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Home My WebLink AboutR-82-0641i! a RESOLUTION NO. S~ 1 k i; A RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE A MODIFICATION OF THE AGREEMENT DATED DECEMBER 15, 1981, BETWEEN SOUTHEAST BANKING CORPORATION, GERALD D. HINES INTERESTS AND THE CITY OF MIAMI PROVIDING FOR PRIVATE SECTOR FRONT - ENDING FOR THE IMPLEMENTATION AND FINANCING OF CONSTRUCTION OF A TRANSPORTATION SYSTEM FOR DUPONT PLAZA BY PROVIDING GREATER SPECIFICITY IN THE RATE OF INTEREST AND REPAYMENT SCHEDULE FOR FUNDS ADVANCED UNDER A LETTER OF CREDIT AND DIRECTING THE CITY CLERK TO FILE THE RESOLUTION AND AGREEMENT. WHEREAS, the Developer (Southeast Banking Corporation) and Gerald D. Hines Interests) did make and submit to the Citv an Application for Development Approval for a Development of Regional Impact under and pursuant to Section 380.06, Florida Statutes, for that certain property located at approximately 200-298 South Biscayne Boulevard, Miami, Florida, and more specifically known as All of Block 5, DuPont Plaza (P.B. 50 at Page 11 of the Public Records of Dade County, Florida); and WHEREAS, said application was duly reviewed and recommended for approval by the City subject to certain conditions; and WHEREAS, said Development Order was duly approved by the City on January 15, 1981, by the enactment of the City of Miami Resolution No. 81-36 (hereinafter the "Order") and was recorded in the Public Records on January 26, 1981; and WHEREAS, an appeal of that approved Order was appealed to the Florida Land and Water Adjudicatory Commission pursuant to the provisions of Chapter 380.07, Florida Statutes and the effect of the Order was stayed until the dismissal of that appeal on July 30, 1981; and WHEREAS, Paragraphs 16 and 17 of said Order imposed certain obligations on the City and the Developer in conjunction with the planning and funding of a bifurcated I-95 ramp system to serve the DuPont Plaza area; and WHEREAS, by Resolution 81-1071; dated December 15, 1981, the City Manager was authorized to execute an agreement between the City of Miami, Southeast Bankina Corporation and Gerald D. Hines Interests providing for private sector front-endinq for the imple- mentation and financing of construction of a transportation system for DuPont Plaza • and 0 0 WHEREAS, the City of Miami and the Developer did enter into a "Private Sector Front -Ending Agreement for the Implementation and Financing of Construction of a Transportation System for DuPont Plaza between Southeast Banking Corporation, Gerald D. Hines Interests and the City of Miami, Florida" on December 15, 1981; and WHEREAS, the South Florida Regional Planning Council has sug- gested certain modifications to the Agreement which are acceptable to both the City and the Developer; and WHEREAS, the City and the Developer wish to make more specific the obligations of the parties in connection with the financial arrangements referred to generally in the Redevelopment Order by modifving the Agreement; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The City Manager is hereby authorized to execute a modification of the agreement dated December 15, 1981, substantially in the form of the attached "Modification of Private Sector Front - Ending Agreement for the Implementation and Financing of Construction of a Transportation System for DuPont Plaza between Southeast Banking Corporation, Gerald D. nines Interests and the City of Miami, Florida" which modification provides greater specificity in the rate of interest and repayment schedule for funds advanced under a letter of credit. Section 2. The City Clerk is directed to file this Resolution and Agreement with Resolution 81-36; January 15, 1981, being the Southeast Bank Financial Center Development Order. PASSED AND ADOPTED this 22ND day of JULY , 1982. ATTEST: PREPARED AND APPROVED BY: 'df. kt.". �&g� E MAXWELL, ASST. CITY ATTY. MAURICE A, FERRE MAURICE A. FERRE, MAYOR APPROVED AS FORM AND CORRECTNESS: GE F. KNOX, J ., CITY TORNEY 51 411 Howard V. Cary City Manager se..