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0 '0 <br /> � COASTAL COMMUNITY BANK <br /> IRREVOCABLE STANDBY LE"TER OF CREDIT <br /> DATE: 12/18106 __ ____ 1_CREDIT NUMBER: 1903543500 <br /> BENEFICIARY: I APPLICANT: <br /> Cily of Everett David S.and Sharon G.Bingham and <br /> City Engineer Belmonle Heights,LLC <br /> 3200 Cedar Slreet 9215 SE Shoreland Drive <br /> , Everetl,WA 98201 Bellevue,WA 98004 <br /> DATE OF EXPIRY: 12I18/07 EXPIRY PLACE: Counters of Coastal <br /> Community Bank at <br /> 2817 Colby Avenue, <br /> �— — — EvereU.WA 98201— <br /> This leller of credit expires December 18,20U7(the"Expiretion Date")at lhe counlers of <br /> Coaslal Community Bank,currenlly localed al 2817 Colby Ave, Everell,WA 98201. This <br /> Lelter of Credit shall be deemed aulomatically exlended for one(1)year each(rom the <br /> Expiration Dale,unless at leasl 30 days prior lo ihe Expiration Dale,we notify you in <br /> wnting ihal we elect not to so extend this Leller of Credit,in which event this Letter of <br /> Credit shall ezpire on lhe Expiialion Dale.Notwithslanding lhis aulomalic exlension <br /> provision, lhis Letter of Credit shall expire,withoul notice,lwo(2)years fmm the date of <br /> acceplance of lhis LeUer of Credit by Snohomish County. The giving of"Nolice"as used <br /> hereinabove shall be deemed complete three(3)business days afler lhe No�ice in wriling <br /> is deposited in the U.S. Mail,postage prepaid addressed to Ihe Principal at the address <br /> sel forth below and lhe City of Everelt,City Engineer 3200 Cedar Street,Everett,WA <br /> 98201 <br /> We hereby aulhorize BENEFICIARY to draw on CoasWl Community Bank(or lhe account <br /> of APPLICANT up lo an aggregale ainount of Forty Elght Thousand Two Hundred <br /> Ninety Five Dollars and noN00 (US E48,295.00) available by dratt(s)drawn AT SIGHT <br /> when accompanied by lhe following documents: <br /> 1. The onginal of this IeUer of credil and any subsequent amendmenls. <br /> 2. A signed slalement by an authonzed ofhcial of the BENEFICIARY stating as <br /> (ollows: <br /> "A claim of default exists" <br /> Each draft under lhis�eller of credil must bear upon its face the words"Drewn under leller <br /> of uedil No.1903543500 <br /> This IeUer of credit is subjecl lo Ihe Uniform Cuslomers and Practice for documenlary <br /> credils(1993 Revision), Inlernational Cham6er of Commerce Publiration No. 500. <br /> COASTAL COMMUNITY BANK will honor all drafls drawn under and in compliance with <br /> terms of Ihis credil, if duly presenled (togelher with all documenls specified) al our <br /> counters on or before the close o(business on Ihe expiration dale shown above. <br /> �. r <br /> COASTAL COMMUNITY BANK: David S. Bingham <br /> Ry/��i'�����/� ' <br /> Ste'ven Sterner,VP Sharon G.Bing an <br /> � 2 � ,�. <br /> Belmo�e•H hts,LLC <br /> BY nu.p lS.k..,} <br /> Aul U pn onlam Homes.lnc.,MamEar <br /> BY nuo <br /> AulharixoA Sipnar IBonlerta Homos,inc.,Mambar <br /> r� _ a <br /> ; <br />