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p � � <br /> � COASTAL COMMUNITY BANK <br /> IRREVOCABLF STANDBY LETTEF OF CREDIT <br /> DATE: 03107107 ' CREDIT NUMBER:1903639000____ _ _ <br /> _ . . _ ___.— .._._ . -- -- ---. <br /> I BENEFICIARY: APPLICANT: <br /> I City of Everetl ' David S. and Sharon G. Bingham and <br /> � Cily Engineer Hamilton Ridge, LLC <br /> 3200 Cedar Street ��� g215 SE Shoreiand Drive <br /> Everett,WA 98201 �� Bellevue,WA 98004 <br /> � — --------'--- ------- ; <br /> DATE OF EXPIRY: 03112/08 � EXPIRY PLACE: Counters of Coastal � <br /> �� Communily Bank at i <br /> , 2817 Colby Avenue, , <br /> ', EvereQ,WA 98201 '�� <br /> This letter of credit expires March 12,2008(lhe`Expiration Date')al lhe counlers of <br /> Coastal Communiry Bank, currently located at 2817 Colby Ave, Evcrett,WA 9ffi01. This <br /> Letter of Credil shall be deemed automatically exlended for one(1)year each from the <br /> Expiration Date, unless at least 30 days prior to the Expiration Date,we notify you in <br /> writing that we elect not to so extend this Letter of Credil, in which event this Letter of <br /> Credit shall expire on Ihe Expiration Date. Notwilhstanding this automalic e�tension <br /> provision,this Letter of Credit shall expire,without notice,One(1)years trom the date of <br /> acceplance of this Letter of Credit by Snohomish County. The giving of`Notice"as used <br /> hereinabove shall be deemed complete three(3)business days aker the Nolice in writing <br /> is deposited in the U.S. Mail, postage prepaid addressed to the Principal at lhe address <br /> set torth below and the City Engineer,City of Everelt, 3200 Cedar Sireet, Everetl,WA <br /> 98201 <br /> We hereby authorize BENEFICIARY to draw on Coastai Community Bank for the account <br /> of APPLICANT up to an aggregale amcunt of Eleven Thousand Ef{�ht Hundred Twenty <br /> Two Dollars and SON00 (US 511,8'_2•50) available by draft(s) drawn AT SIGHT when <br /> accompanied by the following docurnenls: <br /> 1. The original of this Ietter of credit and any subsequent amendments. <br /> 2. A signed statemen' by an authorized official ot the BENEFICIARY stating as <br /> fallaws: <br /> "A claim of default exists" <br /> Each drafl under this letter of credit must bear upon its face the words`Drawn under letter <br /> of credit No.1903639000 <br /> 7his letter of credit is subject to the Uniform Customers and Practice for documentary <br /> credits(1993 Revision), International Chamber of Commerce Publicalion No. 500. <br /> COASTAL COMMUNITY BANK will honor all drafts drawn under and in compliance wilh <br /> te�ms of lhis credit, if duiy presenled (together wilh all documents specified) at our <br /> counters on or before the close of business on the expiration date shown above. <br /> �t�`1£�,�,..., <br /> COASTAL COMMUNITY BANK: David S. Bingham � <br /> � / �\ � `�_ <br /> gy .���/;"I�'o� / � <br /> � Steven Sterncr,VP Sharo�8 n ham ___ <br /> �1' / � v <br /> �.... ., <br /> T\..,« N.x F�_c <br /> Hamilton Rfdge <br /> BY tulo +�'� -4'� <br /> JoN yolBo� 'Homoa,Inc.MamOcr <br /> � . , i +�...K' i�. i � <br />