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<br />RUG 28 '97 03:27PM PET, BELL,CONV,JENSE <br /> <br />P.4/5 <br /> <br />IRREVOCABLE I,ETTER OF CREDIT <br /> <br />TO: City of Roseville <br /> <br />No. 2913 <br />Date: <br /> <br />Dear Sir or Madam: <br /> <br />We hereby issue. for the account of Southwind of Roseville, L.L.C. ("Southwind") and in <br />your favor, our Irrevocable Letter of Credit in the amount of$187,500.00, available to you by <br />your draft drawn on sight on the undersigned bank. <br /> <br />The draft must: <br /> <br />a. Bear the clause, "Drawn under Letter of Credit No. 2913, dated August --' 1997, <br />of Central Bank. and. Southwind has defaulted under the Development Agreement <br />and any applicable cure period has expired"; <br /> <br />. b. Be signed by the City Manager or Mayor of the City of Roseville, or Steve and <br />Trottie Zeece should this Letter of Credit be assigned pursuant to paragraph 3 <br />hereunder; <br /> <br />c. Be presented for payment at Central Bank, on or before 4:00 p.m. on February 28. <br />1999. <br /> <br />This Letter of Credit sets forth in full our understanding and is issued pursuant to that <br />certain Development Agreement between the City of Roseville and Southwind dated <br />("Development Agreement"), and shall not in any way be modified, amplified. <br />or limited by reference to any document. instrument, or agreement, whether or not referred to <br />herein. <br /> <br />This Letter of Credit is assignable to Steve and Trottie Zeece at the City ofRoseville's <br />sole discretion, provided the City of Roseville submits an affidavit to the undersigned bank that: <br />(i) a Default has occurred under the Development Agreement and any applicable cure period has <br />expired; (ii) the City ofRoseville refuses to draw under this Letter of Credit; and (iii) the City of <br />Roseville releases the undersigned bank of any obligation to honor drafts under this Letter of <br />Credit. This is not a Notation Letter of Credit. More than one draw may be made under this <br />Letter of Credit. <br /> <br />This Letter of Credit shall be governed by the most recent revision of the Unifonn <br />Customs and Practice for Docwnentary Credits, International Chamber of Commerce Publication <br />No. 500. <br /> <br />..~ <br /> <br />We hereby agree that a draft drawn under and in compliance with this Letter of Credit <br />shall be duly honored upon presentation. <br />