CCR1999078AMENDED
COMMON COUNCIL - CITY OF MUSKEG0
RESOLUTION #78-99
APPROVAL OF FINAL PLAT,
SUBDIVIDER'S AGREEMENT AND LETTER OF CREDIT
North Cape Farms
WHEREAS, A Final Plat was submitted on February 12, 1999 for the North Cape Farms
Subdivision in the SE X of Section 13 to create 22 lots; and
WHEREAS, The Preliminary Plat was approved in Resolution #213-98; and
WHEREAS, The Plan Commission has recommended approval through Resolution #P.C. 25-
99; and
WHEREAS, The Subdivider's Agreement and Letter of Credit have been received for the North
Cape Farms Subdivision and the Finance Committee has recommended approval.
NOW, THEREFORE, BE IT RESOLVED That the Common Council of the City of Muskego,
upon the recommendation of the Plan Commission, does hereby approve the Final Plat for the
North Cape Farms Subdivision, subject to approval of the City Engineer and all objecting and
approving agencies, and receipt of all fees as provided in Section 14.14 of the Land Division
Ordinance and any special assessments which may be due.
BE IT FURTHER RESOLVED That the Subdivider's Agreement and Letter of Credit for the
North Cape Farms Subdivision, as attached, are hereby approved subject to approval of the
City Attorney and City Engineer, all of said approvals to be obtained within thirty (30) days of
the date of approval of this Resolution or the same will be null and void.
BE IT FURTHER RESOLVED That a DXF file of this final plat be submitted to the City prior to
City signatures being placed on the plat (3-1/2" diskette).
BE IT FURTHER RESOLVED That approval of this Resolution is subject to the passage and
publication of Ordinance #984.
BE IT FURTHER RESOLVED That the Mayor and Clerk-Treasurer are hereby authorized to
sign the necessary documents in the name of the City.
DATEDTHIS 27Ih DAY OF APRIL ,1999,
SPONSORED BY:
FINANCE COMMITTEE
Ald. Mark A. Slocomb
Aid. David J. Sanders
Aid. Nancy C. Salentine
This is to certify that this is a true and accurate copy of Resolution #78-99 which was adopted
by the Common Council of the City of Muskego.
4/99 jrnb
SUBDIVIDER'S AGREEMENT
This Agreement, made this - day of , 1999 by and between North Cape Fanns, Inc.,
the "Subdivider" and the City of Muskego, a municipal corporation of the State of Wisconsin, located in
Waukesha County, hereinafter called the "City"
WITNESSETH
WHEREAS, the Subdivider has submitted for approval by the City a proposed Final Plat for,
a boundary description of which is attached hereto as Exhibit A, the original of which will be recorded
with the Register of Deeds for Waukesha County and a copy of which is on file in the Of&x of the City
Clerk, for which a Final Plat was approved by the City on
WHEREAS, Section 236.13 of the Wisconsin Statutes provides that as a condition of plat
approval, the governing body of the City may require that the Developer make and install certain public
improvements reasonably necessary for the Subdivision and further, may require dedication of public
streets, alleys or other ways within the Subdivision, to be conditioned upon the construction of said
improvements according to municipal specifications without cost to said municipality; and
WHEREAS, the City's Engineers, the City's Public Works Committee, Public Utility Committee
and Finance Committee have duly approved, contingent of certain other approvals, Subdivider's plans
and specifications for subdivision improvements, and the City's Plan Commission and Common Council
have duly approved the final plat of North Cape Farms contingent upon the execution and performance
of this agreement by the Subdivider.
NOW, THEREFORE, in consideration of the covenants herein contained, the parties hereto agree
as follows:
PAGE 1
SECTION I. IMPROVEMENTS:
Subdivider, entirely at its expense, shall:
A. ROADS AND STREETS:
1 Grade and improve all roads and streets in
North Cape Farms in accordance with the plat
of said Subdivision and the plans and specilications
attached hereto, made a part hereof and marked Exhibit
"B", all in accordance with the City's street
specifications.
2. Paving of North Cape Farms as shown on
Exhibit "A" shall be completed according to City
Standards.
B. STORM AND SURFACE WATER DRAINAGE AND MASTER GRADING PLAN:
1, Subdivider shall construct, install, hrnish and provide facilities as approved by the
City Engineer and Public Works Committee for storm and surface water drainage
throughout the entire Subdivision, and a Master Grading Plan providing for sump
pump discharge to a tile or storm sewer system, all in accordance with the plans and
specifications attached hereto, made a part hereof and marked Exhibit "C" The City
retains the right to require the Subdivider to install additional storm drainage and
erosion control measures prior to acceptance of improvements by the City of
Muskego.
