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Letter of Credit/V/ (^W~ WP COMMERCE NATIONAL BANK Committed to Your Success I IDOPC? IRREVOCABLE LETTER OF CREDIT Date: October 18, 2004 To Beneficiary: City of College Station Attention: Directors of Development Services 1101 Texas Avenue College Station, Texas 77840 IRREVOCABLE LETTER OF CREDIT NO.: 101804CNB ISSUE DATE: 12:00 Noon Central Standard Time, October 18, 2004 EXPIRATION DATE: 12:00 Noon Central Standard Time, October 18, 2005 or upon the completion and final payment of all contractors, whichever occurs first. LOCATION OF PROJECT: Lots 1-7, Block 1 & Lots 1-6 Block 2, Autumn Chase Subdivision, 8.374 Acres, College Station, Brazos County, Texas AMOUNT: Four Thousand One Hundred Fifty and No/100 Dollars ($4,150.00) ACCOUNT OF: B & D Autumn Chase, LP (herein "Developer") GENERAL TERMS & CONDITIONS: The issuing Bank set out above issues its IRREVOCABLE LETTER OF CREDIT NO. 101804CNB in favor of the CITY OF COLLEGE STATION, TEXAS, in accordance with Chapter 5, V.T.C.A TEXAS BUSINESS AND COMMERCE CODE and pursuant to the Code of Ordinances of the City of College Station, Chapter 9, Subdivisions, of the Account of Developer for an amount of up to Four Thousand One Hundred Fifty and No /100 Dollars ($4,150.00). This amount is available by your draft(s) payable at sight when accompanied by the following: 1221 University Drive East College Station, TX 77840 (979) 260-5982 Fax (979) 260-7034 Sworn Statement by a duly authorized representative of the City of College Station, Texas, stating that Developer has/have defaulted and failed to complete the performance and construction of the improvements described below in accordance with the Chapter 9 of the Code of Ordinances of the City of College Station, Texas and that the proceeds from this Letter of Credit will either be utilized by the City of College Station, Texas to complete such construction or will be returned by the City of College Station to the Issuing Bank. SPECIAL TERMS & CONDITIONS: All Banking fees/expenses/charges incurred are for the account of the Developer. This Letter of Credit is issued in conjunction with the Developer in the City of College Station, Texas, specifically for the following: To guarantee the payment and performance of the proposed construction of the water, sanitary sewer, storm sewer, and street improvements in Autumn Chase Subdivision, a proposed addition to the City of College Station, Texas, for a period not to exceed one (1) year from the date hereof. 2. Disbursements pursuant to this Letter of Credit will never exceed the above-stated amount, less any amount released by the City of College Station, Texas. The amount of credit under this Letter of Credit may be reduced upon approval and acceptance to the City of College Station of completed improvements, which reduction may only be made with the written authorization of the Director of Development Services of the City of College Station. 3. In accordance with Section 5.106 of the TEXAS BUSINESS AND COMMERCE CODE, this Letter of Credit may be modified, upon the execution and delivery to Issuer of a sworn statement giving consent to modification by the Director of Development Services of the City of College Station. 4. The Issuer of the Letter of Credit had caused this Letter to be signed by the undersigned officer who has attached proof of his authorization to sign, together with attestation by Issuer's authorized attesting officer and sealed with the seal of Issuer. ISSUER: Commerce National Bank, a branch of Lubbock National Bank BY: Mike D. Lit rst Vice President Y Attested By: State of Texas County of Brazos This instrument was acknowledged before me on 19 day of QQ-trA - , 2004 by 01,1K-0- L 11-t+Qv111'f' , the authorized officer of C-Ch WD-ce, NO+i(y1d &3XL , issuer, a Texas Banking Corporation, on behalf of said Banking Corporation and in the capacity stated. 04 NNO 00000 fo,~PY P~6~,•• LINDA C BRIDGES NOTARY PUBLIC state of Texas •p: ,rFO -'comm. ~ti+Exp. 08-02-2008 Notary Public - State of Te s