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HomeMy WebLinkAboutThe Fields at Mattituck Rudder, Lynda From: Perez, Marina C <Marina.C.Perez@wellsfargo.com> Sent: Tuesday,June 30, 2026 1:03 PM To: Rudder, Lynda Cc: CEA FIG LC Administration Subject: RE: LC AS000175029U Hello Lynda, Kindly send consent to: Wells Fargo Bank, N.A. 1525 W W.T. Harris Blvd., MAC D1109-012 Charlotte, NC 28262 Attn: Standby Letter of Credit Department Kind regards, Marina C. Perez Business Relationship Support Specialist Credit Execution and Administration Wells Fargo Corporate&Investment Banking 1000 Louisiana Street,6th floor Houston,TX 77002 MAC T0002-120 1 713-319-1334 marina.c.perez@wellsfarao.com From: Rudder, Lynda <lynda.rudder@town.southold.ny.us> Sent:Tuesday,June 30, 2026 11:55 AM To: Perez, Marina C<Marina.C.Perez@wellsfargo.com> Subject: LC AS000175029U Importance: High I have had the consent form completed,just need to know where to mail it and if you need anything further to cancel the Letter of Credit Lynda M Rudder Deputy Town Clerk Deputy Registrar Principal Account Clerk Southold Town Clerks Office PO Box 1179 53095 Main Road Southold,NY 11971 lynda.ruddergtown.southold.ny.us (631)765-1800 i Wells Fargo Bank,N.A. U.S.Standby Trade Operations a,12g W W.T.Harris Blvrl. MAC:Di t6-o26 Charlotte.NC 28262 Phone:1(800)776;;862,Option 2 E-Mail:StandLrCStstomerCare(nnaellsfmgo.c0m Amendment To Irrevocable Standby Letter Of Credit RECEIVED Number: IS000175029U Amendment Number: 002 JUN 1 Amend Date: May 11,2026 Southold Town Clerk BENEFICIARY TOWN OF SOUTHOLD TOWN HALL ANNEX 54375 STATE ROUTE 25 P.O.BOX 1179 SOUTHHOLD,NEW YORK 11971 APPLICANT(S) ZENITH PROPERTY GROUP,LLC LADIES AND GENTLEMEN: WE HEREBY AMEND THE ABOVE REFERENCED LETTER OF CREDIT ISSUED IN YOUR FAVOR TO BE IMMEDIATELY CANCELLED.THIS AMENDMENT IS SUBJECTTO CONSENT BY THE BENEFICIARY.UPON OUR RECEIPT OF YOUR CONSENT,AS INDICATED BELOW,THIS LETTER OF CREDIT SHALL BE CONSIDERED EXPIRED. RETURN OF THE ORIGINAL LETTER OF CREDIT AND AMENDMENTS,IF ANY,IS NEEDED PLEASE INDICATE YOUR DECISION TO ACCEPT OR REJECT THIS AMENDMENT AS REQUESTED BELOW AND RETURN THIS SIGNED AMENDMENT ALONG WITH THE ORIGINAL LETTER OF CREDIT(INCLUDING AMENDMENTS IF APPLICABLE)TO OUR OFFICE IN THE PREPAID COURIER ENVELOPE ENCLOSED FOR YOUR CONVENIENCE. THIS AMENDMENT IS TO BE ATTACHED TO THE ORIGINAL WELLS CREDIT AND IS AN INTEGRAL PART THEREOF. 5311 Page 1 of 2 Each page of this document is an integral part of this Irrevocable Standby Letter of Credit Number IS000175029U,Amendment Number 002 Wells Fargo Bank,N.A. U.S.Standby Trade Operations 252,q W W.T.Harris Blvd. MAC Dn16-026 Charlotte,.NC 28262 Phone:1(Boo)T.6-;18G2,Option 2 E-Mail:Bhuulh�(.S storoerCare(inwellsfa�xo.com Very Truly Yours, WELLS FARGO HANK,N.A. By: E1� Authorized Signature The original of the Letter of Credit contains an embossed seal over the Authorized Signature. Please direct any written correspondence or inquiries regarding this Letter of Credit,always quoting our reference number,to Wells Fargo Bank,National Association,Attn:U.S.Standby Trade Services at 1525 W W.T.Harris Blvd. MAC D1116-026 Charlotte,NC 28262 Phone inquiries regarding this credit should be directed to our Standby Customer Connection Professionals 1-800-776-3862Option 2 (Hours of Operation: 8:00 a.m.ET to 5:00 p.m.PT) Consent to Amendment 002 on Standby Letter of Credit No.IS000175029U is required to become effective. Please date and sign below and return the signed amendment,along with the Original LC and Amendments if any to our office in the prepaid courier envelope provided. Amendment accepted in its entirety Amendment rejected in its entirety (o /C'X0 Date Authorized Signature- TOWNOFSOUTHOLD (631 ) `&S - hLfyiJ. grvloG SG S��er�li5olr Telephone Number Printed Name of Authorized Signer 5311 Page 2 of 2 Each page of this multipage document is an integral part of this Irrevocable Standby Letter of Credit Number IS000175029U,Amendment Number 002 DEN-IS NONCARROW Town Hall, 53095 Main Road P.O. Box 1179 TOWN CLERK �19 S�{lf �r Southold,New York 11971 Fax REGISTRAR OF VITAL (631) 765-6145 Telephone(631) STATISTICS MARRIAGE OFFICER 765-1800 RECORDS MANAGEMENT www.sotitholdtoivnny.gov OFFICER FREEDOM OF INFORMATION OFFICER � ��►l14��C. OFFICE OF THE TOWN CLERK TOWN OF SOUTHOLD THIS IS TO CERTIFY THAT THE FOLLOWING RESOLUTION NO. 2026-274 WAS ADOPTED AT THE REGULAR MEETING OF THE SOUTHOLD TOWN BOARD ON MARCH 24,2026: RESOLVED, that the Town Board of the Town of Southold hereby approves, upon the recommendation of the Southold Town Planning Board, the Office of the Town Engineer, and the Office of the Highway Superintendent, the release of the performance security for The Fields at Mattituck, SCTM#1000-113.