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Nature Preserve RECEIVED " FIRSTSEP 18 2014 NJ AGA)M ZONING ADMINISTRATOR TOWN OF WAPPINGER September 17, 2014 Town of Wappinger 20 Middlebush Rd Wappingers Falls,NY 12590 Please find enclosed our original Letter of Credit no. 430212 issued in your favor. Should you have any occasion to communicate with us regarding this Letter of Credit, kindly direct your communication to the attention of our Commercial Lending Department-Trade Services at the address noted below, or by phone at(716) 819-5960 making specific reference to the Letter of Credit No. 43 0212. Thank you. i I Sincerely, I Courtney Duncan,Banking Officer Commercial Loan Administration Trade Services r SEP 18 2014 TOWN OF WAPPINGER c 1. LA TOWN CLERK Lc* , 726 Exchange Street, Suite 9o0 • Buffalo, NY 14210 -DORIMNAL FIRST NIAGARA COMMERCIAL LENDING DEPARTMENT 726 Exchange Street, Suite 900, Buffalo, NY 14210 IRREVOCABLE STANDBY LETTER OF CREDIT DATE: LETTER OF CREDIT NUMBER: September 17, 2014 430212 BENEFICIARY NAME AND ADDRESS: AMOUNT: t I Town of Wappinger 20 Middlebush Rd US$122,244.00 Wappingers Falls, NY 12590 APPLICANT NAME AND ADDRESS: EXPIRATION DATE: Nature Preserve, LLC 2446 Route 9D September 17, 2015 Wappingers Falls, NY 12590-3175 RE: Nature Preserve Apartments, 2446 Rte. 9D First Niagara Bank, N.A. hereby issues this Irrevocable Standby Letter of Credit No. 430212 for the account of Nature Preserve, LLC (the "Applicant") in favor of the Town of Wappinger (the "Beneficiary's in an amount not to exceed in the aggregate One Hundred Twenty Two Thousand Two Hundred Forty Four and 00/100 US Dollars ($122,244.00), effective immediately, expiring at our office listed above with our close of business on September 17, 2015 unless renewed as herein provided. This Letter of Credit is being issued to secure the obligations set forth in a Performance Agreement dated September 15, 2014 executed by Nature Preserve, LLC. Funds under this Letter of Credit are availabletoyou against your sight draft(s), drawn on us (or on our successors and assigns) bearing the clause "Drawn under First Niagara Bank, N.A. Letter of Credit No. 430212"and accompanied by the following documents: 1.The Beneficiary's signed statement in the form of the Certificate for Draw, attached as Exhibit A hereto which is incorporated herein by reference and purportedly executed on behalf of the Beneficiary; and 2.The original of this Letter of Creditwith all amendments hereto. 726 Exchange Street, Suite 900 • Buffalo, NY 14210 ___ FIRST NIAGARA COMMERCIAL LENDING DEPARTMENT 726 Exchange Street, Suite 900, Buffalo, NY 14210 Page 2 of 3 Letter of Credit No.430212 It is a condition of this Letter of Credit that it shall be deemed automatically extended without amendment for one (1) year from the present or any future expiration date hereof, unless sixty (60) days prior to the present or any future Expiration Date,we notify you in writing by certified mail or overnight mail courier, that we elect not to consider this Letter of Credit extended for any such additional period. Upon receipt by you of such notice, you may draw all or part of the Letter of Credit hereunder, against your draft only, without the documentation mentioned herein. In no event shall this Letter of Credit be deemed extended, pursuant to this paragraph beyond September 17, 2019, and in no event shall you be entitled to draw on this Letter of Credit by reason of our failure to extend this Letter of Credit beyond September 17, 2019. We hereby agree that all drafts drawn under and in compliance with the terms of this Letter of Credit will be duly honored by us (or by our successors and assigns) on delivery of documents as specified if presented at this office of First Niagara Bank, N.A. Attn: Commercial Lending Department, 726 Exchange Street, Suite 900., Buffalo, NY 14210 on or before the above Expiration Date. This Letter of Credit is not transferable and is not assignable. ' Partial Drawings'are permitted. This Letter of Credit shall be governed by, and construed in accordance with the laws of the State of New York and the International Standby Practices '98, International Chamber of Commerce Publication Number 590 ("ISP98"), and any provisions of ISP98 that, if applied, would conflict with the New York Uniform Commercial Code, shall be deemed excluded from ISP98. This Letter of Credit sets forth