APPENDIX H
L.O.C. #_________
DATE
Norwalk Planning Commission
Norwalk City Hall
125 East Avenue
Norwalk, CT 06856-5125
Gentlemen,
On the instructions and for account of APPLICANT, ADDRESS, we hereby establish our Irrevocable Letter of Credit No. ________ in your favor, available by your draft drawn on us at sight, for sum or sums not exceeding the total amount of __________________.
Drafts drawn under this credit must be accompanied by this Letter of Credit, and:
A statement purportedly signed by the Beneficiary stating that APPLICANT has failed to complete the work on or before DATE, to the Satisfaction of the Planning Commission for the City of Norwalk, to provide or to construct as per the attached bond estimate sheet, all as required by the applicant APPLICANT to the Planning Commission for the City of Norwalk, (Subdivision or Resubdivision #____) as approved by the Planning Commission on DATE, upon the following resolution:
PROVIDE LANGUAGE OF RESOLUTION
The above must be completed in compliance with the Standards for the City of Norwalk and the "Policy on Construction Inspection in the City of Norwalk"
All drafts drawn under this Letter of Credit must bear on their face the clause "Drawn under BANK NAME, Credit No. ___ dated DATE"
We engage with you that draft(s) drawn under and in compliance with the terms and conditions of this credit will be duly honored upon presentation and delivery of documents, as specified, to the above address on or before DATE.
It is a condition of this credit that it shall be automatically extended and the expiration date set forth above shall be extended without amendment, for an additional period of one year from the present or future expiration date hereof, unless thirty (30) days prior to such expiration date we shall notify you in writing, to the above address, that we elect not to renew this Letter of Credit for such additional period. Upon receipt of such notification, you may draw your draft at sight on us accompanied by your signed statement that APPLICANT has failed to complete the work referred to above.
Please Note: In the event this Letter of Credit is no longer required, or is to be canceled prior to the present or future expiration date, it must be returned along with any amendments thereto, to this office for cancellation.
Except so far as otherwise expressly stated, this documentary credit is subject to the "Uniform Customs and Practice for Documentary Credits (1993 Revision), ICC Publication No. 500."
Very truly yours
BANK NAME
AUTHORIZED SIGNATURE