-2-1.1, located at 2350 Stanley Road, Mattituck, held in the form of an Irrevocable Letter of Credit(ISLC),number IS000175029U, issued by Wells Fargo, in the amount of Sixty Six Thousand Two Hundred Sixty Dollars (S66,260.00) and any accrued interest, subject to the approval of the Town Attorney, and be it further RESOLVED, that the Town Board of the Town of Southold hereby waives the issuance of a Maintenance Bond and agrees to take the road into the Town Highway System, subject to the approval of the Town Attorney. Denis Noncarrow Southold Town Clerk RESULT: Adopted MOVER: Councilman Mealy SECONDER: Justice Stevens Town Hall,53095 Main Road DENIS NONCARROW 9 ' P.O.Box 1179 TOWN CLERK Southold,New York 11971 REGISTRAR OF VITAL,STATISTICS Fax(631)765-6145 MARRIAGE OFFICER � Telephone(631)765-1800 RECORDS MANAGEMENT OFFICER www.southoldtownny.gov FREEDOM OF INFORMATION OFFICER OFFICE OF THE TOWN CLERK TOWN OF SOUTHOLD March 27, 2026 Ms. Patricia C. Moore, Esq.' Moore Law Group 51020 Main Road Southold,NY 11971 Dear Ms. Moore: Enclosed find the Performance Security for The Fields at Mattituck along with resolution #2026-274,which was adopted by the Southold Town Board at their regular Town Board meeting held on March 24, 2026. If you have any further questions, please don't hesitate to contact me at my office. Sincerely, Denis Noncarrow Southold Town Clerk Encs. . r DENTIS NONCARROW Town Hall,53095 Main Road P.O. TOWN CLERK � Qf Sa�� � Box 1179 Southold,New York 11971 Fax REGISTRAR OF VITAL (631) 765-6145 Telephone(631) STATISTICS MARRIAGE OFFICER 765-1800 RECORDS MANAGEMENT r wwwsoutholdtowmny.gov OFFICER FREEDOM OF INFORMATION OFFICER OFFICE OF THE TOWN CLERK TOWN OF SOUTHOLD THIS IS TO CERTIFY THAT THE FOLLOWING RESOLUTION NO. 2026-274 WAS ADOPTED AT THE REGULAR MEETING OF THE SOUTHOLD TOWN BOARD ON MARCH 24, 2026: RESOLVED, that the Town Board of the Town of Southold hereby approves,upon the recommendation of the Southold.Town Planning Board, the Office of the Town Engineer, and the Office of the Highway Superintendent, the release of the performance security for The Fields at Mattituck, SCTM#1000-113.-2-1.1, located at 2350 Stanley Road,Mattituck, held in the form of an Irrevocable Letter of Credit (ISLC), number IS000175029U, issued by Wells Fargo, in the amount of Sixty Six Thousand Two Hundred Sixty Dollars ($66,260.00) and any accrued interest, subject to the approval of the Town Attorney, and be it further RESOLVED, that the Town Board of the Town of Southold hereby waives the issuance of a Maintenance Bond and agrees to take the road into the Town Highway System, subject to the approval of the Town Attorney. Denis Noncarrow Southold Town Clerk RESULT: Adopted MOVER: Councilman Mealy SECONDER: Justice Stevens AYES: Councilman Mealy, Justice Stevens, Councilwoman Doherty, Councilwoman Smith, Councilwoman Suess, Supervisor Krupski, Jr. NAPES: None Wells Fargo Bank,N.A. U.S.Standby Trade Operations 1525 W W.T.Hanis Blvd.,CIC-3C2 MAC Dtioy-ot2 Charlotte,NC 28262 Phone:i(Boo)776-3862,Option 2 E-Mail:StandbyCustomerCare@wellsfarao.com Amendment To Irrevocable Standby Letter Of Credit Number: IS000175029U Amendment Number: 001 Amend Date: February 7,2025 BENEFICIARY APPLICANT TOWN OF SOUTHOLD ZENITH PROPERTY GROUP,LLC TOWN HALL ANNEX 288 DOVER STREET 54375 STATE ROUTE 25 BROOKLYN,NEW YORK 11235 P.O.BOX 1179 SOUTH HOLD,NEW YORK 11971 LADIES AND GENTLEMEN: AT THE REQUEST AND FOR THE ACCOUNT OF THE ABOVE REFERENCED APPLICANT,WE HEREBY AMEND OUR IRREVOCABLE STANDBY LETTER OF CREDIT(THE"WELLS CREDIT')IN YOUR FAVOR AS FOLLOWS: THE AMOUNT OF THIS LETTER OF CREDIT IS DECREASED BY USD 261060.00.THE CURRENT AVAILABLE AMOUNT OF THIS LETTER OF CREDIT NOW TOTALS USD 66260.00. THE WELLS FARGO BANK.N.A.STANDBY LETTER OF CREDIT DEPARTMENT HAS MOVED TO CHARLOTTE,N.C.ON AND AFTER FEBRUARY 26TH,2024,ALL DRAFTS,DEMANDS,OR DOCUMENTS PRESENTED UNDER THIS L/C AND ALL NOTICES AND COMMUNICATIONS MADE WITH RESPECT TO THIS L/C THAT PREVIOUSLY WOULD HAVE BEEN DIRECTED TO WINSTON-SALEM,N.C.OR SAN LEANDRO,C.A.SHOULD NOW BE PRESENTED OR DELIVERED TO WELLS FARGO BANK,N.A.,STANDBY LETTER OF CREDIT PROCESSING,1525 W W.T.HARRIS BLVD.,MAC D1109-012,CHARLOTTE,N.C.28262. ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED. THIS AMENDMENT IS TO BE ATTACHED TO THE ORIGINAL WELLS CREDIT AND IS AN INTEGRAL PART THEREOF. Very Truly Yours, WELLS RGO BANK,N.A. By: Authorized Signature The original of the Letter of Credit contains an embossedseal over the Authorized Signature. 