EXHIBIT C
Board of Selectmen
Town of Newbury
Town Office
Newbury, N.H. 03255
RE: Irrevocable Letter of Credit _____________________________ Subdivision
Dear Town Officials:
By this document the ___________ Bank (hereinafter "issuer") hereby issues an Irrevocable Letter of Credit in the amount of $ __________ to the Town of Newbury on behalf of _______________ (hereinafter "developer"). This Irrevocable Letter of Credit is issued to guaranty completion of all improvements required by the Newbury Planning Board and the Town of Newbury Land Subdivision Control Regulations in conjunction with a subdivision plan entitled "______________________________", dated _____________, prepared by ________________________________, and approved by the Newbury Planning Board on ___________________.
It is understood that the improvements guaranteed by this Irrevocable Letter of Credit include, but are not limited to the following:
- Construction of ______ linear feet of roadway along with all associated utilities. Said roadway being shown on the above referenced plan as __________________.
It is agreed and understood by the issuer of this letter of credit that it shall be issued for a period of ______ months. If all improvements guaranteed by this letter of credit are not completed by _____________ (date) and if a certificate indicating completion of all improvements has not been issued by the Planning Board, then this letter of credit shall be automatically considered to have been called and without further action of the Town of Newbury or its Planning Board, the ____________ Bank shall forward a check in the amount of $__________ to the Treasurer of the Town of Newbury. The funds so forwarded to the Town Treasurer shall be used exclusively for the purpose of completing the improvements which are guaranteed by this letter of credit. Any funds not needed by the Town to complete the improvements required by the subdivision plan referred to above shall be returned to the ____________ Bank.
________________________________
(Signature of Bank Official)
Date: __________
I have read this letter of credit and agree to its terms.
_____________________________
(Signature of Developer)