2. The CITY shall hmish to the Subdivider such permits or easements as may be
required in any public street or property to enter upon and install the above described
surface water drainage system therein.
3. Grade and improve all lots in conformance with the Master Grading Plan attached
hereto and made a part hereof and marked Exhibit "C" Restore with topsoil and
seed. Establish dense vegetation. All grades must be verified by Developer's
Engineer after completion with the following tolerances: All lot comers must be
from exact to plus or minus two (2) inches. Overall lot grades must be from exact to
minus six (6) inches. House pads from exact to minus eighteen (18) inches. All
swales and ditches must be graded to exactly minus three (3) inches to allow for
standard finish. (See Section XI1.F.)
4. At Subdivider's expense, and prior to acceptance of improvements and the issuance of
building permits by the City (not including model homes which are governed by
separate agreement), all storm sewers shall be cleaned (See Section XII.D).
PAGE 2
C. SANITARY SEWER:
1. Subdivider shall construct, install, furnish, and
provide a complete sanitary sewage collection system
throughout the entire Subdivision, as approved by the
City Engineer and the Public Utilities Committee all
in accordance with the plans, specifications and
drawings attached hereto as Exhibit "D" The cost of
the preparation of asbuilt plans shall be paid by the
Subdivider.
2. The CITY shall furnish the Subdivider such permits or
easements as may be required by any public street or
public property to enter upon and install the above
described sewage system therein.
3. Subdivider shall complete, to the satisfaction of the
City Engineers, any remaining punch list items
concerning the Sanitary Sewer System prior to the
connection of any residence to the sanitary sewer
systems.
4. The Subdivider shall televise the sanitary sewer
system repair any defects as determined by the City
Engineer, and supply video tape to City of Muskego, and
clean all sewer tines prior to the issuance of building
permits, except for model homes, and acceptance of
improvements by the City (See Section XI1.E).
D. LANDSCAPING:
1. Subdivider shall preserve existing trees outside of
the public right-of-way whenever practical, when
installing the Subdivision improvements.
2. Subdivider shall remove and lahlly dispose of: (a)
all old barns, outbuildings; (b) destroyed trees,
brush, tree trunks, shrubs and other natural growth;
(c) and all rubbish.
a
3. Subdivider shall plant street trees in accordance with
Section 18.60 of the Muskego Land Division Ordinance
and Resolution #P:C. 101-93.
PAGE 3
E. EROSION CONTROL MEASURES: e 1.
2.
3.
4.
5.
Subdivider shall construct, install, hrnish and
provide a complete system of Erosion Control Devices
or measures in specified areas of the Subdivision, as
approved by the City Engineer and the Building
Inspection Department attached hereto as Exhibit "E" and in accordance with the
plans and specifications with Chapter 29 of the City's Municipal Code.
Install silt fencing in conformance with the approved
plans prior to the grading and construction work.
Such fences shall be maintained by the Subdivider
until such time as turf cover is established in the
Subdivision. No grading shall occur without a two (2)
day notice to the City.
Mulching and seeding of all disturbed areas to comply
with Chapter 29.
Subdivider is responsible for obtaining Erosion
Control Permits for the site for controlling erosion
on the site and each individual lot owner is
responsible for obtaining a separate erosion control
permit at the time any vegetation is disturbed and are
responsible for controlling erosion on their lot.
Sixteen Thousand and Nine Hundred Dollars ($16,900.00) fiom the
Developer's Deposit Account (under Section XIV), shall be
retained until adequate vegetation is established as
determined by the Building Inspection Department. A
reduction of fifty percent (50%) of the Sixteen
Thousand and Nine Hundred Dollars ($16,900.00) portion of the
Developer's Deposit Account is allowable upon verification of
fifty percent (50%) of disturbed areas are vegetated.
If, upon a written notification by the Building
Inspection Department of non-compliance of Chapter 29,
the terms are not corrected within five (5) days, the
City may utilize the Eight Thousand Four Hundred Fifty Dollars
($QEQ!B) portion of the Developer's Deposit Account to
correct the terms of non-conformance. From time to
time, additional funds may be required in the
Developer's Deposit to cover the cost of maintenance
as deemed appropriate by the Department.
