this Agreement.
19. Assignment.
No party may assign this Agreement or any rights under this Agreement without
the prior written approval of the other party and by amendment to this
Agreement.
20. Covenant Running with the Land.
By execution of this Agreement, the Developer covenants to construct the
Deferred Improvements required by this Agreement, and this covenant shall be a
covenant running with the land. The City, at the Developer's expense, shall file
for record this Agreement in the official public records of Nueces County.
Standard Form Deferment Agreement 10/8/2021 BB Page 5 of 9
21. Modifications.
No changes or modifications to this Agreement may be made, nor any
provisions waived, unless the change or modification is made in writing and
signed by persons authorized to sign agreements on behalf of each party.
22. Severability.
If, for any reason, any section, paragraph, subdivision, clause, provision, phrase,
or word of this Agreement or the application thereof to any person or circum-
stance is, to any extent, held illegal, invalid, or unenforceable under present or
future law or by a final judgment of a court of competent jurisdiction, then the
remainder of this Agreement, or the application of said term or provision to
persons or circumstances other than those as to which it is held illegal, invalid, or
unenforceable, will not be affected thereby, for it is the definite intent of the
parties to this Agreement that every section, paragraph, subdivision, clause,
provision, phrase, or word of this Agreement be given full force and effect for its
purpose.
23. Disclosure of Interest.
The Developer shall, in compliance with Section 2-349 of the City's Code of
Ordinances, complete the City's Disclosure of Interests form, which is attached to
this Agreement as Exhibit 4, the contents of which, as a completed form, are
incorporated in this Agreement by reference as if fully set out here in its entirety.
24. Compliance with Laws.
The Developer shall comply with all federal, State, and local laws, regulations,
and rules applicable to performance of this Agreement.
25. Governing Law and Venue.
This Agreement shall be construed under and in accordance with the laws of the
State of Texas, and all obligations of the parties created pursuant to this
Agreement are performable in Nueces County, Texas. Venue for all actions
arising from or pursuant to this Agreement shall be brought in Nueces County,
Texas.
26. Strict Performance.
Strict performance of the provisions of this Agreement by the Developer is
required by the City as a condition of this Agreement. The Developer specifically
acknowledges and agrees that failure by the Developer to adhere or comply with
any term, condition, or requirement of this Agreement constitutes a default of this
Agreement.
27. Authority to Act.
All signatories to this Agreement warrant and guarantee that they have the
authority to act on behalf of the person or entity represented and make this
Agreement binding and enforceable by their signature.
Standard Form Deferment Agreement 10/8/2021 BB Page 6 of 9
28. Termination. This Agreement terminates upon acceptance of Deferred
Improvements by the City, completion of the Deferred Improvements by the City,
or upon plat vacation.
29. Effective Date.
This Agreement executed in one original document. This Agreement becomes
effective and is binding upon and inures to the benefit of the City and Developer
and their successors and assigns from and after the date the Agreement has
been executed by all signatories.
Attached and incorporated by reference into this Agreement:
Exhibit 1 — Plat
Exhibit 2 — Required Public Improvements
Exhibit 3 — Cost Estimate
Exhibit 4 — Disclosure of Interests
Standard Form Deferment Agreement 1 0/8/202 1 BB Page 7 of 9
EXECUTED IN ONE ORIGINAL this I. Sk day of ittn. a J 14- , 2022(.
CITY OF CORPUS CHRISTI
P. O. Box 9277
Corpus Christi, TX 78469-9277
(361) 826-3240 Office
(361 • ' 4428 Fax
iiikal urul
R:ymo d III, AIA, CBO,
Direr for . Development Services
THE STATE OF TEXAS §
§
COUNTY OF NUECES §
sS
This instrument was acknowledged before me on aoail ,, ,c22T;by
Al Raymond III, AIA, CBO, Director of Development Se ice for thE City of Corpus
Christi, Texas.
Nob Public's ignature
Approved to Legal Form: 4 1 J
r
������"' JOANN SALINAS
��'FY P(i6
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Lyii
::: 4n Notary Public,State A Texas
"N.} �c Comm.Ex Tres
,,'�n°;,���` Notary ID 133621810
,,,.."..0
Buck Brice
Assistant City Attorney
Standard Form Deferment Agreement 10/8/2021 BB Page 8 of 9
DEVELOPER
LENNAR HOMES OF TEXAS LAND AND CONSTRUCTION
100 NE LOOP 410, SUITE 1155
SAN ANTONIO, TEXAS 78216
Fax: (210) 559-5972
= HAA/R�[� •
AUTHORIZED AGENT
THE STATE OF 1 - §
COUNTY OF Co M §
This instrument was acknowledged before me on Zr 2° Z y , 2024, by
RICHARD MOTT, AUTHORIZED AGENT for LENNAR S OF TEXAS LAND
AND CONSTRUCTION.