8227 Page 1 of 2 Each page of this document is an integral part of this Irrevocable Standby Letter of Credit Number IS000175029U,Amendment Number 001 Wells Fargo Bank,N.A. U.S.Standby Trade Operations 1$25 W W.T.Harris Blvd.,CIC-3C2 MAC Dtto9-o12 Charlotte,NC 28262 Phone:t(800)-/76-3862,Option 2 E-Mail:St:mdbyCiistomereare@wellsfargo.com Please direct any written correspondence or inquiries regarding this Letter of Credit,always quoting our reference number,to Wells Fargo Bank,National Association,Attn:U.S.Standby Trade Services at 1525 W W.T.Harris Blvd.,CIC-3C2 MAC D1109-012 Charlotte,NC 28262 Phone inquiries regarding this credit should be directed to our Standby Customer Connection Professionals 1-800-776-3862 Option 2 (Hours of Operation: 8:00 a.m.ET to 5:00 p.m.PT) Consent to Amendment 001 on Standby Letter of Credit No.IS000175029U is required to become effective. Please date and sign below and return a copy via e-mail to standbylc@wellsfargo.com or return an original signed copy to our office located at. 1525 W W.T.Harris Blvd.,CIC-3C2 MAC D1109-012 Charlotte,NC 28262 or Fax to 844-879-2898. ❑ Amendment accepted in its entirety ❑ Amendment rejected in its entirety Z Date Authorized Signature- TOWN OFSOUTHOLD Telephone Number Printed Name of Authorized Signer 8227 Page 2 of 2 Each page of this multipage document is an integral part of this Irrevocable Standby Letter of Credit Number IS000175029U,Amendment Number 001 Wells Fargo Bank,N.A. U.S.Trade Services Standby Letters of Credit 794 Davis Street,end Floor ■ MAC Ao283-023, San Lean(Iro,CA 94577-6922 Plione:Ooo)776-3862 Option 2 E-Mail:,qblc-iiew@wellsfargo.com Irrevocable Standby Letter Of Credit Number: IS000175029U Issue Date: March 8,2021 BENEFICIARY APPLICANT TOWN OF SOUTHOLD ZENITH PROPERTY GROUP,LLC TOWN HALL ANNEX 288 DOVER STREET 54375 STATE ROUTE 25 BROOKLYN,NEW YORK 11235 P.O.BOX 1179 SOUTH HOLD,NEW YORK 11971 LETTER OF CREDIT ISSUE AMOUNT USD 327,320.00 EXPIRY DATE MARCH 8,2022 LADIES AND GENTLEMEN: WE HEREBY ESTABLISH OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO.IS000175029U IN FAVOR OF THE TOWN OF SOUTHOLD,HEREINAFTER REFERRED TO AS"BENEFICIARY",AT THE REQUEST OF ZENITH PROPERTY GROUP LLC,HEREINAFTER REFERRED TO AS"APPLICANT',IN AN AMOUNT NOT TO EXCEED IN THE AGGREGATE THREE HUNDRED TWENTY-SEVEN THOUSAND THREE HUNDRED TWENTY AND 00/100 ($327,320.00)U.S.DOLLARS. FUNDS ARE AVAILABLE BY YOUR DRAFT ON US AT SIGHT BEARING THE CLAUSE: DRAWN UNDER WELLS FARGO BANK,N.A.("WELLS FARGO")LETTER OF CREDIT NO.IS000175029U DATED MARCH 8,2021 AND ACCOMPANIED BY THE FOLLOWING DOCUMENTS: 1.THIS ORIGINAL LETTER OF CREDIT AND ANY AMENDMENTS THERETO. 2.A STATEMENT PURPORTEDLY SIGNED BY THE TOWN ENGINEER STATING THAT: THE BENEFICIARY HEREBY CERTIFIES THAT WE HAVE PROVIDED FOURTEEN DAYS'WRITTEN NOTICE TO ZENITH PROPERTY GROUP LLC AND ZENITH PROPERTY GROUP LLC HAS NOT COMPLETED THE REQUIRED IMPROVEMENTS SET FORTH IN THE"REVISED BOND ESTIMATE FOR THE FIELDS AT MATTITUCK"DATED DECEMBER 2,2020,PREPARED BY TOWN ENGINEER MICHAEL COLLINS AND AS DEPICTED IN THE SUBDIVISION MAP ENTITLED"THE FIELDS AT MATTITUCK." IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT WILL BE EXTENDED AUTOMATICALLY,WITHOUT AMENDMENT,FOR ADDITIONAL PERIODS OF ONE(1)YEAR FROM THE PRESENT OR EACH FUTURE EXPIRATION DATE,UNLESS AT LEAST NINETY(90)DAYS PRIOR TO THE THEN CURRENT EXPIRATION DATE, WE NOTIFY YOU IN WRITING BY OVERNIGHT COURIER,AT THE ABOVE ADDRESS,THAT WE ELECT NOTTO RENEW THIS LETTER OF CREDIT FOR SAID ADDITIONAL PERIOD. THIS LETTER OF CREDIT SETS FORTH IN FULL THE TERMS OF OUR UNDERTAKING AND SUCH UNDERTAKING Page 1 of 2 Each page of this document is an integral part of this Irrevocable Standby Letter of Credit Number 15000175029U SHALL NOT IN ANY WAY BE MODIFIED,AMENDED,REDUCED OR AMPLIFIED BY REFERENCE TO ANY DOCUMENT,INSTRUMENT OR CONTRACT REFERRED TO HEREIN OR IN WHICH THIS LETTER OF CREDIT IS REFERRED TO OR TO WHICH THIS LETTER OF CREDIT RELATES,AND ANY SUCH REFERENCE SHALL NOT BE DEEMED TO INCORPORATE HEREIN BY REFERENCE ANY DOCUMENT,INSTRUMENT OR CONTRACT. WE HEREBY AGREE THAT DRAFTS) DRAWN UNDER AND IN COMPLIANCE WITH THE TERMS OF THIS LETTER OF CREDIT WILL BE DULY HONORED UPON.RECEIPT OF DOCUMENTS AS SPECIFIED ABOVE,WHICH MAY BE PRESENTED IN PERSON OR SENT VIA OVERNIGHT COURIER AT OUR OFFICE LOCATED AT 749 DAVIS STREET, 2ND FLOOR SAN LEANDRO,CA 94577 ON OR BEFORE THE EXPIRATION DATE NOTED ABOVE OR ANY