PAGE 4
0 SECTION IL TIME OF COMPLETION OF IMPROVEMENTS:
The improvements set forth in Section I above shall be completed by the Subdivider in total within
one (1) year from signing of this Agreement or except if an earlier date is provided for in the
Agreement. The final surface course pavement shall be deferred until ninety percent (90??) of the
homes have been completed or 36 months after the installation of the first lift of asphalt, whichever
comes first.
If the final surface course of pavement is not completed within twelve (12) months of the date of
this agreement, the Subdivider shall extend the Letter of Credit in a form acceptable to the City until
such time as the final surface course of pavement is completed. If the City receives notice of the
intention to terminate the Letter of Credit prior to completion of the final surface course pavement, such
notice shall be considered a failure to complete improvements in accordance with this agreement and
shall entitle the City to immediately draw against the Letter of Credit.
SECTION IJI. DEDICATION:
Subject to all of the other provisions of this agreement, Subdivider shall, without charge to the
CITY, upon completion of the above described improvements, unconditionally give, grant, convey and
fdly dedicate the roads and streets, sanitary sewers, storm and surface water drainage facilities
(excluding those facilities which are to be owned and maintained by the Homeowners Association) as
illustrated on Exhibit "A" and as described in the deed restrictions, to the CITY, it successors and
assigns, forever, free and clear of all encumbrances whatever together with and including, without
limitation because of enumeration, any and all land, buildings, structures, mains, conduits, pipes lines,
plant, machinery, equipment, appurtenances and hereditaments which may in any way be a part of or
pertain to such improvements and together with any and all necessary easements for access thereto.
The CITY will be receptive to the dedications of said improvements, except roads and surface water
drainage facilities, after the first lift of bituminous concrete pavement has been installed, when all said
utilities have been completed and approved by the City Engineers and other agencies as applicable.
SECTION IV. INSPECTIONS AND ADMMISTRATIONS FEES:
Subdivider shall pay and reimburse the City in advance of the signing of the Agreement, in
accordance with Section 18.14 of the CITY3 Land Division Ordinance and Ordinance No. 909, and at
times specified herein, but in any event, no later than thirty (30) days after billing, all fees, expenses and
disbursements which shall be incurred by the CITY prior to and following the date hereof in connection
with or relative to the construction, installation, dedication and acceptance of the improvements covered
by Section I, including without limitation by reason of enumeration, design, engineering, preparing,
checking and review of designs, plans and specifications, supervision, inspection to insure that
construction is in compliance with the applicable plans, specfications, regulations and ordinances; legal,
administrative and fiscal work undertaken to assure and implement such compliance. Failure to pay or
reimburse the City in a timely manner may cause the City to cease all construction inspections until such
time as all anticipated or outstanding inspection and administration fees have been satisfied.
PAGE 5
SECTION V. MISCELLANEOUS REOUIREMENTS: 0
The Subdivider shall:
A.
B.
C.
D.
0 E.
F.
0 G.
Easements: Provide any easements on Subdivider's land
deeded necessary by the City Engineers prior to the Final
Plat being signed, provided such easements are along
lot lines or to the rear of the lots and are not any more
restrictive to the building of homes beyond the applicable
sideyard and offset distances required by the zoning for
such lots.
Street Signs: Reimburse the CITY for the cost of all
street signs, traflic signs and posts, including the cost
of their installation.
Manner of Performance: Cause all construction called
for by this Agreement to be carried out and performed in a
good and workmanlike manner.
Survev Monuments: Properly place and install any lot,
block or other monuments required by State Statute or City
Ordinance.
Deed Restrictions: Execute and record deed restrictions
and provide proof of recording prior to sale of lots
in North Cape Farms in the form attached hereto, made a
part hereof and marked Exhibit "F" The deed restrictions
shall contain the following language:
"Each lot owner must strictly adhere to and finish grade his lot in accordance with the
Master Grading Plan on file in the office of the Subdivider and the office of the City
Building Inspector unless a change is approved by the City Engineer The Subdivider
and/or the City and/or the agents, employees or independent contractors shall have the
right to enter upon any lot, at any time, for the purpose of inspection, maintenance,
correction of any drainage conditions and the property owner is responsible for the cost of
the same."
w: Furnish to the Building Inspector and the CITY
a copy of Exhibit "C" showing the street grade in front of
each lot, the finished yard grade, the grade of all four
(4) comers of the lot and grades of the buildings on
adjoining lots, where applicable, as existing and as
proposed.