� W. McManus cting Director Planning Department July✓ 9, 1982 Modification to Agreement for Private Sector Front Ending of DuPont plaza Transportation Improvements Res. 81-36, 1/26,/81 Res. 81-1071, 12/15/81 Is It is recommended that the Commission authorize the Manager to execute a modification to the agreement between Southeast Banking Corporation, Gerald D. Hines Interests and the City of Miami for private sector front ending for the implementation and financing of construction of a transportation system for DuPont Plaza by further specifying the rate of interest and repayment schedule for funds advanced under a letter of credit, per the attached resolution. The The City Commission issued a Development Order for the Southeast Bank Financial Center by Resolution 81-36; January 26, 1-981. The Development Order contained a condition that under certain circumstances, the developer would be obligated to advance (or front-end) $2.92 million (in 1980 dollars) towards the construction of the I-95 connector/bifurcated ramp system in DuPont Plaza. To implement this condition in the Development Order, the Commission by Resolution 81-1.071; December 15, 1981, approved a front -ending agreement with the developer by which the developer proffered a letter of credit (attachment). At the suggestion of. the South Florida Regional Planning Council, the developer has proffered, and the Planning Department recommends a modification to the agreement. This modification provides that funds advanced by the developer under a letter of credit shall be repaid: 1. With interest equal to Standard and Poors Bond Index for Triple A rated municipal land indebtedness on the day the funds are disbursed under the letter of credit. v7p r ` 't +1 ti I.J,IUy. . Howard V. Gary July 9, 1982 2. With interest only for the first five annual installments; principal and interest payable for the remaining 15 annual installments to fully amortize the principal in 20 years of the date of disbursement under the letter of credit. It is requested that this item be listed on the agenda of July 22, 1982. JWM/vb Attachment cc: Law Department 1 Page 2 of 2 V 14i v'Y� LAW OFFICES GREEN BERG, TRAURIG, ASKEW, HOFFMAN, UPOFF, QUENTEL 6 WOLFF, P.A. PAUL H. ABRAMSON LINDA KOOBRICK ACLEP RUDOLPH F. ARAGON PEUBIN OHO. ASKEW JAMES L.BACCHUS HILAPIE BASS NORMAN J. 9ENFOPO THOMAS R. SLAKE MARK D. BLOOM PHILIP G. BOGGS BURT BRUTON ROBERT K. BURLINGTON ALBERT G. CAPUANA ALAN R. CHASE SUE M.CCB9 KENDALL B. COFFEY MARK B. DAVIS ALAN T. DIMOND CHARLES W. EDGAP, 11T GARY M. EPSTEIN RICHARD G. GARRETT LAWRENCE GOOOFSKY ALAN S. GCLO HAPVEY A. GOLDMAN STEVEN E.GOLOMAN STEVEN M. GOLOSMITH MA"HEW B.GOPSON MELVIN N.GREENBERG MAPIL"N O. GPEENBLATT LAP=f J. HOFFMAN BAPRY D. HUNTER CRAIG A. JASLOW SEA" P. JOSEPH MARTIN ✓ALB TIMOTHY E. KISH DOUGLAS M. KRAMEP STEVEN J. ✓RAVITZ STEVEN B. LAPIDUS ALAN S. LEDERMAN WALLACE L.LEWIS,JR. NORMAN H. LIPOFF GARY D. LIPSON JUAN P. LOUMIET PEDRO A. MARTIN STEPHEN MASSEY SANDRA K. MICHEL ALAN M. MITCHEL ANTHONY J. O DONNELL,JR BYRON G. PETEPSE-4 VICTOR H. POLK, JR. HAND DELIVERED ALBERT O.OVENTEL PONALO 9, RAVI✓OFF FLORENCE T. ROBBINS DAVID L.POSS RCBERT M RUBENSTEIN CLIFFORD A. SCHULMAN MARK SCHWIMMER MARTIN B. S"APtF70 ROBERT L.SHAPIPO EUGENE S-Y. JP. JOYCE M. SIEMON MARLENE K. SILVEPMAN TIMOTHY A. SMITH WILLIAM F. SMITH LAUPA P. STEPHENSON HEP9ERT M. SUSKIN ROBERT H. TPAURIG STANLEY H. WAKSHLAG JONATHAN H.WARNEP WILLIAM A. WESER DAVID M. WELLS JULIE A.S.WILLIA M SON ZACHARY H. WOLFF June 29, 1982 BRICKELL CONCOURS 1401 BRICKELL AVENUE P. O. BOX 012890 MIAMI, FLORIDA 33t01 TELEPHONES MIAMI (305) 579-OSOO BPowARo (305) 523-8111 TELEX 80-3124 Mr. Jim Reid Assistant City Manager v 3500 Pan American Drive Miami, Florida 33133 Re: Modification to "Front Ending Agreement" Dear Jim: Enclosed please find the latest, and hopefully the last,3- redraft of the "Front Ending Agreement." All lawyers on our •• side who possibly could have redrafted this paragraph have (-n .