EXTENDED DATE. EXCEPT SO FAR AS OTHERWISE EXPRESSLY STATED HEREIN,THIS LETTER OF CREDIT IS SUBJECT TO THE "UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS(2007 REVISION)INTERNATIONAL CHAMBER OF COMMERCE,PUBLICATION NO.600." Very Truly Yours, WELLS FAROO BANK,N.A. HANS FORSBERG ASSISTANT VICE PRESIDENT By: l( Xuthcrizo Signature The original of the Letter of Credit contains an embossed seal over the Authorized Signature. Please direct any written correspondence or inquiries regarding this Letter of Credit,always quoting our reference number,to Wells Fargo Bank,National Association,Attn:U.S.Standby Trade Services at either 794 Davis Street,2nd Floor or 401 N.Research Pkwy, 1st Floor MAC A0283-023, MAC D4004-017, San Leandro,CA 94577-6922 WINSTON-SALEM,NC 27101-4157 Phone inquiries regarding this credit should be directed to our Standby Customer Connection Professionals 1-800-776-3862 Option 2 1-800-776-3862 Option 2 (Hours of Operation: 8:00 a.m.PT to 5:00 p.m.PT) (Hours of Operation:8:00 a.m.EST to 5:00 p.m.EST) Page 2 of 2 Each page of this multipage document is an integral part of this Irrevocable Standby Letter of Credit Number IS000175029U RESOLUTION 2025-78 r}4p, ADOPTED DOC ID: 21011 THIS IS TO CERTIFY THAT THE FOLLOWING RESOLUTION NO.2025-78 WAS ADOPTED AT THE REGULAR MEETING OF THE SOUTHOLD TOWN BOARD ON JANUARY 7,2025: WHEREAS, on March 9, 2021, in Resolution 2021-208,the Town Board of the Town Southold accepted a performance security in the amount of$327,320.00 in the form of an Irrevocable Letter of Credit(ISLC) issued by Wells Fargo on behalf of The Fields at Mattituck, SCTM#1000-111-2-1.1, located on Stanley Road, Mattituck; and WHEREAS, on December 17, 2024,the agent for the applicant, submitted a request to reduce the bond amount; and WHEREAS, on January 6, 2025, the Planning Board recommended that the performance bond be reduced to $66,260.00; be it therefore RESOLVED,that the Town Board of the Town of Southold hereby approves,the reduction of the performance bond for The Fields at Mattituck to $66,260.00. Denis Noncarrow Southold Town Clerk RESULT: ADOPTED [UNANIMOUS] MOVER: Greg Doroski, Councilman SECONDER:Brian O. Mealy, Councilman AYES: Doroski, Mealy, Smith, Krupski Jr,Doherty, Evans Wells Fargo Bank,N.A. U.S.Standby Trade Operations 1525 W W.T.MuTis Blvd.,CIC-3C2 MAC Duo9-n12 . Charlotte,NC 28262 Phone:t(800);,,6-3862,Option 2 E-Mail:StxndbyCnstomerCare@ivellsfargo.com Amendment To Irrevocable Standby Letter Of Credit Number: IS000175029U Amendment Number: 001 Amend Date: February 7,2025 BENEFICIARY APPLICANT TOWN OF SOUTHOLD ZENITH PROPERTY GROUP,LLC TOWN HALL ANNEX 288 DOVER STREET 54375 STATE ROUTE 25 BROOKLYN,NEW YORK 11235 P.O.BOX 1179 SOUTHHOLD,NEW YORK 11971 LADIES AND GENTLEMEN: AT THE REQUEST AND FOR THE ACCOUNT OF THE ABOVE REFERENCED APPLICANT,WE HEREBY AMEND OUR IRREVOCABLE STANDBY LETTER OF CREDIT(THE"WELLS CREDIT')IN YOUR FAVOR AS FOLLOWS: THE AMOUNT OF THIS LETTER OF CREDIT IS DECREASED BY USD 261060.00.THE CURRENT AVAILABLE AMOUNT OF THIS LETTER OF CREDIT NOW TOTALS USD 66260.00. THE WELLS FARGO BANK.N.A.STANDBY LETTER OF CREDIT DEPARTMENT HAS MOVED TO CHARLOTTE,N.C.ON AND AFTER FEBRUARY 26TH,2024,ALL DRAFTS,DEMANDS,OR DOCUMENTS PRESENTED UNDER THIS L/C AND ALL NOTICES AND COMMUNICATIONS MADE WITH RESPECT TO THIS L/C THAT PREVIOUSLY WOULD HAVE BEEN DIRECTED TO WINSTON-SALEM,N.C.OR SAN LEANDRO,C.A.SHOULD NOW BE PRESENTED OR DELIVERED TO WELLS FARGO BANK,N.A.,STANDBY LETTER OF CREDIT PROCESSING,1525 W W.T.HARRIS BLVD.,MAC D1109-012,CHARLOTTE,N.C.28262. ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED. THIS AMENDMENT IS TO BE ATTACHED TO THE ORIGINAL WELLS CREDIT AND IS AN INTEGRAL PART THEREOF. Very Truly Yours, WELLS MRGO BANK,N.A. By: Authorized Signature The original of the Letter of Credit contains an embossed seal over the Authorized Signature. 8227 Page 1 of 2 Each page of this document is an integral part of this Irrevocable Standby Letter of Credit Number IS000175029U,Amendment Number 001 Welts Fargo Bank,N.A. U.S.Standby Trade Operations 1525 W W.T.Harris Blvd.,CIC-3C2 1,1AC Ihro9-ore Charlotte,NC 28262 M Phone:t(800)�6-3862,Option 2 E-Mail:Standbyeastomereare@Nvellsfargo.com Please direct any written correspondence or inquiries regarding this Letter of Credit,always quoting our reference number,to Wells Fargo Bank,National Association,Attn:U.S.Standby Trade Services at 1525 W W.T.Harris Blvd.,CIC-30 MAC D1109-012 Charlotte,NC 28262 Phone inquiries regarding this credit should be directed to our Standby Customer Connection