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<br />~• <br /> <br />Amador Valley Savings <br />& Loan Association <br />P.O. Box 1240 ~ 530 Main Street • Pleasanton, CA 94566 • (415) 462-7200 <br />September 29, 1986 <br />City of Pleasanton <br />200 Old Bernal Avenue <br />Pleasanton, CA 94566 <br />RE: Loan No. 0900836-8 <br />Gentlemen: <br />We hereby establish our irrevocable Letter of Credit in the amount of <br />$980,000.00 in your favor available by your drafts 'drawn at sight on us and <br />accompanied by documPazts specified below: <br />1. Subdivision Agreement between HSC - Foxbourgh and the City of Pleasanton <br />for Tract No. 5188 dated October 7, 1986. <br />2. Letter signed by Director of Public Works that the accountee is in <br />default in his obligations to faithfully perform the improvements <br />called for in the agreement and/or to satisfy claims filed pursuant <br />to Title 15 (commencing with Section 3082) of Part 4 of Division 3 <br />of the Civil Code of the State of California in conjunction with <br />such work and demanding payment. <br />Upon demand, the funds in the above-designated amount, or such partial <br />amount of said funds as are demanded, shall be made available to the City <br />of Pleasanton in order to enable completion of the improvements contemplated <br />in the Agreement and/or to meet claims. filed as indicated above. <br />Partial drawing on the funds established herein shall be permitted no more <br />frequently than every calendar month. <br />This Letter of Credit shall be automatically extended without amendment for <br />additional periods of one year from the present or any future expiration date <br />hereof unless 30 days prior to any such date we notify the City of Pleasanton <br />by registered mail that we elect not to consider .this Letter of Credit renewed <br />for any such additional period. In the event of such election, the City of <br />Pleasanton may draw on us at sight with the docw~uents required under this <br />Letter of Credit. <br />Yours very truly, <br />4 , ~~ ~~ <br />=rte'-ly''" <br />Sandra M. Barnett <br />Vice President <br />~:b <br />i~; „ y <br />S E P 3 p 1986 <br />