._::ERT DAVID OESTREICH Notary ubllc's Signature
,.otary Public,State of Texas
+rc Comm.Expires 06-10-2028
.1 •`;%*,';,T Notary ID 134938576
nn:��
Standard Form Deferment Agreement 10/8/2021 BB Page 9 of 9
iltintan
Sachs GOLDMAN SACHS BANK USA
Bank
USA 200 WEST STREET
NEW YORK,NY 10282
IRREVOCABLE STANDBY LETTER OF CREDIT NO. 40001684
JULY 30,2024
BENEFICIARY: CITY OF CORPUS CHRISTI
1201 LEOPARD STREET
CORPUS CHRISTI,TX 78401
APPLICANT: LENNAR HOMES OF TEXAS LAND AND CONSTRUCTION,LTD.
100 NE LOOP 410,SUITE 1155
SAN ANTONIO,TX 78216
LC AMOUNT: USD236,544.69(TWO HUNDRED THIRTY-SIX THOUSAND FIVE HUNDRED FORTY-FOUR AND
69/100 UNITED STATES DOLLARS)
EXPIRATION DATE: JULY 29,2025,AT OUR COUNTERS
RE: CALALLEN SOUTH UNIT 2
GENTLEMEN:
WE HEREBY ESTABLISH OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO 40001684 IN YOUR FAVOR AT THE
REQUEST AND FOR THE ACCOUNT OF LENNAR HOMES OF TEXAS LAND AND CONSTRUCTION, LTD. IN AN
AGGREGATE AMOUNT NOT TO EXCEED THE LC AMOUNT.
THIS LEFIER OF CREDIT IS AVAILABLE BY YOUR DRAFT(S) DRAWN AT SIGHT ON GOLDMAN SACHS BANK USA
("BANK") DULY SIGNED AND MARKED: "DRAWN UNDER GOLDMAN SACHS BANK USA LETTER OF CREDIT NO.
40001684 DATED JULY 30, 2024" WHEN ACCOMPANIED BY THE ORIGINAL OF THIS LETTER OF CREDIT AND ALL
ORIGINAL AMENDMENTS,IF ANY,AND THE FOLLOWING DOCUMENT(S):
BENEFICIARY'S DRAWING REQUEST DULY SIGNED AND DATED BY AN AUTHORIZED OFFICER SIGNING AS
SUCH IN THE FORM OF ANNEX"A" HERETO ("PAYMENT DEMAND") OR ANNEX"B" ("PAYMENT DEMAND AFTER
NOTICE OF NON-EXTENSION")ON ITS LETTERHEAD READING EXACTLY AS FOLLOWS:
"(I) THE AMOUNT REPRESENTED BY THE DRAFT ACCOMPANYING THIS STATEMENT IS THE AMOUNT
REQUIRED TO BE PAID TO THE BENEFICIARY ON ACCOUNT OF THE FAILURE OF LENNAR HOMES OF
TEXAS LAND AND CONSTRUCTION, LTD. (THE "DEVELOPER") TO COMPLETE THE IMPROVEMENTS FOR
CALALLEN SOUTH UNIT 2 CALLED FOR IN THE CITY OF CORPUS CHRISTI (THE "CITY") LAND
DEVELOPMENT CODE (THE "CODE") AND PURSUANT TO THE CONFIRMATION OF REMAINING
CONSTRUCTION COST FOR CALALLEN SOUTH UNIT 2 DATED JUNE 27, 2024 FROM HMT ENGINEERING &
SURVEYING; (II) THAT DEVELOPER HAS BEEN GIVEN WRITTEN NOTICE BY THE CITY DESCRIBING THE
EVENT OR CONDITION OF SUCH DEFAULT IN REASONABLE DETAIL BY CERTIFIED MAIL, RETURN
RECEIPT REQUESTED; (III) THE DEFAULT HAS NOT BEEN CURED WITHIN THE CURE PERIOD PROVIDED
FOR THEREIN, IF ANY; AND (IV) THAT THE CITY IS NOT IN DEFAULT UNDER THE TERMS AND
CONDITIONS OF THE CODE AND AS SUCH IS ENTITLED TO BE PAID THE PROCEEDS OF THIS LETTER OF
CREDIT UNDER THE TERMS OF THE CODE."
IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE AUTOMATICALLY EXTENDED WITHOUT
AMENDMENT FOR ADDITIONAL PERIODS OF ONE YEAR FROM THE PRESENT OR ANY FUTURE EXPIRATION DATE
HEREOF, UNLESS AT LEAST NINETY (90) DAYS PRIOR TO ANY SUCH DATE WE SHALL NOTIFY YOU BY
PAGE 1 OF 4
LETTER OF CREDIT NUMBER 40001684
REGISTERED OR CERTIFIED MAIL OR COURIER OR HAND DELIVERED NOTIFICATION AT THE ABOVE ADDRESS
THAT WE ELECT NOT TO CONSIDER THIS LETTER OF CREDIT EXTENDED FOR ANY SUCH ADDITIONAL PERIOD.
BUT IN NO CASE IS THE EXPIRATION DATE TO EXCEED JULY 29,2026.
DRAWINGS MAY ALSO BE PRESENTED TO US BY FACSIMILE TRANSMISSION TO FACSIMILE NUMBER+1 917-977-
4587 (EACH SUCH DRAWING, A "FAX DRAWING"); PROVIDED, HOWEVER, THAT A FAX DRAWING WILL NOT BE
EFFECTIVELY PRESENTED UNTIL YOU CONFIRM BY TELEPHONE OUR RECEIPT OF SUCH FAX DRAWING BY
CALLING US AT TELEPHONE NUMBER+1 972-368-2790. IF YOU PRESENT A FAX DRAWING UNDER THIS LETTER
OF CREDIT YOU DO NOT NEED TO PRESENT THE ORIGINAL OF ANY DRAWING DOCUMENTS, AND IF WE
RECEIVE ANY SUCH ORIGINAL DRAWING DOCUMENTS THEY WILL NOT BE EXAMINED BY US. IN THE EVENT
OF A FULL OR FINAL DRAWING THE ORIGINAL STANDBY LETTER OF CREDIT MUST BE RETURNED TO US BY
OVERNIGHT COURIER TO BANK'S OFFICE AT 2001 ROSS AVENUE 37TH FLOOR, DALLAS, TX 75201 ATTN: LETTER
OF CREDIT DEPARTMENT MANAGER,PHONE+1 972-368-2790.
ALL PAYMENTS MADE TO BENEFICIARIES UNDER THIS LETTER OF CREDIT SHALL BE MADE BY WIRE TRANSFER
WITHIN THREE (3) BUSINESS DAYS TO A BANK ACCOUNT IN THE NAME OF THE BENEFICIARY AS THE
BENEFICIARIES MAY SUPPLY IN THEIR SIGHT DRAFT.
ALL BANKING CHARGES UNDER THIS LETTER OF CREDIT ARE FOR THE ACCOUNT OF THE APPLICANT. THE
FAILURE OF APPLICANT TO PAY ANY SUCH FEES OR CHARGES SHALL NOT AFFECT THIS LETTER OF CREDIT NOR
RELIEVE US OF ANY OF OUR OBLIGATIONS HEREUNDER.
THIS LETTER OF CREDIT SETS FORTH IN FULL THE TERMS OF OUR UNDERTAKING AND SUCH UNDERTAKING
SHALL NOT IN ANY WAY BE MODIFIED,AMENDED,AMPLIFIED OR LIMITED BY REFERENCE TO ANY DOCUMENT,
INSTRUMENT OR AGREEMENT REFERRED TO HEREIN OR IN WHICH THIS LETTER OF CREDIT IS REFERRED TO OR
TO WHICH THIS LE ITER OF CREDIT RELATES, AND ANY SUCH REFERENCE SHALL NOT BE DEEMED TO
INCORPORATE HEREIN ANY SUCH DOCUMENT, INSTRUMENT OR AGREEMENT.
