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7. If, on September 1, 1987, the bond reserve fund <br />shall not have been reimbursed for all amounts transferred from <br />the bond reserve fund on account of delinquencies, together with <br />interest at the rate of 14.4% per annum, compounded annually, <br />the City Finance Director-Treasurer on that date or thereafter <br />before the expiration of the Letter of Credit shall make a final <br />draft on the Letter of Credit in an amount required fully to <br />reimburse the bond reserve fund, together with interest. In no <br />event, however, shall this final draft on the Letter of Credit, <br />together with prior cumulative drafts, exceed the amount of <br />$350,000.00. If, at any time after this final draft, the City <br />receives funds through reinstatement or judicial sale of <br />delinquent property on account of which the final draft was <br />made, the City shall make a reimbursement to the Owner in <br />accordance with Paragraph 6 d) (2). <br /> <br /> 8. Any notice required by this agreement or <br />pertaining to it may be made by depositing the notice in the <br />United States Mail, first class postage prepaid, to the <br />following addresses: <br /> <br />CITY: <br /> <br />OWNER: <br /> <br />ISSUING BANK: <br /> <br />City Finance Director-Treasurer <br />.City of Pleasanton <br /> 200 Bernal Avenue <br /> Pleasanton, CA 94566 <br /> <br />CALLAHAN PENTZ <br />Attention: Controller <br />1153 Bordeaux Dr., Suite 101 <br />Sunnyvale, CA 94086 <br /> <br />Wells Fargo Bank <br />2770 Shadelands Drive, <br />Walnut Creek, CA 94598 <br /> <br />Suite 101 <br /> <br />9. Time is of the essence in delivery of four <br /> <br />renewal <br /> <br /> <br />