05-018.00 Sterling Savings Bankr - `"~
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Ivtarch 15, 2005
iVlr. Steve Worley
City o~Spokane Valley
11707 E. Sprague, Suite 106
Spokane Valley, ~V~ 99206
RE: Irrevocable Standby L' etter of Credit No. SS13-SB-2005/0272
Dear Steve:
STERLING~~°
SAVINGS BANK
~~Vith reFerence to the above Trrcvocable Standby Letter of Credit issued today in favor of
the City of Spokane Valley in the amount of US$121,533.56 for the account of PinecroEt
LhC, we are pleased to enclose our origuial operative document.
In ease of a dra~\~ing, please provide your reimbursement instructions directly to this
of'tice.
~Ve ask that you acknowledge your acceptance of this Letter of Credit by dating, signing
and returning a copy of this letter to my attention in the enclosed postage paid envelope
provided for your convenience in reply.
Tf you have any questions, please fool free to contact me at 1-509-835-1637 or 1-877-
453-0892.
Sincerely,
~1'~~~
Vice President and Manager
$aukuig Dlvlston
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1 1 1 N. WALL
SPOKANE, WA 99201-0696
PFEOh E Ci l~B-S6d3-6447
FAX: 5179-36®-2049
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.. , . .
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ST>/RLING SAVINGS BAr~TK
International Banking Division
111 Int. `'Lull
Spokane, Washington 99201-0696
(Issuance/I~tegotiation: l -877-453-0892)
March 1 S, 2005
STERLING ~~
SAVINGS BANK
TRREVOCABT.,E STANDBY LEfiTER OI9 CREDIT
NUI~TBER SSB-SB-2UU5/0272
BENEFICIARY:
City of Spokane Valley
11707 E. Sprague, Suite 106
Spokane Valley; WA 99206
T.ETTF,R OF CREDIT NUMBER:
APPLICANT:
PinecroR LLC
12310 E. Mirabcau Y}.-~ry, Suite 150
Spokane Valley, WA 99216
SSB-5B-2005/0272
EXPIRY DATE: March 15, 2006
AT: Our counters presently located at
111 N. \~Vall
Spokane, \~Vashington 99201-0696
AMOUNT: US$121,533.SG
NOT TO EXCEED: --One hundred twenty-one thousand five hundred thirty-three and
56/100 U.S. llollars---------------------------------------------------------------------------------
\~Vc hereby issue our Irrevocable Standby 'Letter of Credit No. SSB-SB-2005/0272 for the
Debtor's iVTitigation Agreement SR 27 (Pines Road)/~~ansfield Road Constriction
Project available by your draft(s) drawn at sight on us and accompanied by the following:
1. k3eneficiary's signed Statement certifying that: "I, the undersigned duly
authori;~ed representative of the City of Spokane Valley, hereby certify that the
draft drawn under this Letter of Credit represents the developer's contribution to
the Debtor's Mitigation Agreement for the SR 27 (Pines Road)IVlansfield Road
Construction Project for mitigation of future traffc impacts identified in the
Mitigation Agreement signed February 8, 2005.
2. The original of this Letter of Credit.
SPECIAL CONDITIONS:
1. Partial drawings are permitted
2. Any and all banking charges, other than those of the issuing bank, are for the account
of the beneficiary.
1 1 1 N VJALL
SPOKAN[, bVA 99 20 1-069 5
PHCiNE: 666-566.5447
FAX: 509-358-2049
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STERLING ~'
SAVINGS BANK
3. It is a condition of this Letter of Credit that it shall be automatically extended, without
amendment; for an additional period of one year from the present expiration date or
each future expiration date, unless we have notified you ul v«-iting not less than thirty
(30) days before such expiration date, that we elect not to renew this Vetter of Credit.
In that event, you may draw your sight draft on us under this Letter of Credit prior to
the close of business on the then relevant expiration date, up to the full amount then
available under this T..etter of Credit. All written notification shall be sent via
registered mail.
17rafts deawn under. this Credit must bear the clause: ".Dra~~n under Stcrluig Savings
Bank Irrevocable Standby Leiter of Credit No. SSB-SB-2005/0272."
Pursuant to U.S. I.aw, we are prohibited from issuing, transferring, ace.epting or paying
Letters of Credit to any party or entity identified by the Office of Foreign Assets Control,
U.S. Dept. of Treasury or subject to the denial of export privileges by the U.S. Dept. of
Commerce.
T'lus credit is subject to "The Uniform Customs and Practice for Documentary Credits"
(1993 Revision) International Chamber of Commerce Publication TTo. 500.
~Ve hereby engage with you that drawings presented and negotiated under and in
compliance with the terms of this Irrevocable Standby Letter of Credit v~rill be duly
honored withui 5 business days of presentation to us.
The amount of each drawilig must be endorsed on the reverse of this credit.
STERLING SAVTI\jGS Br-1I~FK,
A i\~MBER OF TI-TF FBIaF.RAL RESERVIJ SYSTI/M
blc, Vice President and iVlanager
rnationa113anl:.ing Division
t t i r~. w~~~
SPOKAtJE, WA 9920 1 -069 6
PHONE: B6a-566-644'7
FAX: 509-36B-2049