— now finished their efforts. Thank you again for your considered attention to this matter. Please advise if there is any problem placing this matter on the July 22 agenda. Sincerely, Alan S. Gold I ASG/mc _ Enclosure cc: Mr. M. Barry Peterson William R. Colson, Esquire Mr. Ahmed Ilayaud Din MODIFICATION OF PRIVATE SECTOR FRONT ENDING AGREEMENT FOR THE IMPLEMENTATION AND FINANCING OF CONSTRUCTION OF A TRANSPORTATION SYSTEM FOR DUPONT PLAZA BETWEEN SOUTHEAST BANKING CORPORATION, GERALD D. HINES INTERESTS AND THE CITY OF MIAMI, FLORIDA THIS MODIFICATION OF AGREEMENT dated the day of 1982, by and between the CITY OF MIAMI, FLORIDA, a municipal corporation (hereinafter "CITY") and SOUTHEAST BANKING CORPORATION, a Florida corporation, and the GERALD D. HINES INTERESTS, a sole proprietorship of Gerald D. Hines (hereinafter jointly and severally called "DEVELOPER"); W I T N E S S E T H: 4 WHEREAS, the City of Miami and the Developer did enter into a "Private Sector Front Ending Agreement for the Imple- mentation and Financing of Construction of a Transportation i System for Dupont Plaza between Southeast Banking Corporation, Gerald D. Hines Interests and the City of Miami, Florida", (hereinafter "Agreement"), on December 15, 1981; and WHEREAS, the South Florida Regional Planning Council has suggested certain modifications to the Agreement which are acceptable to both the City and the Developer; NOW, THEREFORE, in consideration of the premises and for the mutual promises herein and in consideration of the sum of $10.00 in hand paid by Developer to the City, the parties hereto do hereby agree as follows: ,, ,rw .., tisV It _ L l Ot 1. Paragraph 5(C)(3) of the Agreement is deleted in its entirety. 2. The Agreement is amended to add a new paragraph 5(D) which shall read as follows: "Funds disbursed pursuant to the letter of credit shall be repaid with interest at a rate equal to the rate of interest reported for Triple A rated municipal bonded indebtedness (general obligation bonds) by the Standard and Poors Bond Index at the close of business on the date that funds are requested for disbursement under the letter of credit. Repayment of principal and interest shall be made in twenty annual installments payable on the anniversary of the advancement of such funds, commencing on the first such anniversary, with interest only for the first five annual installments and principal and interest payable on the remaining 15 annual payment dates in equal installments that will fully amortize principal on the final payment date." IN WITNESS WHYREOF, the parties have set their hands and seals this date first above written. WITNESSES: - 2 - SOUTHEAST BANKING CORPORATION By: i } #' GERALD D. HINES INTERESTS By: CITY OF MIAMI, FLORIDA By: City Manager (SEAL) Clerk of the City Commission APPROVED AS TO FORM AND CORRECTNESS: r' GEORGE F. KNOX, JR., CITY ATTORN ' - 3 - —f- + A sl�r iJ . tit &. . Or(l14r w.-;- c4--1tinri 11nf-; 1 1-1,- PRIVATS SECTOR FRONT E`tDING AGREEMENT FOR THE IMPLEMEN- TATION i%ND FINANCING OF CONSTRUCTION OF A TRANSPORTA- TION SYSTEM FOR DUPO`iT PLAZA BETWEEN SOU'rJEAST BANKING CORPORATION, GERALD D. HINES INTERESTS AND THE CITY OF MIAMI, FLORIDA THIS AGREEMENT dathd the 1 day of , 198 (, by and between the CITY OF MIAMI, FLORIDA, a municipal Corpora- tion (hereinafter "CITY") and SOUTHEAST BANKING CORPORATION, a Florida Corporation, and the GERALD D. HINES INTERESTS, a sole proprietorship of Gerald D. Hines (hereinafter jointly and severally called "DEVELOPER") ; W I T N E S S E T H: WHEREAS, Developer did mace and submit to the CITY an Appli- cation for Development Approval for a Development of Regional Impact under and pursuant to Section 380.06, Florida Statutes, for that certain property located at approximately 200-298 South Biscayne Boulevard, Miami, Florida and more specifically known as All of Block 5, DuPont Plaza (P.B. 50 at Page 11 of the Public Records of Dade County, Florida); and WHEREAS, said application was duly reviewed and recommended for approval by the CITY subject