Professionals 1-800-776-3862 Option 2 (Hours of Operation: 8:00 a.m.ET to 5:00 p.m.PT) Consent to Amendment 001 on Standby Letter of Credit No.IS000175029U is required to become effective. Please date and sign below and return a copy via e-mail to standbylc@wellsfargo.com or return an original signed copy to our office located at. 1525 W W.T.Harris Blvd.,CIC-3C2 MAC D1109-012 Charlotte,NC 28262 or Fax to 844-879-2898. ❑ Amendment accepted in its entirety ❑ Amendment rejected in its entirety Date Authorized Signature- TOWN OFSOUTHOLD Telephone Number Printed Name of Authorized Signer 8227 Page 2 of 2 Each page of this multipage document is an integral part of this Irrevocable Standby Letter of Credit Number IS000175029U,Amendment Number 001 Southold Town Board - Letter Board Meeting of March 9, 2021 RESOLUTION 2021-208 Item#4.28 ADOPTED DOC ID: 16893 THIS IS TO CERTIFY THAT THE FOLLOWING RESOLUTION NO. 2021-208 WAS ADOPTED AT THE REGULAR MEETING OF THE SOUTHOLD TOWN BOARD ON MARCH 9, 2021: RESOLVED that the Town Board of the Town of Southold hereby accepts the Irrevocable Standby Letter of Credit (ISLC) issued by Wells Fargo in the amount of$327,320.00 for the proposed Standard Subdivision entitled "The Fields at Mattituck", SCTM #1000-113-2-1.1, located at 2350 Stanley Road, Mattituck, as recommended by the Southold Town Planning Board, subject to the approval of the Town Attorney. Elizabeth A. Neville Southold Town Clerk RESULT: ADOPTED [UNANIMOUS] MOVER: Louisa P. Evans, Justice SECONDER:Jill Doherty, Councilwoman AYES: Nappa, Dinizio Jr, Doherty, Evans, Russell ABSENT: Robert Ghosio Generated March 11, 2021 Page 38 ti Wells Fargo Bank,N.A. U.S.Trade Services Standby Letters of Credit 794 Davis Street,end Floor ■ - b7AC Ao283-023, San Leandro.CA 94577-6922. Phone:Ooo)776-3862 Option 2 E-Mail:sblc-new@wellsfargo.com Irrevocable Standby Letter Of Credit Number: IS000175029U Issue Date: March 8,2021 BENEFICIARY APPLICANT TOWN OF SOUTHOLD ZENITH PROPERTY GROUP,LLC TOWN HALL ANNEX 288 DOVER STREET 54375 STATE ROUTE 25 BROOKLYN,NEW YORK 11235 P.O.BOX 1179 SOUTHHOLD,NEW YORK 11971 LETTER OF CREDIT ISSUE AMOUNT USD 327,320.00 EXPIRY DATE MARCH 8,2022 LADIES AND GENTLEMEN: WE HEREBY ESTABLISH OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO.IS000175029U IN FAVOR OF THE TOWN OF SOUTHOLD,HEREINAFTER REFERRED TO AS"BENEFICIARY",AT THE REQUEST OF'ZENITH PROPERTY GROUP LLC,HEREINAFTER REFERRED TO AS"APPLICANT",IN AN AMOUNT NOT TO EXCEED IN THE AGGREGATE THREE HUNDRED TWENTY-SEVEN THOUSAND THREE HUNDRED TWENTY AND 00/100 ($327,320.00)U.S.DOLLARS. FUNDS ARE AVAILABLE BY YOUR DRAFT ON US AT SIGHT BEARING THE CLAUSE:"DRAWN UNDER WELLS FARGO BANK,N.A.("WELLS FARGO")LETTER OF CREDIT NO.IS000175029U DATED MARCH 8,2021 AND ACCOMPANIED BY THE FOLLOWING DOCUMENTS: 1.THIS ORIGINAL LETTER OF CREDIT AND ANY AMENDMENTS THERETO. 2.A STATEMENT PURPORTEDLY SIGNED BY THE TOWN ENGINEER STATING THAT: THE BENEFICIARY HEREBY CERTIFIES THAT WE HAVE PROVIDED FOURTEEN DAYS'WRITTEN NOTICE TO ZENITH PROPERTY GROUP LLC AND ZENITH PROPERTY GROUP LLC HAS NOT COMPLETED THE REQUIRED IMPROVEMENTS SET FORTH IN THE"REVISED BOND ESTIMATE FOR THE FIELDS AT MATTITUCK"DATED DECEMBER 2,2020,PREPARED BY TOWN ENGINEER MICHAEL COLLINS AND AS DEPICTED IN THE SUBDIVISION MAP ENTITLED"THE FIELDS AT MATTITUCK." IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT WILL BE EXTENDED AUTOMATICALLY,WITHOUT AMENDMENT,FOR ADDITIONAL PERIODS OF ONE(1)YEAR FROM THE PRESENT OR EACH FUTURE EXPIRATION DATE,UNLESS AT LEAST NINETY(90)DAYS PRIOR TO THE THEN CURRENT EXPIRATION DATE, WE NOTIFY YOU IN WRITING BY OVERNIGHT COURIER,AT THE ABOVE ADDRESS,THAT WE ELECT NOT TO RENEW THIS LETTER OF CREDIT FOR SAID ADDITIONAL PERIOD. THIS LETTER OF CREDIT SETS FORTH IN FULL THE TERMS OF OUR UNDERTAKING AND SUCH UNDERTAKING Page 1 of 2 Each page of this document is an integral part of this Irrevocable Standby Letter of Credit Number IS000175029U • r SHALL NOT IN ANY WAY BE MODIFIED,AMENDED,REDUCED OR AMPLIFIED BY REFERENCE TO ANY DOCUMENT,INSTRUMENT OR CONTRACT REFERRED TO HEREIN OR IN WHICH THIS LETTER OF CREDIT IS REFERRED TO OR TO WHICH THIS LETTER OF CREDIT RELATES,AND ANY SUCH REFERENCE SHALL NOT BE DEEMED TO INCORPORATE HEREIN BY REFERENCE ANY DOCUMENT,INSTRUMENT OR CONTRACT. WE HEREBY AGREE THAT DRAFT(S)DRAWN UNDER AND IN COMPLIANCE WITH THE TERMS OF THIS LETTER OF CREDIT WILL BE DULY HONORED UPON RECEIPT OF DOCUMENTS AS SPECIFIED ABOVE,WHICH MAY BE PRESENTED IN PERSON OR SENT VIA OVERNIGHT COURIER AT OUR OFFICE LOCATED AT 749 DAVIS STREET, 2ND FLOOR SAN