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Irrevocable Standby Letter Of Credit RE 643I - California
| Irrevocable Standby Letter Of Credit Form. This is a California form and can be used in Subdivisions Department Of Real Estate Statewide . |
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STATE OF CALIFORNIA IRREVOCABLE STANDBY LETTER OF CREDIT [Regulation 2792.9] RE 643I (New 1/97) TO -- "BENEFICIARY ESCROW" NAME OF ESCROW-HOLDER DEPARTMENT OF REAL ESTATE SUBDIVISIONS ESCROW NUMBER ADDRESS, CITY, STATE, ZIP CODE FROM -- "ISSUER BANK" NAME OF ISSUER ADDRESS, CITY, STATE, ZIP CODE STANDBY LETTER OF CREDIT NUMBER AMOUNT EFFECTIVE DATE EXPIRATION DATE SUBDIVIDER NAME OF SUBDIVIDER ADDRESS, CITY, STATE, ZIP CODE ASSOCIATION NAME OF OWNERS ASSOCIATION ADDRESS, CITY, STATE, ZIP CODE SUBDIVISION NAME OF SUBDIVISION COUNTY TYPE OF SUBDIVISION DRE FILE NUMBER We hereby establish our irrevocable Standby Letter of Credit in your favor available by payment on your draft(s) drawn at sight on Issuer Bank and presented to Issuer Bank at the address stated above. Drafts must be marked as drawn under the Standby Letter of Credit Number stated above, and be accompanied by this original of this Standby Letter of Credit and amendments, if any, and the beneficiary's statement, purportedly signed by one its officers, as follows: "I certify that I am an officer of Beneficiary Escrow and that the amount of $______________________ hereby drawn on Standby Letter of Credit #__________________ effective ______________________ issued by _____________________________________________________________________________ is drawn in compliance with escrow instructions to Beneficiary Escrow heretofore duly executed and delivered to Beneficiary Escrow, pursuant to the provisions of Section 2792.9 of Chapter 6, Title 10, California Code of Regulations, by Subdivider_______________________________________________________ and Association _______________________________________________________________________" Special Conditions: 1. Partial drawings are permitted. 2. It is a condition of this Standby Letter of Credit that it shall be deemed to be automatically extended, without amendment, for a period of one year from the present or future expiration date hereof unless, sixty (60) days prior to American LegalNet, Inc. www.FormsWorkflow.com RE 643I -- Reverse any such date, we notify the Beneficiary Escrow in writing that we elect not to consider this letter of credit to be renewed for an additional one year period. In this event you may draw on us by presenting your sight draft. We engage with you that all drafts drawn under and in compliance with the terms of this credit will be duly honored if drawn and presented for payment at this office on or before the expiration date of this credit. Except so for as expressly stated, this credit is subject to the "Uniform Customs and Practice for Documentary Credits" (1993 Revision) International Chamber of Commerce (Publication No. 500). Dated: ___________________ ___________________________________________ Name of Bank ___________________________________________ Authorized Signature of Bank Official ___________________________________________ Title of Person Signing ___________________________________________ Address ___________________________________________ City, State, & Zip Code American LegalNet, Inc. www.FormsWorkflow.com
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