Line of Credit
Your Community Bank
IRREVOCABLE STANDBY LETTER OF CREDIT
Date: April 8, 1998
Letter of Credit No: 168
Monroe Board of County Commissioners
9400 Overseas Hwy
Marathon, FL 33050
Ladies and Gentlemen:
We hereby establish this Irrevocable Letter of Credit in your
favor and authorize you to draw on us for the account of our
customer, GRANTAIR SERVICE, INC, for any sum or sums not exceeding
in the aggregate TWENTY THOUSAND FOUR HUNDRED United States Dollars
(U.S. $20,400.00) available by your draft or drafts at sight drawn
on us (or. your letter or letters demanding payment under this
Letter of Credit), each accompanied by a statement from you or your
transferee, signed by any person described as "authorized", reading
as follows:
The undersigned hereby certifies that the amount drawn is due
and owing under the terms and provisions of a lease agreement
or other agreement with Grantair Service, Inc" as such
agreement(s) may have been amended, modified or supplemented
from time to time.
All drafts or demands for payment hereunder must bear the date
and number of this Letter of Credit. Partial drawings are
permitted,
Drafts or demands for payment hereunder must be drawn and
presented to us at 99451 Overseas Hwy (P.O. Box 2808), Key Largo,
FL 33037 on or before 5:00 P.M. local time on April 8, 1999,
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Assistant
MEMBER
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EXECUTIVE OFFICES. P,O BOX 2808 .I<LY LARGO. FL 33037,7808 . (305) '1.';] 4660. ]1'00 2:n 1,1:10
Page 2
Upon receipt of any such notice, you may draw under this Letter of
Credit by draft (or demand for payment), without providing the
accompanying statement required above,
We hereby agree you and the drawers, endorses, and bona fide
holders of all drafts drawn under and in compliance with the terms
of this Letter of Credit that such drafts will be duly honored upon
presentation to us on or before its expiration date (including any
extended expiration date), and we hereby waive any right to defer
the immediate honor of any such drafts,
This Letter of Credit is transferable to any beneficiary in the
united States upon receipt of a written notification from you of
such a transfer,
This Letter of Credit is subject to the Uniform Customs and
Practice for Documentary Credits (1993 Version), International
Chamber of Commerce Publication No, 500, and to Article 5 of the
Oklahoma Uniform Commercial Code, as amended and in effect from
time to time, and where inconsistent, the terms of Article 5 shall
govern.
Very truly yours, ,
Vice President
APPROVED
GRANTArR SERvrp. 3
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Br1an R, Reed, President
ACKNOWLEDGEMENT
STATE OF FLORIDA
COUNTY OF MONROE
The foregoing instrument was acknowledged before me this B day
of April, 1998 by Brian R, Reed ,as President for Grantair
Service, Inc, who is personally known to me or has produced as
identification and who did/did not take an oath,
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AiRPORTS
Your Community Bank
February 1, 1999
Monroe Board of County Commissioners
9400 Overseas Hwy
Marathon, FL 33050
RE: Letter of Credit #168
Gnmtair Service, Inc
Dear Sir:
The above referenced letter of credit expires on April 8, 1999. We will not renewing this
letter of credit at that time. Please forward the original letter of credit provided to you to
my attention at the following address: PO Box 2808, Key Largo, FL 33037.
If you have any questions regarding this cancellation you may reach me at: 305-451-4660
ext. 194.
Thank you for your cooperation.
Si~c,~relY, /
I~/~.' !h-,u/yjY'-
Kristi Halenza '
Loan Administration Manager
cc June Helbling
LOAN ADMINISTRATION: 228 HOMESTEAD AVENUE · P.O. BOX 2808 · KEY LARGO, FL 33037-7808
PHONE 305-451-4660 · 1-800-233-6330 · FAX 305-453-9388
LAW OFFICES
MORGAN & HENDRICK
HUGH J, MORGAN
JAMES T, HENDRICK
WAYNE LARUE SMITH
KAREN K, CABANAS
JEDDE V, REGANTE
3 I 7 WHITEHEAD STREET
KEY WEST, FLORIDA
W, CURRY HARRIS
( I 907-1 988)
HILARY U. ALBURY
( I 920- I 999)
April 8, 1999
RE: Grantair Service. Inc.
