Irrevocable Letter Of Credit Template printable pdf download

IRREVOCABLE LETTER OF CREDIT

[Bank Name and Address]

This form is an EXAMPLE only and wording must be as shown on the Bank's letterhead.

TO:

CITY OF MISSION VIEJO

DATE:

Public Works Department

LETTER OF CREDIT NO.:

200 Civic Center

AMOUNT:

Mission Viejo, California 92691

At the requires of

(the "Customer")

(the "Bank")

hereby establishes in your favor an

Irrevocable Letter of Credit ("the Credit") for a total amount of $

available by your sight

draft, drawn on (the "Bank") expiring

, unless automatically renewed as provided

herein.

This Letter of Credit shall be automatically extended for additional periods of one year from the

present or future expiration date, unless we notify you and (the "Customer") via courier or

certified mail at least 120 (one hundred twenty) calendar days prior to the then expiration date

that we have elected not to renew this Letter of Credit. Thirty (30) days after receipt of such

notice, you may draw on this Letter of Credit by presentation of the documents mentioned

herein.

This Credit is issued in connection with the obligation of

(the "Customer")

for grading and

pertinent improvements (outlined in Grading Permit No.

) to property located at

within the City of Mission Viejo, California.

A drawing under this Credit shall be made by your presenting to us this Letter of Credit, and a

demand in writing signed by a person who has been duly authorized to sign on your behalf.

Said demand shall refer to this Credit by the above number, shall state the amount demanded

and shall certify one of the following:

That the customer has failed to comply with the conditions of the grading permit, after 15

(fifteen) days written notice to the customer demanding compliance with the conditions

of said permit; or

The work authorized by the above permit has been left in a hazardous condition; or

The work remains incomplete and the City of Mission Viejo has received notice that we

have elected not to renew this Letter of Credit.

Upon receipt of the said documents we shall pay to you the amount stated in the said demand

to be payable to you without inquiring whether you have a right to such amount as between

yourself and the customer, provided that such amount, together with the other amounts paid to

you under this Credit, if any, do not exceed the amount of the Credit. This Credit shall be

terminated upon receipt of your letter certifying that subject grading has been completed in a

satisfactory manner.

*Must be at least 2 (two) years from date of issuance.

BANK:

By:

(Notary Acknowledgement Attached)

(Authorized Representative)

G:\Master Forms\PW\INTERNET\BONDS AGREEMENTS\LETTER OF CREDIT.DOC

Rev. 3-13-02

Irrevocable Letter Of Credit Template

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