Letter-of-CreditPage 1 of 1
LOC 05/10
(Financial House Letterhead) OR
CONFIRMED IRREVOCABLE CREDIT
Board of County Commissioner’s
New Hanover County
Wilmington, North Carolina
Bank ______________________________
Street ______________________________
City/State ___________________________
Re: ________________________________
(Name of Subdivision)
Amount: ____________________________
TO: NEW HANOVER COUNTY
We hereby establish our irrevocable credit in the amount of ($________________)
in favor of New Hanover County on behalf of
________________________________________________________________________.
We understand that this irrevocable credit is to be used to insure the completion of the
subdivision improvements listed in the attached estimate. We agree that drafts drawn under and in
compliance with the terms of this credit will be duly honored on due presentation to us.
This irrevocable credit established by us shall be in force for a period of __________
year(s) and shall remain in effect without regard to any default in payment of sums owed by the owner or
developers and without regard to other claims which we may have against the owner or developers.
This Letter of Credit may be drawn upon by the New Hanover County Engineer, who
shall submit a resolution to the New Hanover county Manager, certifying:
1. That the above described improvements have not been completed within the
required time; and
2. That the County Engineer is instructed to draw upon the Letter of Credit
Upon the County’s determination of satisfactory completion and installation of the above
described improvements, this Letter of Credit shall be returned tot he undersigned.
This ____ day of __________________, 20____
____________________________________
Bank
(Seal)
By:_________________________________
Title:________________________________
Attest:
_________________________________
Cashier or Secretary