in full First Niagara Bank, N.A.'s undertaking and such undertaking shall not in any way be modified, amended, amplified or limited by reference to any other document, instrument or agreement referred to herein (except the ISP98); and any such reference shall not be deemed to incorporate herein by reference any document, instrument or agreement except as set forth above. Should you have any occasion to communicate with us regarding this Letter of Credit, kindly direct your communications to the attention of our Commercial Lending Department at the address noted above, or by phone at(716) 819-5949 or 819-5736, making specific reference to the Letter of Credit No.430212. Sincerely, FIRST NIAGARA BANKS N.A. B 1, Y• Sharon Forfana, VP Commercial Loan Administration 726 Exchange Street, Suite 900 • Buffalo, NY 14210 _ FIRST - \ NIAGARA COMMERCIAL LENDING DEPARTMENT 726 Exchange Street, Suite 900, Buffalo, NY 14210 Page 3 of 3 Letter of Credit No. 430212 I Exhibit A CERTIFICATE FOR DRAW UNDER LETTER OF CREDIT NO. 430212 ISSUED BY FIRST NIAGARA BANK, N.A. First Niagara Bank, N.A. 726 Exchange Street . Suite 900 , Buffalo, NY 14210 Attention: Commercial Lending RE: First Niagara Bank, N.A. Letter of Credit No. 430212 i Ladies and Gentlemen: The undersigned, a duly authorized signer of the Town of.Wappinger (the "Beneficiary"), hereby certifies to First Niagara Bank, N.A., with reference to Letter of Credit No. 430212 issued by-First.Niagara Bank, N.A. in favor of the Beneficiary(together with any amendments, the"Letter of Credit")that: 1.The undersigned officer is duly authorized to sign this Certificate on behalf of the Beneficiary. 2. Nature Preserve, LLC (the"Applicant) has failed to perform the obligations set forth in a Performance Agreement dated September 15, 2014 executed by Nature Preserve, LLC. 3.The Beneficiary is hereby entitled to and is making a draw under Letter of Credit No. 430212 in the amount of$ in accordance with the agreed upon terms. E E IN WITNESS WHEREOF, the Beneficiary has executed and delivered this Certificate as of the day of ' 20 i i TOWN OF WAPPINGER By: Name: Title: j 726 Exchange Street, Suite 900 • Buffalo, NY 14210 ___ PERFORMANCE AGREEMENT SECURED BY A SURETY BOND/LETTER OF CREDIT This Performance Agreement executed this /6� day of September, 2014, made by Nature Preserve, LLC whose address is 2446 Route 9D, Wappingers balls, NY 12590, hereinafter referred to as PRINCIPAL, in favor of the Town of Wappinger, a municipal subdivision with its offices at Town Hall,20 Middlebush Road, Wappingers Falls,New York,as OBLIGEE. R'HEREAS, the undersigned, Nature Preserve, LLC, has made application to the `Fawn of Wappinger Planning Board to approve a subdivision of lands more particularly described in a Subdivision Plat entitled "Nature Preserve prepared by M. A. Day Engineering P.C_, dated December 20,2004,last revised April 17,2014;and < WHERFAS, the Town of Wappinger Plaanin.g Board granted final conditional subdivision approval to Nature Preserve,LLC pursuant to Resolution dated September 17,2007, subject to certain public improvements being made and constructed within said subdivision as set forth in the construction document prepared and submitted in connection therewith, and subject to completion of and/or the compliance with the requirements set forth in the Town of Wappinger Subdivision Regulations, Highway Specifications, Zone Law (including compliance with required escrow deposits),and Municipal Stormwater Management Law;and WHEREAS,Town-Law Section 277 requires that a-developer of a proposed subdivision guarantee the construction and installation of the required public improvements required by the Resolution of Subdivision Approval,prior to issuance of any Certificates of Occupancy,and 09/08/14 C_lU=\retch'klDocmne=\Pmfoamance.4gcementt,7-14sep08.doc WHEREAS, the Town of Wapinger is requiring Nature Preserve, DLC to secure the cost of the remaining work as outlined by Mark A. Day,P.E. in a letter dated August 2S,2014,a copy of which is attached hereto and made a part hereof;and WHEREAS, to secure the obligations to guarantee the construction and installation of the required public improvements and obligations, and, compliance with required escrow deposits, Carl I Kuehner, a Member or Partner of Nature Preserve, LLC,has further agreed to personally guarantee the obligations set forth in this Performance Agreement NOW,THEREFORE,the undersigned,entity+guarantor hereby agree to undertake the following: 1. That he/rt will well and truly make,construct and complete the improvements,and f agrees to comply with and perform all of the obligations set forth in the Town of Wappinger Subdivision Regulations, Highway Specifications, Zoning Law (including payment of required escrow deposits), and Municipal Stormwater Management Law; including storrawater management system maintenauce, road maintenance and snow removal in accordance with the Town of Wappinger Code,all in accordance with the Resolution of Conditional Subdivision Plat Approval dated September 17,2047. 