Sample Letter Of Credit Template For Subdivision Or Improvement Agreements (Page 2 of 2) in pdf

Letter signed by the Director of Public Works or City Engineer that

the Applicant is in default of its obligations to faithfully perform the

conditions of approval for the project and/or the terms of the

agreement(s) set forth below, including but not limited to completion

of certain improvements or work and obligations to subcontractors

and suppliers under California statutes:

[Note: list applicable agreements here]

Upon demand, the funds in the above-designated amount, or such partial amount of said funds

as are demanded, shall be made available to the City of Antioch.

Partial drawing on the funds established herein shall be permitted no more frequently than every

calendar month.

This Letter of Credit shall not expire until 45 days after the filing of a Notice of Completion and

shall be automatically extended without amendment for additional periods of one year from the

present or any future expiration date hereof unless sixty (60) days prior to any such date we

shall notify the Director of Community Development and City Attorney by registered mail that we

elect not to consider this Letter of Credit renewed for any such additional period. In the event of

such election, the City of Antioch may automatically draw the full amount of the Letter of Credit,

with no supporting documentation, and Bank will pay City of Antioch upon receipt of such draft.

This Letter of Credit may not be modified without the prior written consent of the Director of

Community Development and City Attorney.

This issuer hereby agrees that in the event of any legal dispute relating to interpretation and

enforcement of this irrevocable Letter of Credit, the prevailing party shall receive costs, including

reasonable attorney’s fees, and venue shall be in the Contra Costa County Superior Court,

State of California.

Except so far as otherwise expressly stated, this credit is subject to the Uniform Customs and

Practice for Documentary Credits (1993 Revision) of the International Chamber of Commerce

Publication No. 500.

Signature

Print Name

Title

Name of Bank

Address

Phone Number

[NOTARIAL ACKNOWLEDGMENT]

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Sample Letter Of Credit Template For Subdivision Or Improvement Agreements Page 2