to certain conditions; and WHEREAS, said Development Order was duly approved by the CITY on January 15, 1931, by the enactment of the City of Miami Resolution No. 81-36 (hereinafter Cho "ORDER") and was recorded in the Public Records on January 26, 1981; and WHEREAS, an appeal of that approved Order was appealed to the Florida Land and Water Adjudicatory Commission pursuant to the provisions of 5380.07, Florida Statutes and the effect of the Order was stayed until the dismissal of that appeal on July 30, 1981; and WHERE.AS, Paragraphs 16 and 17 of said Order imposed certain obligations on the City and the Developer in conjunction with the V _s planning and funding of a bifurcated I-95 ramp system to serve i the DuPont Plaza area; and i'riEREAS, as cont.- mplated and requirad by the Order, the CITY and DEVELOPER wish to make specific the obligations of the par- ties in connection with the financial arrangements referred to generally in the Order and, specifically, this Agreement is in- tended to be and constitute the "private sector front ending agreement" referred to in said Order; and WHEREAS, the parties wish to commit and bind themselves to a financial arrangement as called for in the Order and to implement the parties' respective obligations set forth in the Order; NOW, THEREFORE, in consideration of the premises and for the mutual promises contained herein and in consideration of the sum of Ten Dollars ($10.00) in hand paid by DEVELOPER to the CITY, the parties hereto do hereby agree as follows: 1. The foregoing recitals are true and correct and are incorporated herein by reference. 2. The CITY does hereby agree, with DEVELOPER'S participa- tion and cooperation, to evaluate any and all public sector financing options in order to construct, in whole or in part, the I-95 bifurcated traffic ramps to the DuPont Plaza surface street system (the "I-95 Ramps) as called for in the Report and Recom- mendations of the South Florida Regional Planning Council on '' DEVELOPER'S Applicatior. for Development Approval. Said evalua- tion by the CITY has already commenced and shall continue and shall include consultation and collaboration by the CITY and with the Dade County Department of Traffic and Transportation, the Dade County Office of Transportation Administration and the Florida Department of Transportation. 3. The CITY does hereby agree to prepare a report and recommendations based upon the above evaluation and shall submit same to the South Flpr ida Regional Planning Council, the Downtown Development Authority, the Metropolitan Planning Organization and the Florida Department of Transportation no later than July 1982, I v ;" 's u ,'r. hr 'U' !t & or at such later time as may be permitted by the South Florida Recicral Planning Council. Sai3 report shall inclUde evalu3tion of the Ei.nancing notions noted above, includin-g other private developer participation, and shall contain the preferred options and steps necessary to insure their implementations so that con- struction of the I-95 Ramps may begin immediately after comple- tion of the Miami Avenue Bridge project. 4. The CITY and the DEVELOPER agree that they will use their best efforts to cause public sector financing ("Public Ramp Financing") to be committed by September 30, 1982, or such later date as is agreed upon by the CITY and South Florida Regional Planning Council to provide all or a part of the funds required for the construction of the I-95 Ramps. 