2. As security for this Performance Agreement,and the obligations contained herein, including sums sufficient to pay for attorneys' or consultants' fees in the event the undersigned fails -to perform the obligations hereunder, the undersigned hereby delivers to the Town of Wappinger the following security for the faithful performance of the obligations the undersigned has undertaken herein.: a Letter of Credit issued. by First Niagara Bank,.bearing number and issued in favor of the Town of Wappinger in the sum of one hundred twenty two thousand two hundred forty foto-Dollars ($122,244.00), securing the obligations set 09/08/14 2 forth in this Performance Agreement. ;. The undersigned, Nature Preserve, LLC, further binds its/his successors, its/his heirs, executors, administrators, successors or assigns as the case may be, for the faithful performance,of the obligations set forth herein. 4. As additional security for this obligation,Carl J Kuehner,a Member or Partner of Naum Preserve, LLC, further joins in the execution of this document for the sole purpose of guaranteeing the faithful performance of the obligations created hereunder_ 5. The undersigned further acknowledges that if the security posted hereunder lapses or if the undersigned fails to perform any of the obligations created hereunder,the remaining lots _ within the subdivision will no longer be eligible for building permits and/or CeMficate(s) of Occupancy until such defaults are cured. Dated:September ,2014 NATURE PRE , Carl J Kuehne ually as guarantor f E i I I I I 09/08/14 3 ACKNOWLEDGMENT STATE OF PENNSYLVANIA } } ss.: Hamelin COUNTY OF WAYNE } On the day of September, 2014, before me, the undersigned, personally appeared Carl L Kuehner as Member or Partner of Nature Preserve,ILC, personally known to me or proved to me j on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument,the individual, or the person upon behalf of which the individual acted, executed the instrument. Notary Public OMMONWEALTH j2F PENNSYLVANIA NOTARIAL SEAL Elaine Isabel Smith,Notary Public STATE OF PENNSYLVANIA } Salem Twp,,Wayne County My Commiselon Expires.lune 1,Y018 }ss.: Hamlin NIA A II CTAT€ON Of NOTARIES COUNTY OF WAYNE ) On the day of September, 2014, before me, the undersigned, personally appeared Carl J. Kuehner, individually, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed same in his capacity, and that by his signature on the instrument, the individual,or the person upon behalf of which the individuo acted, executed the instrument. 1 Notary Public ` COMMONWEALTW OF P NNSYLV N!A NOTARIAL SEAL Efaine Isabel Smith, No Pubiic Salem Twp.,Wayne County My Commission 5x ;res June une f,2018 t € I iON OF NOTARIES 09/08/14 4 I M. A. Day Engineering, PC 3 van Wyck Lane Suite 2 Wappingers Faffs,New York 1.2590 Phone.845223-31202 August 25,2014 Ms. Barbara Roberti Town of Wappinger i 20 Middlebush Rd. Wappingers Fails Re: The Nature Preserve Route 9D Wappinger Falls, New York Ms. Roberti, As requested,this office has prepared bond estimate for the remaining work that needs to be completed at the above references site. The estimate for this work is as follows: Description cost Stormwater Pond#2 $5,219.00 1 Basin Access Road $8,300.00 Top Course HMA $42,000.00 Walking Trail $3,465.00 Street lights $11,200.00 Hydro seed $7,260.00 Landscaping Trees& Fencing $19,800.00 Total $122,244.00 Kindly distribute this information for review. Please feel free to contact me if you need any further information on this matter. Very truly yours, MAy, PE 1 1 20 NHDDLEEBUSfi RD. WAPPINGERS FADS,NY 12.590 Phone:845-297-6256.297-5257,297-1373 Fax B45.297-0579 E Fcnx i � To; From; BUILDING DEPT_ � PLANNING & FIRE INSPECTOR Fax. d Date: ! Phone: Pages: Res ❑ Urgent /k5gor Review © please Comment © Please Reply .Q Please Recycle •Comments: 2015-205 Resolution Authorizing Release Of Performance Agreements Secured By Surety Bond And Letter Of Credit In Connection With The Nature Preserve At a Regular Meeting of the Town Board of the Town of Wappinger,Dutchess County, New York,held at Town Hall, 20 Middlebush Road, Wappingers Falls,New York, on September 29, 2015. The meeting was called to order by Barbara Gutzler, Supervisor, and upon roll being called, the following was recorded: >Yiite,Record Cresouhon.RES3Q15-2U5 E Q Adopted Y es/Aye No/Nay Abstain Absent ...,.,....,.,.. ❑ Adopted as Amended Barbara Gutzler Voter Q ❑ ❑ ❑ ❑ Defeated William Ciccarelli _ _ ❑ Tabled William H Beaie Mover Q ❑ ❑ ❑ .,..,. El Withdrawn Isma Czamaecki E Voter ❑ ❑ ❑____ ... . _ Michael Kuzmiez Seconder Q ❑ ❑ ❑ The following Resolution was introduced by Councilman Beale and seconded by Councilman Kuzmicz. WHEREAS,the Town Board had previously accepted a Performance Agreement dated September 23, 2008 secured by a Surety Bond issued by NGM Insurance Company in the sum of Twenty Thousand Dollars ($20,000.00), bearing Bond No. S-435493, in the favor of the Town of Wappinger,to secure the developer's obligations to guarantee the construction and installation of the Tennis Court and related improvements; and WHEREAS,the Town Board had further accepted a Performance Agreement dated September 15, 2014 secured by a Letter of Credit issued by First Niagara Bank in the sum of One Hundred Twenty Two Thousand Two Hundred Forty-Four Dollars ($122,244.00), bearing number 430212, in favor of the Town of Wappinger, to secure the developer's obligations to guarantee the construction and installation of the other site improvements required by the Resolution of Subdivision Approval; and WHEREAS,the Engineer to the Town, Robert J. Gray, P.E. of Morris Associates Engineering& Surveying Consultants,PLLC, by letter dated September 17, 2015, has inspected the tennis court and other site improvements and finds that they have been completed as required by the Resolution of Subdivision Approval; and WHEREAS, since the tennis court and other site improvements are to be maintained by the Homeowner's Association and not dedicated to public use,there is no need for a Maintenance Bond. NOW, THEREFORE,BE IT RESOLVED, as follows: 1. The recitations above set forth are incorporated in this Resolution as if fully set forth and adopted herein. 2. The Town Board acknowledges that the tennis court and other required public improvements has been inspected by the Engineer to the Town, Robert J. Gray, P.E.., and that his inspection revealed that the tennis court and other site improvements were completed in accordance with the Resolution of Subdivision Approval, and that there were no deficiencies in the construction thereof, and recommends that the Performance Agreements together with their Surety Bond and Letter of Credit be released to the developer. 3. Town Clerk, Joseph P. Paoloni, is hereby authorized to return the Surety Bond issued by NGM Insurance Company in the sum of Twenty Thousand Dollars ($20,000.00), bearing Bond No. S-435493, in favor of the Town of Wappinger. Town Clerk, Joseph P. Paoloni, is hereby further authorized to return the Letter of Credit issued by First Niagara Bank in the sun of One Hundred Twenty Two Thousand Two Hundred Forty- Four Dollars ($122,244.00),bearing number 430212, in favor of the Town of Wappinger. The foregoing was put to a vote which resulted as follows: RESULT: ADOPTED [UNANIMOUS] MOVER: William H. Beale, Councilman SECONDER: Michael Kuzmicz, Councilman AYES: Barbara Gutzler, William Ciccarelli, William H. Beale, Michael Kuzmicz ABSENT: Ismay Czarniecki Dated: Wappingers Falls,New York 9/29/2015 Th7R;esol n is hereb duly declared Adopted. J EPR P. AOLO OWN CLERK ��►Lul �� ou A/,I The Nature Preserve PO Box B Fishkill,NY 12524 Tel 845-298-1011 Fax 845-298-1511 info@natrurepreserverentals.com www.NaturePreserveRentals.com 7, 00-ew'W-ve" October 13, 2015 Town Clerk Town of Wappinger 20 Middlebush Road Wappinger Falls, NY 12590 RE Resolution 2015-205 To whom it may concern: Per the resolution listed above, I am in receipt of the original copies of the personal surety bond and performance bond 430212. The foregoing were given to me in person today October 13,2015. Sincerely, --p --------------- Phil Cipollina Vice President