Sight Distances: Restricts lots on the face of the plat
PAGE 6
0 so that no structure of any kind which exceeds a height
of 2 112 feet above the center of the intersection shall
be permitted in the vision setback area in conformance with
Section 17:5.02(2) ofthe Zoning Ordinance.
H. Sump Pump Connections: The Subdivider shall furnish to
the Plumbing Inspector of the CITY a copy of storm drains
and clean out locations in the form attached hereto and
made part hereof and marked Exhibit "G' showing the
locations of connections whereby sump pump drains can be
connected 60m each dwelling to the storm sewer system.
The ends of each line shall have a clean out in conformance
with the City Standard Details.
I. Street Lights: Install street lights in accordance with
Section 18.091 1 of the City's Land Division Ordinance
I. Permits: Submit to the CITY valid copies of all agency
permits including the Wisconsin D.N.R. and U.S. Army Corps
of Engineers before construction commences and prior to any
preconstruction meeting.
K. Sewer Extension Permits: (a) The City of Muskego has, pursuant to the provision of
Chapter 21 of the City Code, granted the Subdivider 24 Residential Equivalent
Connections (REC's) as defined in Section 21.04 (22) of the City's Sewer
Utility Ordinance, for the development of all lands contemplated by the Subdivider in all
phases of this development including hture phases. Subdivider is using 24 of
the above-noted REC's in the phase of development which is the subject of this
Subdividefs Agreement and shall secure the installation of said sewer extensions as
provided elsewhere in this agreement and as required by the City Code. There will then
remain no REC's of capacity for fbture phases of the development.
(b) Notwithstanding any of the above provisions, all unused sewer capacity granted to the
Subdivider as referenced in this agreement shall automatically terminate and the allocation
of said capacity shall cease on March 30.2003.
L. Declaration of Restrictions: Provide a copy of signed document if a Planned Unit
Development.
PAGE 7
'e
SECTION VI. GUARANTEES:
The Subdivider shall guarantee the public roads and streets, sanitary sewers, surface water
drainage improvements and all other improvements described in Section I, Items A, B, C, & D, hereof,
against defects due to faulty materials or workmanship provided that such defects appear within a
period of one (1) year 6om the date of dedication and acceptance. The Subdivider shall pay for any
damages to CITY property resulting from such faulty materials or workmanship. This guarantee shall
not be a bar to any action the CITY might have for ne&gent workmanship or materials. Wisconsin law
on negligence shall govern such situation.
SECTION W. GENERAL INDEMNITY:
In addition to, and not to the exclusion or prejudice of, any provisions of this agreement or
documents incorporated herein by reference, Subdivider shall indemnify and save harmless, and agrees
to accept tender of defense and to defend and pay any and all reasonable legal, accounting, consulting,
engineering and other expenses relating to the defense of any claim asserted or imposed upon the CITY,
its officers, agents, and employees, and independent contractors growing out of this agreement as stated
above by any party or parties. The Subdivider shall also name as additional insured on its general
liability insurance the CITY, its officers, agents, and employees, and any independent contractors hired
by the CITY to perform service as to this Subdivision and give the CITY evidence of the same upon
request by the CITY
SECTION Vm. AGREEMENT FOR BENEFIT OF PURCHASERS:
The Subdivider shall agree that in addition to the CITYs rights herein, the provisions of this
Agreement shall be for the benefit of the purchaser of any lot or any interest in any lot or parcel of land
in the Subdivision. Further, that the sale of any lot or parcel shall not release the Subdivider 6om
completing the work on the attached Exhibits.
SECTION M. ACCEPTANCE OF WORK AND DEDICATION:
As and when the Subdivider shall have completed the improvements herein required, and shall
dedicate the same to the CITY as set forth herein, the same shall be accepted by the CITY if said
improvements have been completed as required by this Agreement and as required by applicable CITY
ordinances and other applicable law and approved by the City Engineer, City Finance Committee and
Common Council.
SECTION X. EROSION CONTROL PLAN AND PERMIT:
The Subdivider shall submit to the CITY, an application for a Land Disturbing Permit and an
Erosion Control Plan in accordance with the requirements of Section 29.06 of the CITYs Erosion
Control Ordinance (Ord. #560). No construction or grading can begin until said permit is received 6om
the CITY
PAGE 8
SECTION XL CONSTRUCTION PERMITS, ETC ... ;
1. The CITY shall, within its authority, issue such permits, adopt such resolutions, and execute
such documents as may be necessary to permit the Subdivider to construct the improvements in
accordance with the plans and specifications called for by this agreement, upon Subdivider's compliance
with any deposit provisions or other requirements of the applicable ordinances or regulations; and the
CITY shall cooperate with the Subdivider in obtaining similar permits, resolutions and documents as
may be necessary from other authorities having jurisdiction in the premises.