WE HEREBY ENGAGE WITH BENEFICIARY THAT ALL SIGHT DRAFTS DRAWN UNDER AND IN CONFORMITY WITH
THE TERMS AND CONDITIONS OF THIS LETTER OF CREDIT WILL BE DULY HONORED IF DRAWN AND PRESENTED
FOR PAYMENT TOGETHER WITH THE DOCUMENTS REQUIRED HEREIN TO BANK'S OFFICE AT 2001 ROSS AVENUE
37TH FLOOR, DALLAS, TX 75201 ATTN: LE 1"1'ER OF CREDIT DEPARTMENT MANAGER, PHONE +1 972-368-2790, IF
PRESENTED BEFORE OUR CLOSE OF BUSINESS ON OR BEFORE THE EXPIRATION DATE. PRESENTATIONS MAY BE
MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED OR BY FEDERAL EXPRESS OR ANY
OTHER NATIONALLY RECOGNIZED COURIER COMPANY.
THIS LETTER OF CREDIT IS SUBJECT TO THE INTERNATIONAL STANDBY PRACTICES 1998, (ISP98)
(INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 590)AND TO THE PROVISIONS OF TEXAS LAW. IF
A CONFLICT BETWEEN THE ISP98 AND TEXAS LAW SHOULD ARISE, TEXAS LAW SHALL PREVAIL. IF A CONFLICT
BETWEEN TEXAS LAW AND THE LAW OF ANY OTHER STATE OR COUNTRY SHALL ARISE, TEXAS LAW SHALL
PREVAIL.
VERY TRULY YOURS,
GOLDMAN SACHS BANK USA
PA THA R-VICE PRESIDENT
AUTH ZED SIGNATORY
PAGE 2 OF 4
LETTER OF CREDIT NUMBER 40001684
ANNEX A:PAYMENT DEMAND
DATE
GOLDMAN SACHS BANK USA
C/O GOLDMAN SACHS LOAN OPERATIONS
2001 ROSS AVENUE 37TH FLOOR
DALLAS,TX 75201
ATTN:LETTER OF CREDIT DEPARTMENT,PHONE+1 972-368-2790
RE: STANDBY LE FI'ER OF CREDIT NUMBER 400001684, DATED JULY 30, 2024, ISSUED BY GOLDMAN SACHS BANK
USA("STANDBY").
THE UNDERSIGNED BENEFICIARY DEMANDS PAYMENT OF USD UNDER THE STANDBY.
BENEFICIARY STATES THAT APPLICANT IS OBLIGATED TO PAY TO BENEFICIARY THE AMOUNT DEMANDED AS
PROVIDED IN THE DEFERMENT AGREEMENT BETWEEN BENEFICIARY AND APPLICANT,AS APPLICANT HAS NOT
INSTALLED THE REQUIRED IMPROVEMENTS OR VACATED THE PLAT OF APPLICANT WITHIN THE TIME PERIOD
ALLOWED IN THAT AGREEMENT. THIS STANDBY SUPPORTS APPLICANT'S OBLIGATIONS TO BENEFICIARY
UNDER THAT AGREEMENT.
BENEFICIARY REQUESTS THAT PAYMENT BE MADE (AT THE PLACE OF PRESENTATION) OR BY WIRE TRANSFER
TO BENEFICIARY'S FOLLOWING ACCOUNT: FROST BANK, CITY OF CORPUS CHRISTI COMBINED FUNDS,
ACCOUNT NUMBER 664012798,ROUTING NUMBER 114000093.
CITY OF CORPUS CHRISTI,TEXAS
BY ITS AUTHORIZED OFFICER:
(SIGNED AND DATED BY THE CITY MANAGER (INCLUDING INTERIM OR ACTING) OR ANY ASSISTANT CITY
MANAGER OR THE DIRECTOR OF FINANCE (INCLUDING INTERIM OR ACTING). THE SIGNATURE OF SUCH
OFFICIAL CLAIMING SUCH TITLE TOGETHER WITH TITLE DESIGNATION ON THE DRAW DEMAND SHALL BE
CONCLUSIVE ON THE ISSUER WITHOUT FURTHER EXEMPLIFICATION OR OTHER PROOF OF IDENTITY OR TITLE.)
PAGE 3 OF 4
LETTER OF CREDIT NUMBER 40001684
ANNEX B: PAYMENT DEMAND AFTER NOTICE OF NON-EXTENSION
DATE
GOLDMAN SACHS BANK USA
CIO GOLDMAN SACHS LOAN OPERATIONS
2001 ROSS AVENUE 37TH FLOOR
DALLAS,TX 75201
ATTN:LETTER OF CREDIT DEPARTMENT,PHONE+1 972-368-2790
RE: STANDBY LETTER OF CREDIT NUMBER 400001684, DATED JULY 30, 2024, ISSUED BY GOLDMAN SACHS BANK
USA("STANDBY").
