EXHIBIT T
PROJECT MANAGEMENT DIVISION
ENGINEERING INSPECTIONS
MAINTENANCE GUARANTEE
RIGHT-OF-WAY
IRREVOCABLE LETTER OF CREDIT NO.
Issue Date:
Beneficiary
Pasco County Board of
County Commissioners
West Pasco Government Center
8731 Citizens Drive
New Port Richey, FL 34654-5598
Applicant
Name:
Business Address:
Telephone:
Amount: $
Issuing Institution
Name:
Address:
Telephone:
Pasco County Board of
County Commissioners
West Pasco Government Center
7530 Little Road, Suite 150
New Port Richey, FL 34654-5598
Dear Commissioners:
We, as issuing institution, hereby establish our Irrevocable Letter of Credit in favor of and for the account of
(herein Applicant) up to the aggregate sum of $
, which amount is payable to you at sight of your
draft drawn at sight on
, and accompanied by the following document:
Notarized statement by the Pasco County Engineering Services Director or acting Engineering
Services Director stating that either: (1) the Applicant has failed to maintain all required,
approved improvements which were installed or constructed in connection with Right-of-Way
Use Permit No.
, Project Name
, and all other improvements delineated per the
County-approved cost estimate dated
, in connection with the said Right-of-Way Use
Permit (herein Improvements) for a period of
years, or any different period agreed to by
the Board of County Commissioners; or (2) the Applicant has failed to repair or replace all such
Improvements found by the Engineering Services Director or his designee not to comply with
County approvals or requirements, or found to be deficient in materials, workmanship, or
structural integrity under County, State, or Federal regulations, whichever may be applicable, or
industry standards; or (3) the Applicant has failed to pay all costs and expenses incurred for or
incidental to the maintenance of Improvements; or (4) the Applicant has failed to submit a
written request for an inspection of all improvements to the Pasco County Engineering Services
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Department not before ninety (90) days prior to the termination of the
year maintenance
period, or any different time agreed to by the Board of County Commissioners.
In the event that the Board of County Commissioners institutes legal proceedings in order to collect any funds
under this document or any amendment or extension hereof, the venue shall be exclusively in Pasco County,
Florida; and the Applicant shall be liable for attorney's fees and court costs incurred by the Board of County
Commissioners.
All drafts drawn hereunder must state, "Drawn under
, Letter of Credit No.
, dated
."
Unless otherwise expressly stated, this Letter of Credit is subject to Florida Statutes, Chapter 675, and the
Uniform Customs and Practice for Documentary Credits (2007 Revision), International Chamber of Commerce
Publication No. 600. In the event of a conflict, Florida Statutes, Chapter 675, shall control.
We hereby agree that all drafts drawn in compliance with the terms of this Letter of Credit will be duly honored
upon presentation and delivery of the documents, specified above, to
(Bank Address)***.
This Letter of Credit expires on
**.
Sincerely,
By:
Authorized signature
Printed Name
Title
STATE OF FLORIDA
COUNTY OF_________________
The foregoing instrument was acknowledged before me this _____ day of _____________, 20__, by
______________________________________ of ________________________, a ____________________
authorized to do business in the State of Florida, in his/her capacity as ______________________ (insert title)
on behalf of the __________________________.
Notary Public
Printed Name of Notary Public
My Commission Expires:
Personally Known ____ OR Produced Identification ______
Type of Identification Produced:
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The "Endorsements of Drafts Drawn," shown below, is an integral part of this agreement.
ENDORSEMENTS OF DRAFTS DRAWN:
Amount
Date
Negotiated By
(In Words)
(In Figures)
$
$
$
$
THIS LETTER OF CREDIT SHOULD BE CANCELED AND ATTACHED TO THE LAST DRAFT.
*Signature must be notarized, and person signing must be the president or vice president.
**Any expiration date must be, at minimum, six (6) months beyond the required maintenance period.
***Must be no more than 100 miles away from Pasco County.
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