2. The CITY shall, as a condition of the Subdivider executing this Agreement, make available to
the Subdivider or their nominee successors or assigns, building permits for the construction of single
family residences subject to the provision of Section Xn.
SECTION XII. BUILDING AND OCCUPANCY PERMITS:
The Subdivider shall be allowed to construct no more than two (2) model homes by separate
agreement with the City. It is expressly understood and agreed that no Occupancy Permits shall be
issued either for the said model homes and no building permits or occupancy permits shall be issued for
any other homes until the City's Engineers have determined that:
A.
B.
C.
D.
E.
F.
G.
The sanitary sewer and surface water drainage
facilities required to serve such homes are connected
with an operational system as required herein, and
The Building Inspector verifies that the installation
of the bituminous concrete base course pavement has
been installed.
No Building Permits shall be issued prior to all
signatures being obtained on the Deed Restrictions,
(Exhibit "F"),
Cleaning of storm sewer system completed (See Section
LB.4).
Video tape of sanitary sewer system completed (See
Section I.D.4)
All lot grades shall conform to the Master Grading
Plan (See Section I.B.3).
Negative balance in Developer's Deposit is satisfied
unless otherwise authorized by the Planning Director.
PAGE 9
SECTION XLU GENERAL CONDITIONS AND REGULATIONS:
All the provisions of the CITYs ordinances are incorporated herein by reference, and all such
provisions shd bind the parties hereto and be a pan of this Agreement as hUy as if set forth at length
herein. This Agreement and all work and improvements required hereunder shall be performed and
carried out in strict accordance with and subject to the provisions of said ordinances.
SECTION XIV. FINANCIAL GUARANTEES:
A.
B.
C.
D.
LETTER OF CREDIT:
Prior to the execution of this agreement by the CITY, the Subdivider shall file with the
CITY a Letter of Credit setting forth terms and conditions approved by the CITY
Attorney in the amount of $354,152.00 as a guarantee that the required plans,
improvements, and approvals will be completed by the Subdivider and his subcontractors
no later than one (1) year from signing of the Agreement, except if another date is
provided within this Agreement and as a hrther guarantee that all obligations to the
subcontractors for work on the Subdivision are satisfied
(See Section XIV D. regarding Developer's Deposit).
INVOICES:
Invoices documenting public improvements addressed and not addressed in the Letter of
Credit, but attributable to the subject development shall be provided to the CITY at the
time of the signing of this Subdividefs Agreement.
RELEASE OF FUNDS FROM LETTER OF CREDIT:
The Subdivider shall provide CITY with a written request to the Finance Committee
accompanied by: Request for Amendment to Letter of Credit form, invoices for work
completed for which a release is being requested, breakdown of invoices in format of
Public Improvement Cost Breakdown form, lien waivers for all work which is subject of
release request (See Section XIV.D.).
DEVELOPER'S DEPOSIT:
The Subdivider shall maintain a positive balance in the Developer's Deposit. No release
from the Letter of Credit shall be entertained until the Developer's Deposit is satisfied
unless otherwise authorized by the Common Council following a recommendation of the
Finance Committee (See Section XIV.C.).
PAGE 10
SECTION XV. PARTIES BOUND:
1. Subdivider or his assignees shall be bound by the
terms of this agreement or any part herein as it applies to
any phase of the development.
2. Approval by the City shall not be deemed a waiver as the
ultimate responsibility for the proper design and
installation of streets improvements, drive and parking
areas, water facilities, drainage facilities, ditches,
landscaping and all other improvements shall be the
Subdividers. The fact that the City or it's engineers, or
it's attorney, or it's staff may approve a specific
project shall not constitute a waiver, or relieve the
Subdivider from ultimate responsibility for the design,
performance, and function of the Development and related
infrastructure.
SECTION XW. ASSIGNMENT:
Subdivider shall not assign this Agreement without the written consent of the CITY
SECTION XVJL AMENDMENTS:
The CITY and the Subdivider, by mutual consent, may amend this agreement, by written
agreement between the CITY and the Subdivider.
IN WITNESS HEREOF, Subdivider and CITY have caused this Agreement to be signed by their
appropriate officers and their seals to be hereunto affixed in duplicate original counterparts on the date
and year first written above.