5. (A) In compliance with the DEVELOPER'S obligations contained in Paragraph 17a of the Order, DEVELOPER hereby deli- vers to the CITY its form of Irrevocable Letter of Credit, attached as Exhibit "A", in the face amount of $3.108 million (1981 Dollars) . The parties recognize and agree that said amount represents the amount of 20% ($2.92 million in 1980 Dollars) called for in said Paragraph 17a, increased for the calendar year 1981 by a construction cost increase factor (%) as set forth in the Comnosite Index for Construction Costs (Base Period - 1972) Published by the Bureau of Census of the United States Department of Commerce (the "Formula"). DEVELOPER hereby agrees to substitute and attach to this executed agreement an original executed Letter of Credit in said form in replacement of Exhibit "All (B) The Irrevocable Letter of Credit submitted here- with, as finally executed and delivered to the CITY, shall be replaced each year on the Anniversary date of this Agreement, and upon thirty (30) days written request by the CITY, in a face amount increased lbut never decreased) to reflect the yearly increase, if any, in construction costs as shown in the formula above -noted. 3 (C) Said Letter of Credit ma;l be Called upcn by the CITY, in whole or in part, upon the follot.ving con3ition7-: (1) Subsequent to Septe nbec 30, 1982, the CITY submits its certification that a full public sector finan- cing package has not been committed by appropriate govern- mental agencies; and (2) The CITY or its designee (by written docu- ment) certifies that said funds are necessary for the con- struction of the I-95 Ramps and will be solely utilized for that purpose; and (3) The CITY and/or its designee (by written document) and DEVELOPER have executed an "equitable reim- bursement agreement" called for in Paragraph 17a of the Order which specifies appropriate and mutually agreeable interest rates and maturity dates for the repayment of funds disbursed pursuant to such Letter of Credit. 6. It is hereby recognized and agreed by the City of Miami, Florida: (A) that this Agreement is the "private sector front -ending agreement" to finance construction of the I-95 ramps required by the Order insofar as such requirement applies to the Southeast Bank Financial Center and its development; (B) that this Agreement and proffered Letter of Credit fully complies with the Order's requirement that "other financial arrangements have been completed to finance construction of the I-95 bifurcated ramps" before a Certificate of Occupancy will be issued insofar as such requirement applies to the Southeast Hank Financial Cen- ter and its development; (C) that all contractors, construction lenders, permanent lenders, investors, tenants, ground lessors and other parties participating in the development of. Southeast Bank Financial Center in any capacity shall and may rely on these agreements; and (D) that this Agreement shall constitute imple- mentation and complibnce with the requirements set forth in Para- graphs 17a, 17b. and 24 (as it relates to the I-95 Ramps) of the Or"3er . All other provisions of the Order shall remain in full force and effect. 4 7. This Agreement incorporates all of the obligations and undertakings of DEVELOPER •.aith resnQe,t ':o said I-95 3ifur- cated Traffic Ramps and may be amended hereaft'r onl, by an agreement in writing executed by all the parties hereto. In the event, however, that the Order is amended or modified by the CITY so that the dates for compliance contained therein or herein are changed or modified for purposes of consistency with other re- lated Development Orders, said amendments or modifications of dates shall be incorporated herein by the parties. 8. This Agreement shall be recorded in the Public Records of Dade County, Florida and shall be binding on each parties Im successors in interest and shall run with the land previously described. 9. This Agreement was duly authorized and approved by the DEVELOPER and the CITY CObMISSION of the City of Miami by Resolu- tion No. IN WITNESS WHEREOF, the parties have set their hands and seals the date first above written. WITNESSES: i 5 SOUTHEAST BANKING CORPORATION By: GERALD D..HINES INTERESTS CITY OF MIAMI, FLORIDA / L By: City Manager ISEALj ',• Cler% of the ^Ciry"Commis'si.on �-V -" 1 A AZ 0't*._ . i THE STATE OF TEXAS )( COUNTY OF HARRIS )( BEFORE ME, the undersigned, a Notary Public in and for said County and State, on this day personally appeared Gerald D. Hines and acknowledged to me that lie executed the same for the purposes and consideration therein stated. 