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attached hereto and incorporated herein by reference. The <br />Letter of Credit shall be issued by a bank ("the Bank") <br />acceptable to the Finance Director-Treasurer of the City. The <br />Owner shall satisfy all conditions imposed by the Bank for the <br />issuance of the Letter of Credit, including but not limited to <br />completion and submission to the Bank of an application and a <br />repayment agreement, and payment of all required fees and <br />charges. <br /> <br /> 3. The Letter of Credit shall be irrevocable, with a <br /> <br />term of one year. Except as provided in this paragraph, the <br /> <br />Owner shall renew the Letter of Credit annually, either with the <br /> <br />Bank or with any other bank acceptable to the Finance <br />DireCtor-Treasurer of the City, for four (4) successive one-year <br />terms. The original Letter of Credit shall be dated September <br />29, 1982, and shall remain in effect through September 30, 1983. <br /> <br /> The Owner shall arrange for issuance of each of the <br />four renewal Letters of Credit and shall pay to the Bank issuing <br />the Letter of Credit all fees and charges required by the Bank. <br /> <br /> The obligation of the Owner to renew the Letter of <br />Credit shall cease if and when: <br /> <br /> a) The assessment on all of the parcels has been <br />paid in full to the City; or <br /> <br /> b) The City has issued a certificate of occupancy <br />of on-site improvements for all of the parcels; or <br /> <br /> c) Either an assessment prepayment or a <br />certificate of occupancy applies to every parcel. <br /> <br /> d) In any event, upon the filing with the City of <br /> <br />3 <br /> <br /> <br />