PAGE 11
Subdivider:
North Cape Farms, Inc.
By:
Joanne E. Pipke, President
By:-
Alfred A. Pipke, Vice President
STATE OF WISCONSIN ) SS
WAUKESHA COUNTY )
PERSONALLY came before me this day of 1999, Joanne E. Pipke and med A.
Pipke to me known to be the person who executed the foregoing instrument and acknowledged the
same.
Notary Public-State of Wisconsin
My Commission Expires
CITY OF MUSKEGO:
David L. De Angelis, Mayor
BY:
Jean Marenda, City ClerklTreasurer
PAGE 12
STATE OF WISCONSIN ) SS
WAUKESHA COUNTY )
PERSONALLY me before me this day of , 1999 , the above named David L. De
Angelis, Mayor, and Jean Marenda, City ClerkITreasurer, of the above-named municipal corporation
CITY of Muskego, to me known to be the persons executed the foregoing instrument, and to me
known to be such Mayor and City ClerkITreasurer of said municipal corporation, and acknowledged
that they executed the foregoing instrument as such officers as the deed of said municipal corporation
by its authority and pursuant to the authorization by the Common Council from their meeting on the
day of , 1999.
Notary Public-State of Wisconsin
My Commission Expires
CERTIFICATION
This is to certify that the foregoing is a true and correct copy of the Subdividefs Agreement for
Subdivision, Muskego, Wisconsin, as entered into on the - day of , 1999, by and
between and the CITY OF MUSKEGO, pursuant to the
authorization by the Common Council from their meeting on the - day of , 1999.
BY THE COMMON COUNCIL
Jean K. Marenda, CMC
City ClerWTreasurer
SUBSCRIBED AND SWORN TO BEFORE ME
this day of ,
(Notary Public)
My commission expires
PAGE 13
BAY YIEW FEDERAL
SAVINGS & LOAN ASSOCIATION
3974 5. HOWELL AVENUE MILWAUKEE, WI 53207 (414) 744-1831
IRREVOCABLE STANDBY DOCUMENTARY CREDIT
CREDIT # AMOUNT $354,152.00
DATE: April 23, 1999
Applicant: North Cape Farms, Inc.
Alfred and Joanne E. Pipke
W126 S8662 N. Cape Rd.
Muskego, WI 53150
Beneficiary: City of Muskego
W182 S8200 Racine Ave.
Muskego, WI 53150
Dear Sirs:
We hereby issue this irrevocable documentary credit in your
favor which is available by beneficiary's drafts at sight
drawn on Bay View Federal Savings and Loan Association.
Each draft accompanying documents must state "Drawn Under
Bay View Federal Savings and Loan Association Documentary
Credit #
Muskego for the performance of North Cape Farms, Inc./Alfred
This Standby Credit is to provide a guarantee to the City of
and Joanne E. Pipke obligations under that certain agreement
I,
dated
applicant.
between the City of Muskego and
DRAFTS ARE TO BE ACCOMPANIED BY:
A statement signed by the Mayor of the City of Muskego
Pipke has failed to complete the construction of subdivision
stating that North Cape Farms, Inc./Alfred and Joanne E.
improvements in accordance with said Agreement. Said
statement shall set forth the estimated amount necessary for
the City of Muskego to complete such improvements.
Continued on Page two (2) which is an integral part of this
Standby Credit.
BAY VIEW FEDERAL
SAVINGS & LOAN ASSOCIATION
3974 S. HOWELL AVENUE MILWAUKEE, WI 53207 (414) 744-1831
Page 2, An integral part of Standby Credit #
SPECIAL CONDITIONS:
This Standby Credit will terminate on May 1, 2002, provided,
however, Bay View Federal Savings and Loan Association shall
give written notice to the beneficiary of its intention to
terminate this Standby Credit at 90 days prior to May 1,
2002. After the date, this Letter of Credit can only
terminate upon 90 days written notice to the beneficiary.
It is hereby agreed by all parties hereto that the reference
to "Agreement" is for identification purposes only and such
reference shall not be construed in any manner to require
Bay View Federal Savings and Loan Association, to inquire
into its term and obligations.
with the terms of this credit will be duly honored if
We engage with you that drafts drawn under and in compliance
presented on or before the expiration date. This original
Standby Credit must be submitted to us together with any
drawings hereunder for our endorsement of any payments
effected by us and/or for cancellations.
Very truly yours,
Stephen W. J
Assistant
SWJ/nl
I