4- GIVEN UNDER MY HAND AND SEAL OF OFFICE, this the day of �i _C .0 r iy>� (.�, 10 n 1 Notary Public in and or the State of Texas S ANY �o"".r:..:5:1 ::-Y.t:S •CIS I 0 .a , ` 1— + w CJ/v�a.�' r STATE OF F LOaIDA ) ) JJ COU,ITY 0" DID ) I, the undersigned Notary Public, do hereby certify that and personally known to me and known to me to be n 1'11C12itx Qa� and of SOUTHEAST BANKING CORPORA- TION, executed the foregoing instrument and acknowledged before me that they executed same for the purposes therein expressed. I � Jv"' "t). Q vjv.:n� NOTARY PUBLIC, Vate of orida My Commission Expires PiMLIr, ;1;;jz N-4ttc.-4arge , °Y 0�^U!" f 'ip'." .$ S:P1. G, �4irt STATE OF FLORIDA ) ) SS COUNTY OF DADE ) Y I, the undersigned Notary Public, do hereby certify that and personally known to me and known to me to be and of GERALD D. HINES INTERESTS, executed the foregoing instrument and acknowledged before me that they executed same for the purposes therein expressed. NOTARY PUBLIC, State of Florida My Commission Expires: at Large STATE OF FLORIDA ) ) SS COUNTY OF DADE ) I, the unders. nod Notate Pu, lic, do he�by certify that and e r sona lly known to me and known o me to be City Manager and Clerk of the City Commission, of the CITY OF MIAMI executed the foregoing instrument and acknowledged before me that they executed same for I the purposes therein expressed. t] ' rl2Y PUBLIC, S t;a to Florida My Commission Expires: at Large ,a STANDBY CREDIT CITY OF MlI "*iI P.O. Box 330708 Miami, Florida 33133 GENTLEMEN: BY THE ORDER OF: LETTER OF CREDIT DATE: MAIL Decemmber 16, 1981 ALL D AFTS DPI .;:I :!US B E :.ARKED: OPENER'S REFERENCE NO. SEB-I-95 WE HEREBY ISSUE IN YOUR FAVOR OUR IRREVOCABLE CREDIT FOR THE ACCOUNT OF SOUTHEAST BANKING CORPORATION, a Florida corporation and The GERALD D. HINES INTERESTS, a sole proprietorship of Gerald D. Hines FOR AN AMOUNT OR AMOUNTS NOT TO EXCEED IN THE AGGREGATE US DOLLARS THREE MILLION ONE HUNDRED EIGHT THOUSAND DOLLARS ($3,108,000.00) AVAILABLE IN WHOLE, OR IN PART, BY YOUR DRAFTS AT SIGHT ON THE BANK SOUTHEAST FIRST NATIONAL BAIvK OF MIAI.II U.S.A. EFFECTIVE DECEMBER 151 1981 AND EXPIRING ON DECE?4BER 15, 1982. FUNDS UNDER THIS CREDIT ARE AVAILABLE AGAINST YOUR DRAFTS) MENTIONING OUR CREDIT NUMBER AS IT APPEARS ABOVE. THE BELOW -MENTIONED DOCU"'TENTS MUST BE PRESENTED AT SIGHT ON OR BEFORE THE EXPIRY DATE ON THIS INSTRUMENT IN ACCORDANCE WITH THE TERMS AND CONDITIONS OF THIS LETTER OF CREDIT. 1. BENEFICIARY'S SIGNED CERTIFICATION DATED SUBSEQUENT TO SEPTEMBER 30, 1982, THAT A FULL PUBLIC SECTOR FINANCING PACKAGE TO CONSTRUCT I-95 BIFURCATED RAMP SYSTEM HAS NOT BEEN C0.•1MITTED BY APPROPRIATE GOVERNMENTAL AGENCIES: AND 2. BENEFICIARY'S OR ITS DESIGNEES' (BY WRITTEN DOCUMENT) SIGNED CERTIFICATION THAT SAID FUNDS, AND THE AMOUNT SOUGHT BY THE CERTIFICATION, ARE NECESSARY FOR THE CONSTRUCTION OF THE I-95 RAMPS AND WILL BE SOLELY UTILIZED FOR THAT PURPOSE; 3. SUB14ITTAL OF A FULLY EXECUTED "EQUITABLE REIMBURSEMENT AGREEMENT" BY AND BETWEEN THE BENEFICIARY (AND/OR ITS DESIGNEE, BY WRITTEN DOCUMENT) AND GERALD D. HINES AND SOUTHEAST BANKING CORPORATION, THEIR SUCCESSOR OR ASSIGNS, WHICH SPECIFIES APPROPRIATE AND MUTUALLY AGREEABLE INTEREST RATES AND MATURITY DATES FOR THE REPAYMAENT OF FUNDS DISBURSED PURSUhNT TO THIS LETTER OF CREDIT. WE ENGAGE WITH YOU THAT DRAFT DRAIIN UNDER AND IN CONFORMITY WITH THE TERMS OF THIS CREDIT WILL BE DULY HONORED ON PRESENTATION IF PRESENTED ON OR BEFORE THE EXPIRY DATE. THE ORIGINAL LETTER OF CREDIT MUST ACC0111PANY THE DOCUMENTS REQUIRED UNDER THIS CREDIT. DATE: December 15, 1981 THIS CP.EDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUI4ENTARY CREDITS (1974) REVISION), INTERNATIONAL CHAMBER OF COM11ERCE PUBLICATION 290. PLEASE ADDRESS ALL CORRESPONDENCE REGARDING THIS LETTER OF CREDIT TO THE ATTENTION' OF XECUTIVE VICE PRESIDENT - CHIEF FINPINCIAL OFFICER, MENTIONING OUR REFERENCE NUMBER AS IT APPEARS ABOVE. VERY TRULY YOURS, SOUTHEAST BANKING CORPOP.ATION i �- EXECUTIVE' VICE PRESIDENT ' 1 S�7 �� • ij • t[