LEANDRO,CA 94577 ON OR BEFORE THE EXPIRATION DATE NOTED ABOVE OR ANY EXTENDED DATE. EXCEPT SO FAR AS OTHERWISE EXPRESSLY STATED HEREIN,THIS LETTER OF CREDIT IS SUBJECT TO THE "UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS(2007 REVISION)INTERNATIONAL CHAMBER OF COMMERCE,PUBLICATION NO.600." Very Truly Yours, WELLS FARGO-SANK,N�►. HANS FORSBERG ASSISTANT VICE PRESIDENT I - By: uthoriz Signature The original of the Letter of Credit contains an embossed seal over the Authorized Signature. Please direct any written correspondence or inquiries regarding this Letter of Credit,always quoting our reference number,to Wells Fargo Bank,National Association,Attn:U.S.Standby Trade Services at either 794 Davis Street,2nd Floor or 401 N.Research Pkwy,1st Floor MAC A0283-023, MAC D4004-017, San Leandro,CA 94577-6922 WINSTON-SALEM,NC 27101-4157 Phone inquiries regarding this credit should be directed to our Standby Customer Connection Professionals 1-800-776-3862 Option 2 1-800-776-3862 Option 2 (Hours of Operation: 8:00 a.m.PT to 5:00 p.m.PT) (Hours of Operation:8:00 a.m.EST to 5:00 p.m.EST) Page 2 of 2 Each page of this multipage document is an integral part of this Irrevocable Standby Letter of Credit Number IS000175029U 3/9/2021 FedEx Ship Manager-Print Your Label(s) O - o � � oho Z� vmrvn� p v v?en z - = x= CI) 0Z �m 0 rn N p — �Qr D x O "'n m — N CI) - _ zZm -4O M8) = IIV `ter rrks C 0 _ w CD CO = F� mZOr N r= n M 0 17- m r — Z W nDCn rn = m z own p N—M m O .. 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I N N https://www.fedex.com/shipping/shipAction.handle?method=doContinue 1/1 Neville, Elizabeth From: Brian T_Sinsabauugh <BSinsabaugh.@certil man balin.com> Sent: Wednesday,January 27, 20216:26 PM To: Lanza, Heather Cc: Duffy, Bill; Silleck, Mary; Neville, Elizabeth;TIMOTHY SHEA JR Subject: [SPAM] -The Fields at Mattituck Subdivision (Stanley Road, Mattituck) - Performance Bond Attachments: Ltr.to Southold Planning re. Fields at_M.attituck Subdivision Performance Bond PDF Good afternoon, I am writing on behalf of Zenith Property Group LLC regarding The Field's at Mattituck Subdivision. Please find attached a detailed letter with attachments/enclosures for your review. Should you have any questions or would like to discuss, please feel free to contact me.Thank you in advance for your attention to this matter. IRCTILMk&LIN Brian T.Sinsabaugh, Esq. Certilman Balin'Adler&Hyman, LLP 100 Motor Parkway,Suite 560 Hauppauge, NY 11788, 42 Firm 516.296.7865 1 Firm 631.979.3000 18 Fax 631.979.7070 ®Email:bsinsabapth@certilmanbalin.com I www.certilmanbalin.com I www.linkedin.com/company/certilman-balin Please consider the environment before printing this email Confidentiality Notice: This e-mail message,including any attachments,is for the sole use of the intended recipient(s)and may contain confidential and privileged information.Any unauthorized review,use,disclosure or distribution is prohibited.If you are not the intended recipient,please contact the sender by reply e- mail,delete and then destroy all copies of the original message. 1 BT 100 MOTOR PARKWAYi SUITE 560CE11 IN i4mjPPAUGE,NY 11788 i) V�N PHONE:631-979.3000 FAx:631.979.7070 www.certilmanbatin.com BRIANT.SINSABAUGH ASSOCIATE DIRF.(Ir DIAL 516-296.7865 IS.sinsabaugh@certilmanbahn.coi-n January 27, 2021 VIA EMAIL(heather.lanza(ktown.southold.gy.us) Town of Southold Town Hall Annex 54375 State Route 25 P.O. Box 1179 Southold,New York 11971 Attn: Heather M. Lanza,AICP, Planning Director Re.: Performance Bond Reduction/Revision The Fields at Mattituck Subdivision Location: Stanley Road,Mattituck SCTM No.: 1000-113'.00-02.00-001.001 Dear Ms. Lanza: I represent Zenith Property Group LLC in the above-referenced matter and in response to Planning Board Chairman Donald J. Wilcenski's letter dated December 8,2020 (attached). Consistent with the Planning Board's December 7, 2020 resolution referenced in Chairman's Wilcenski's letter, I have enclosed a draft letter of credit for your review. I kindly ask that you review the document and confirm the Town's approval of the language therein. Should you have any questions or comments, or should you require additional information, please feel free,to contact me. I thank you in advance for your attention to this matter. Very truly yours, Brian - Sinsabaugh BTS/Enclosures. cc: Zenith Property Group LLC William Duffy,Town Attorney(bill.duffy@town.southold.ny.us;mary.siUeck@town.southold.ny.us) Elizabeth Neville,Town Clerk(e.nevihe@towr1.southold.ny.us) 7269323.1 CERTiLmAN BALiN ADLER&HYMAN,LLP NAssAu