THE UNDERSIGNED BENEFICIARY DEMANDS PAYMENT OF USD UNDER THE STANDBY.
BENEFICIARY STATES THAT THE STANDBY IS SET TO EXPIRE FEWER THAN 30 DAYS FROM THE DATE HEREOF
BECAUSE ISSUER HAS GIVEN A NOTICE OF NON-EXTENSION OF THE STANDBY AND NO SATISFACTORY
REPLACEMENT STANDBY HAS BEEN TIMELY RECEIVED.THE AMOUNT DEMANDED IS REQUIRED TO SECURE THE
OBLIGATIONS OF APPLICANT AS PROVIDED IN THE DEFERMENT AGREEMENT.
BENEFICIARY REQUESTS THAT PAYMENT BE MADE (AT THE PLACE OF PRESENTATION)OR BY WIRE TRANSFER
TO BENEFICIARY'S FOLLOWING ACCOUNT: FROST BANK, CITY OF CORPUS CHRISTI COMBINED FUNDS,
ACCOUNT NUMBER 664012798,ROUTING NUMBER 114000093
CITY OF CORPUS CHRISTI,TEXAS
BY ITS AUTHORIZED OFFICER:
(SIGNED AND DATED BY THE CITY MANAGER (INCLUDING INTERIM OR ACTING) OR ANY ASSISTANT CITY
MANAGER OR THE DIRECTOR OF FINANCE (INCLUDING INTERIM OR ACTING). THE SIGNATURE OF SUCH
OFFICIAL CLAIMING SUCH TITLE TOGETHER WITH TITLE DESIGNATION ON THE DRAW DEMAND SHALL BE
CONCLUSIVE ON THE ISSUER WITHOUT FURTHER EXEMPLIFICATION OR OTHER PROOF OF IDENTITY OR TITLE.)
PAGE 4 OF 4
LETTER OF CREDIT NUMBER 40001684
Nueces County
Kara Sands
Nueces County Clerk
I I i
*VG-50-2024-2024026201*
Instrument Number: 2024026201
Official Public Records
AGREEMENT
Recorded On: August 02, 2024 09:43 AM Number of Pages: 14
" Examined and Charged as Follows: "
Total Recording: $68.00
"%%%%% STATE OF TEXAS
�p�NTY CO(4 , Nueces County
ft, 4. *Ito I hereby certify that this Instrument was filed in the File Number sequence on the date/time
y$ printed hereon,and was duly recorded in the Official Records of Nueces County, Texas
%�
,Il��h °�Nll`G�S�-0i Kara Sands
Nueces County Clerk a
�... �'I -
Nueces County, TX
***********THIS PAGE IS PART OF THE INSTRUMENT ***********
Any provision herein which restricts the Sale, Rental or use of the described REAL PROPERTY
because of color or race is invalid and unenforceable under federal law.
File Information: Record and Return To:
Document Number: 2024026201 DEVELOPMENT SERVICES CITY OF CC
Receipt Number: 20240802000028 2406 LEOPARD STREET
Recorded Date/Time: August 02, 2024 09:43 AM
User: Paula G CORPUS CHRISTI TX 78408
Station: CLERK01
�t.OFT4,,
AY.tk
ti �IP Kara Sands
a �,. `� Nueces County Clerk
G ` G 901 Leopard St #201
Op Corpus Christi, TX 78401
Main: (361)888-0580
Receipt: 20240802000028
Date: 08/02/2024
Time: 09:42AM
By: Paula G
Station: CLERK01
Status: ORIGINAL COPY
Balance After Finalization: $12,936.00
Seq Item Document Description Number Number Of Amount Serial Number
1 Official Public Records AGRMT 2024026201 14 $68.00
Order Total (1) $68.00
Seq Payment Method Transaction Id Comment Total
1 Company Account $68.00
Total Payments (1) $68.00
Change Due $0.00
DEVELOPMENT SERVICES CITY OF CC
2406 LEOPARD STREET
CORPUS CHRISTI, TX 78408
For more information about the County Clerk's office and to search property
records online, please visit http://www.nuecesco.com/county-services/county-clerk
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