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Irrvocable Letter `. Credit No. 15-003581-6 ~ Page 3 Further, any draft drawn hereunder shall be deemed an event of default by the Company under said Promissory Note and the Deed of Trust securing repayment thereof. The approval of the Company on the face of this letter of credit shall be deemed its acceptance of this condition precedent, and this Letter of Credit shall not become effective until duly executed by the Company. ~/ 7. Term. This letter of credit and all obligations ~ Mainland Savings Association hereunder shall expire on October 7 , 1984 , or at such time as the The City of Pleasanton,• California, accepts the improvements, whichever occurs first. Notwithstanding the foregoing, it is agreed and understood between Mainland Savings Association and The City of Pleasanton, California, that this letter of credit will extend for an additional six-month period of time beyond October 7, 1984, unless The City of Pleasanton, California, receives written notice from Mainland Savings Association on or before September 7, 1984, cancelling this letter of credit (the effective date of such cancellation being no earlier than October 7, 1984). 8. Obligation of Issuer. Mainland Savings Associ- ation agrees with t e rawers, endorsers, and bona fide holders of drafts drawn and negotiated in compliance with the terms of this letter of credit that such drafts will be duly honored upon due presentation to said Association. 9. A licable Law. Except as otherwise provided, this letter o cre it is to be governed by the Uniform Commercial Code of the State of California and MAINLAND 'SAVINGS ASSOCIATION agrees that the situs of any litigation which may arise over this letter of credit shall be the County of Alameda, State of California. This letter of credit incorporates the provisions of the Uniform Customs and Practice for Documentary Credits (1962 Revision), nternational Chamber of Commerce Brochure No. 222. Very truly yours, Mainland Savings Association ~ = ~ By ....