OFFICE:EAST MEADow,NY 11554 January 27,2021 IRREVOCABLE STANDBY LETTER OF CREDIT NO. EXPIRATION DATE: The Town of Southold Town Hall Annex 54375 State Route 25 P.O.Box 1179 Southold,NY 11971 Re: Zenith Property Group LLC We hereby establish our Irrevocable Standby Letter of Credit No. in favor of The Town of Southold, hereinafter referred to as "Beneficiary", at the request of Zenith Property Group LLC, hereinafter referred to as "Applicant", in an amount not to exceed in the aggregate Three Hundred Twenty-Seven Thousand Three Hundred Twenty and 00/100($327,320.00)U.S.Dollars. Funds are available by your draft on us at sight bearing the clause: "Drawn under Wells Fargo Bank, N.A. ("Wells Fargo")Letter of Credit No. dated ,2021 and accompanied by the following documents: I. This original Letter of Credit and any amendments thereto. 2. Upon fourteen days' written notice to Zenith Property Group LLC, a statement purportedly signed by the Township Engineer stating that: "Zenith Property Group LLC has not performed in accordance with the terms and conditions of that certain Site Improvement Agreement between Zenith Property Group LLC and the Town of Southold." It is a condition of this Letter of Credit that it will be extended automatically, without amendment, for additional periods of one (1)year from the present or each future expiration date, unless at least thirty (30)days prior to the then current expiration date, we notify you in writing by overnight courier, at the above address, that we elect not to renew this Letter of Credit for said additional period. This Letter of Credit sets forth in full the terms of our undertaking and such undertaking shall not in any way be modified, amended or amplified by reference to any document, instrument or contract referred to herein or in which this Letter of Credit is referred to or to which this Letter of Credit relates, and any such reference shalt not be deemed to incorporate herein by reference any document, instrument or contract. We hereby agree that draft(s) drawn under and in compliance with the terms of this Letter of Credit will be duly honored upon receipt of documents as specified above, which may be presented in person or sent via overnight courier at our office located at 420 Montgomery Street, San Francisco, CA 94104 on or before the expiration date noted above or any extended date. Except so far as otherwise expressly stated herein,this Letter of Credit is subject to the "Uniform Customs and Practice for Documentary Credits(2007 Revision)International Chamber of Commerce,Publication No. 600." Wells Fargo Bank,N.A. 7324537.1 OFFICE LOCATION: a{,ti.. MAILING ADDRESS: Town Hall Annex P.Q.Box 1179 543.75 State Route 25 Suutliuld.NY 115371 (cor,Main Rd.&Youngs un s Ave.) Southold,NY � Telephone:631 765-1938 www.solltlsol(itowluiy.gov ^u i. PLANNING BOARD OFFICE TOWN OF SOUTHOLD December 8, 2020 Ms, Patricia C. Moore, Esq. 51020 Main Road Southold, NY 11971 Re: Performance Bond Reduction/Revision The Fields at Mattituck Subdivision Location: Stanley Road, Mattituck SCTM#1000-113-2-1.1 Dear Ms. Moore: The Southold Town Planning Board adopted the following resolution at a meeting held on Monday, December 7, 2020: WHEREAS, this Standard Subdivision divided 60 acres into 27 lots including a new road proposed to be dedicated to the Town of Southold as a public street; and WHEREAS, on September 14,2004, the Southold Town Planning Board resolved to accept a Stipulation of Settlement to approve this subdivision, including a Bond Estimate in the amount of$588,343; and WHEREAS, on June 3, 2005, the Town of Southold received an Irrevocable Standby Letter of Credit ("ISLC") in the amount of$.588,343, dated May 18, 2005.from the North Fork Bank.(aka Capital One,) on behalf of the applicant Winhaven Associates LLC; and WHEREAS, much of the required public improvements were constructed in subsequent years, however they were never completed and were not maintained, causing the drainage system to fail; and WHEREAS,, the current landowner, together with a contract vendee who has indicated interest in constructing homes requested an updated bond estimate; and The Fields at Mattituck Page 12 December 8,2020 WHEREAS, on December 2, 2020, Michael Collins, Town Engineer, after inspecting the site and condition of the improvements, recommended an updated bond amount of $327,320;therefore, be it RESOLVED,that the Southold Town Planning Board hereby accepts the Revised Bond Estimate for The Fields at Mattituck dated December 2, 2020, prepared by Michael Collins, Town