Letter of credit #168
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VIA HAND DELIVERY
Danny Kolhage
Clerk of Court
500 Whitehead Street
Key West, Florida 33040
Dear Mr. Kolhage:
I understand that Monroe County has received a request for the return of the original letter
of credit referenced above. This letter of credit was provided by Grantair Service, Inc. in connection
with an agreement between Grantair Service, Inc. and Monroe County, under which Grantair
Service, Inc. has been operating a fixed base operation on a leasehold at the Marathon Airport. The
letter of credit was submitted because Grantair Service, Inc., as a new corporation, did not have a
financial history to present to the county to prove that it had the financial capability to perform
pursuant to the then proposed agreement. As required by the Minimum Standards for Commercial
Aeronautical Activities by Fixed Base Operators and Other Aeronautical Service Providers at
Monroe County Airports ("Minimum Standards"), Section III.B.4., Grantair Service, Inc., supplied
the letter of credit, which was irrevocable for one year. That letter of credit expires today, April 8,
1999.
It has been reported to me by the Airport Finance Office that Grantair Service, Inc. has paid
in full all obligations to Monroe County over the course ofthe past year, and has otherwise faithfully
performed its obligations pursuant to its agreement with Monroe County. As you know, I
represented Monroe County during the course of the issuance of the request of proposals and the
selection of the final candidates to operate fixed base operations at the Marathon Airport. It is my
opinion that Grantair Service, Inc. has complied with the requirements of the Minimum Standards
and, accordingly, the original letter of credit should be returned to Grantair Service, Inc. immediately
following its expiration on April 8, 1999.
p, O. BOX 1117 ' KEY WEST. FLORIDA 33041 Telephone: 13051 296.5676. Telecopier: (3051 296-4331
Danny Kolhage
Clerk of Court
April 8, 1999
Page 2
If you have any questions, or if you require further information, please do not hesitate to call.
Sincerely,
~~
ue Smith
WLS:lip
Copy: Bevette Moore
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mann!, 1.. itolbage
BRANCH OFFICE
3117 OVERSEAS HIGHWAY
MARATIiON, FLORIDA 33050
lEL. (305) 289-6027
FAX (305) 289-1745
CLERK OF .rnE CIRCUIT COURT
MONROE COUNTY
500 WHITEHEAD STREET
KEY WEST, FLORIDA 33040
TEL. (305) 292.3550
FAX (305) 295-3660
BRANCH OFFICE
88820 OVERSEAS HIGHWAY
PLANTATION KEY, FLORIDA 33070
TEL. (305) 852-7145
FAX (305) 852-7146
April 9, 1999
Kristi Halenza
Loan Administration Manager
228 Homestead Avenue
P.O. Box 2808
Key Largo, FL 33037-7808
Re: Letter of Credit #168
Grantair Services, Inc.
Dear Ms. Halenza:
Enclosed please find the original Letter of Credit which expired
April 8, 1999.
Attorney Wayne Smith who represented Monroe County in this matter
submitted a letter dated April 8, 1999 indicating Grantair
Service, Inc. complied with the requirements of the Minimum
Standards and, accordingly, the original letter of credit should
be returned to Grantair Service, Inc. immediately following its
expiration on April 8, 1999.
Sincerely,
Z 4EJO 496 663
~(LW C. t1.)1 aniA'aJ
Isabel C. DeSantis,
Deputy Clerk
Enclosure (1)
US Postal Service
Receipt for Certified Mail
No Insurance Coverage Provided,
Do not use for Intemational Mail See reverse
Sent to
KRISTI HALENZA
2~~&~STEAD AVE.
Post Office, State, & ZIP Code
KEY LARGO, FL 33037-7808
Postage $
#'?i~
Certified Fee
Special Delivery Fee
Restricted Delivery Fee
CREDIT
I. DESANTIS