HomeMy WebLinkAboutPermit Correspondence 2002-1-18
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COMMITMENT LETTER
TO: City of Springfield
Name of Proiect:
Jenna Estates
(City of Springfield Journal No, 199-12-0'294)
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Location of Proiect:
South 48th & Aster Streets, Springfield, Oregon
Proiect Owner/Borrower: Jenna Estates, L.L C.
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Enaineer: Branch Engineering, Inc,
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General Contractor: Essex General Construction, Inc.
8rchit~: A. Paz Architects
Lendlno Institution:
Umpqua Bank, Attn: Jo\'1n Raleigh
Umpqua Bank C'Bank") hereby certifies that it has committed to loan to Jenna
Estates) L.L,C. (1I0wner") funds for the purpose of completing that construction project
known as Jenna Estates Phases I and II, and that as of the date hereof, there eXIsts in
excess of S 468,199.60 which remains available in the credit commitment for completion
of the following aspects of the project:
1) Landscaping;
2) The recreational building and courts:
3) The drainage swale;
4) The following aspects of the infrastructure:
A) Interior Pghting;
B) Parking lot striping; and
C) Bike racks
For the purposes of facilitating the compliance by the Owner of the provisions of
SpringfIeld Development Code 31,110. the Bank hereby certifies and agrees that the funds
remaining available in the credit commitment will not, excepf: as otherwise set forth below,
be released without written instruction from an authorized agent of the City of Springfield,
Oregon.
The Bank shall have the right to release funds from the credit commitment to Essex
General Construction, lnc, upon application for payment for work completed on Jenna
Estates ("the Project") to the extent such aoplications are approved and certified by either:
a) A. Paz Architects; or b) Branch Engmearil'1g, Inc
The Sank further agrees that upon written receipt of an authom~ed representative
of the City of Springfield, it shall provide information including the balance of funds
available In the credit commitment for completion of the Project, and copies of applioations
1 . Commitment Letter
IRN.1B.2902 4: l7PM GRRDi'JER HOI~SOWETZ
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for payment, approvals, and certifications regarding any funds drawn from the credit
commitment after the date hereof.
The Bank further agrees that those funds remaining available under the credit
commitment (less any funds paid to Essex General Construction, Inc, as provided above)
shall be paid to the City of Springfield, Oregon, for the purposes of completing the Project,
within ten days of reeeMng written notice that Springfield. 0 reg on. has determ ined that the
required work has NOT been performed within applicable time limits, or that the work has
NOT been properly performed. The Bank Shall have no duty or right to evaluate the
correctness or appropriateness of any such notice or determination by the City of
Springfield, Oregon. and shall not interplead or, in any manner. delay payment of said
funds to the City of Springfield, Oregon. The Owner herl!by agrees to this collateral
assignment offunds and that its obligation to perform the required work is not limited to the
amount of funds available from the credit commitment.
This assignment of funds is irrevocable and cannot be oanceled by the Bank or the
Owner. There is no provision in this Commitment Letter for any maintenance bond
requirement.
Date:
I {/~/(I'l
UMPQUA BANK
472;1
By:
Title:
U~L< Prt'"':>IJl",Jj'
Approvea this / f? day o~",~ _ l 2002,
JENNA ESTATES, L.L.C,
By: rYQ.\ ~<..-U-
'1IDY'C, GRAY -
Managing Member
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Approved this
day of
r 2002.
CITY OF SPRINGFIELD
By:
Title:
2 D Commitment Letter