Engineer in the amount of$327,320, and recommends that the Town Board also accept the Revised Bond Estimate., Please submit a performance bond in the amount of$327,320 to the Planning Board. Acceptable forms of security to a performance bond can be found'in Chapter 240. Subdivision of Land Article lX. Bonds and Other Security§240-34. Forms of security;expiration and terms of bonds;in the Southold Town Code. If you have any questions regarding the information contained in this resolution,;please contact the Planning Board Office, Respectfully, . Donald J. Wiicensk% Chairman cc: William Duffy, Town Attomey Elizabeth Neville, Town Clerk Southold Town Board - Letter Board Meeting of December 15, 2020 ��9UfF0(,C RESOLUTION 2020-807 Item# 5.9 ADOPTED DOC ID: 16613 THIS IS TO CERTIFY THAT THE FOLLOWING RESOLUTION NO.2020-807 WAS ADOPTED AT THE REGULAR MEETING OF THE SOUTHOLD TOWN BOARD ON DECEMBER 15,2020: RESOLVED that the Town Board of the Town of Southold hereby accepts the Revised Subdivision Bond Estimate in the amount of$327,320.00 for the approved Subdivision entitled "TheFields_at Mattituck", SCTM.#1000-113-2-1.1, located on Stanley Road, Mattituck, as ------ recommended by the Southold Town Planning Board, subject to the approval of the Town Attorney. Elizabeth A. Neville Southold Town Clerk RESULT: ADOPTED [UNANIMOUS] MOVER: James Dinizio Jr, Councilman SECONDER:Jill Doherty, Councilwoman AYES: Nappa, Dinizio Jr,Doherty, Ghosio, Evans, Russell Generated December 17, 2020 Page 18 a� ��yUFFOlr © RESOLUTION 2020-807 ADOPTED DOC ID: 16613 THIS IS TO CERTIFY THAT THE FOLLOWING RESOLUTION NO. 2020-807 WAS ADOPTED AT THE REGULAR MEETING OF THE SOUTHOLD TOWN BOARD ON DECEMBER 15, 2020: RESOLVED that the Town Board of the Town of Southold hereby accepts the Revised Subdivision Bond Estimate in the amount of$327,320.00 for the approved Subdivision entitled "The Fields at Mattituck", SCTM#1000-113-2-1.1, located on Stanley Road, Mattituck, as recommended by the Southold Town Planning Board, subject to the approval of the Town Attorney. a i Elizabeth A. Neville Southold Town Clerk RESULT: ADOPTED [UNANIMOUS] MOVER: James Dinizio Jr, Councilman SECONDER:Jill Doherty, Councilwoman AYES: Nappa, Dinizio Jr, Doherty, Ghosio, Evans; Russell;' a December 8, 2020 Patricia Moore Re: Performance Bond Reduction/Revision The Fields at Mattituck Subdivsion Location: Stanley Road, Mattituck SCTM#1000-113-2-1.1 Dear Ms. Moore: The Southold Town Planning Board adopted the following resolution at a meeting held on Monday, December 7, 2020: WHEREAS, this Standard Subdivision divided 60 acres into 27 lots including a new road proposed to be dedicated to the Town of Southold as a public street; and WHEREAS, on September 14, 2004, the Southold Town Planning Board resolved to accept a Stipulation of Settlement to approve this subdivision, including a Bond Estimate in the amount of $588,343; and WHEREAS, on June 3, 2005, the Town of Southold received an Irrevocable Standby Letter of Credit ("ISLC") in the amount of$588,343, dated May 18, 2005 from the North Fork Bank (aka Capital One) on behalf of of the applicant Winhaven Associates LLC; and WHEREAS, much of the required public improvements were constructed in subsequent years, however they were never completed and were not maintained, causing the drainage system to fail; and WHEREAS, the current landowner, together with a contract vendee who has indicated interest in constructing homes requested an updated bond estimate; and The Fields at Mattituck Page 12 December 8, 2020 WHEREAS, on December 2, 2020, Michael Collins, Town Engineer, after inspecting the site and condition of the improvements, recommended an updated bond amount of $327,320; therefore, be it RESOLVED, that the Southold Town Planning Board hereby accepts the Revised Bond Estimate for The Fields at Mattituck dated December 2, 2020, prepared by Michael Collins, Town Engineer in the amount of$327,320, and recommends that the Town Board also accept the Revised Bond Estimate. Please submit a performance bond in the amount of$327,320 to the Planning Board. Acceptable forms of security to a performance bond can be found in Chapter 240. Subdivision of Land Article IX. Bonds and Other Security§ 240-34. Forms of security; expiration and terms of bonds; in the Southold Town Code. If you have any questions regarding the information contained in this resolution, please contact the Planning Board Office. Respectfully, Donald J. Wilcenski Chairman cc: William Duffy, Town Attorney Elizabeth Neville, Town Clerk