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(" <br />MAINLAND SAVINGS ASSOCIATION <br />3401 Allen Parkway <br />Houston, Texas 77019 <br />October 7, 1983 <br />IRREVOCABLE LETTER OF CREDIT N0. 15-003581-6 <br />Nontransferable <br />T0: CITY OF PLEASANTON, Pleasanton, California <br />To the Aforesaid Municipality: <br />We hereby open our irrevocable credit in favor of The <br />City of Pleasanton, California, available in the following <br />manner and on the following terms: <br />1. ~ r drafts drawn on Mainland Savings <br />.Associati n at sight, hich must be negotiated on or before <br />October 7, ach of which must state upon its face <br />"Drawn under Letter of Credit No. 15-003581-6, dated <br />September 30, 1983, of the Mainland Savings Association." <br />2. Notation. This is a notation credit. Each draft <br />hereunder must ~ endorsed on the reverse of this letter of <br />credit, each draft or an attached writing must indicate that <br />such notation has been made, and this letter of credit must <br />be attached to the last draft when the credit is exhausted. <br />3. Total. The sum or sums of all drafts drawn <br />under thi~tter of credit must not exceed in total <br />$1,090,000.00. <br />4. Pur ose. This credit is available and drafts must <br />be drawn hereunder as follows: <br />This letter of credit secures (i) the faithful <br />performance of Howard Mark Company, a California <br />General Partnership (the "Company"), of its obligation <br />to perform the work and improvements set forth in that <br />certain Subdivision Agreement ("Agreement") dated <br />September 27, 1983, between the said Company and The <br />City of Pleasanton, California, and (ii) the cost and <br />expense for materials furnished for labor supplied of <br />