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FIRSTNATIONAL
ST RANK
2807 S.Texas Avenue
Post Office Box 833
Bryan,Texas 77805
Voice:(979)779-1111
Fax:(979)823-2885
FROM: Smiling Mallard Development,Ltd.
ISSUER: Franklin Bank, S.S.B.
IRREVOCABLE LETTER OF CREDIT
DATE: September 18, 2007
TO BENEFICIARY: County of Brazos, State of Texas
4617 Hwy. 21, West
Bryan, TX 77803
IRREVOCABLE LETTER OF CREDIT NO.: 372
ISSUE DATE: 12:00 Noon Central Standard Time, September 18, 2007
EXPIRATION DATE: 12:00 Noon Central Standard Time, March 18, 2008, or upon the
completion of all streets and other improvements is made evident by
a letter approving construction of Roads and Drainage Structures from
Brazos County, whichever comes first.
LOCATION OF PROJECT: Indian Lakes Residential Subdivision, Phase 10
AMOUNT: TWO HUNDRED THOUSAND AND 00/100 DOLLARS
$200,000.00
ACCOUNT OF: Smiling Mallard Development, Ltd. (herein"DEVELOPER")
THE FIRST NATIONAL BANK OF BRYAN
THE OLDEST BANK IN TEXAS
Member FDIC•Member Federal Reserve System
Attested By:
No a Thompson, Senior Vice President
STATE OF TEXAS *
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COUNTY OF BRAZOS *
This instrument was acknowledged before me on 3 01 ber (8 , 2007, by
-rkto,n Q S 0-n1 P re s? eLen-t`- , the authorized officer of Franklin Bank, S.S.B., Issuer,
a banking corporation on behalf of said Banking Corporation and its capacity stated.
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_ — , _ _ Notary Public—Ste of Texas
i_ '-i, NANCY HAWKINS
4 ',`"'`,r!`!4 Notary Public,State of Texas t
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* My Commission Expires t
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GENERAL TERMS AND CONDITIONS:
The Issuing Bank set out above hereby issues its IRREVOCABLE LETTER OF CREDIT NO. 372
in favor of the COUNTY OF BRAZOS, STATE OF TEXAS, for the account of DEVELOPER for
an amount of up to TWO HUNDRED THOUSAND AND 00/100 DOLLARS ($200,000.00).
This amount is available by your draft(s)payable at sight when accompanied by the following:
1. Sworn Statement by a duly authorized representative of the County of Brazos, State of Texas,
Stating that Developer has/have defaulted and failed to complete the performance and
construction of the improvements described below in accordance with the regulations
provided in Article XI. Letter of Credit will either be utilized by the County of Brazos or
returned to the Issuing Bank.
SPECIAL TERMS & CONDITIONS:
1. All banking fees/expenses/charges incurred are for the account of Developer. This Letter of
Credit is issued in conjunction with the development of addition in County of Brazos, State
of Texas, specifically for the following:
To guarantee the payment and performance of the proposed construction of paved
streets and drainage construction in Indian Lakes Subdivision, Phase 10, a proposed
addition in the County of Brazos, State of Texas, for a period not to exceed six (6)
months from the date hereof.
2. Disbursements pursuant to this Letter of Credit will never exceed the above-stated amount.
3. This letter of credit shall remain in full force and effect until all streets and other
improvements have been completed as required by the plans and specifications of the Brazos
County Subdivision and Development Regulations and upon issuance of a letter from Brazos
County stating County approval. If improvements are not made by expiration date of above
Letter of Credit, Developer will make application to Bank for reissuance of Letter of Credit
to satisfy County requirements.
"Except as otherwise stated herein,this Credit is subject to the Uniform Customers for
Documentary Credits (2007 Revision) International Chamber of Commerce Publication Number
600".
ISSUER: Franklin Bank, S.S.B.
By: CJ
Ivan Olson, President
ST