Unconditional Irrevocable Letter Of Credit Template
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1Sample Letter of Credit
Letterhead/Name/Address of
Financial Institution
Letter of Credit No.: ____________
Total Amount: ________________
Date: _______________________
Branch: _____________________
Developer: ___________________
Name of Condominium:
_________
_____________________________
Parcel No._____________________
Plan No. ______________________
To: Minister of Justice, Saskatchewan
Attention: Registrar of Titles, Office of Public Registry Administration
1110 – 1874 Scarth Street, Regina, SK S4P 4B3
UNCONDITIONAL IRREVOCABLE LETTER OF CREDIT
We hereby authorize you to draw on (name of financial institution) _____________________________
for account of our customer, (name of developer) ________________________________, of (full
address) _______________________________________ up to an aggregate amount of ______________
dollars ($) available by your written demand as follows: Pursuant to the request of our customer, the said
(name of developer) ______________________________, we, the (name of financial institution)
___________________ hereby establish and give to you this unconditional irrevocable Letter of Credit in
your favour in the total amount of ___________________ dollars ($) which may be drawn by you at any
time, without presentation of the original of this Letter of Credit. From time to time, upon written demand
for payment made upon us by you, we shall honour such demand without proof provided to us that
conditions for realization of security exist under section 20 of The Condominium Property Regulations,
2001. Provided that you are to deliver to us at such time a written demand for payment signed by the
Minister of Justice or designate, stating that the monies drawn pursuant to this Letter of Credit are to be
used to perform outstanding obligations of our said customer in regard to condominium development
(name of project) ___________________________, located on Parcel Number ________, Plan Number
_________. It is understood and agreed that our obligation under this Letter of Credit is to pay money only
and not to perform or cause to perform any of our customer’s obligations in the said development.
The amount of this Letter of Credit may be reduced from time to time on written notice to us by you. This
Letter of Credit shall be deemed to be automatically extended on an annual basis without any formal
amendment unless 30 days prior to the present expiry date or any future expiry date as automatically
extended, we notify you in writing that we elect not to extend the Letter of Credit for any further period. At
the same time, we will forward to you, together with such written notice of election, a bank draft payable to
the Minister of Justice in the amount of ______________ dollars ($), less any amount previously paid
under this Letter of Credit. This Letter of Credit is irrevocable up to the present expiry date and any future
expiry date, as automatically extended. Partial drawings hereunder are permitted. Written demand must be
presented to us no later than close of business on the expiry date or renewed expiry date, as the case may
be. The written demands drawn hereunder shall state on their face that they are drawn on (name of
financial institution) ___________________________, Letter of Credit No.__________.
Dated: ______________________
For: _____________________________
Authorized Signing Officer
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Parent category: Letters