Letter of Credit LETTER OF CREDIT July 1, 2006 City of West Waterford Community Development Department Engineering Branch 1 10 !

e" Capital #venue West Waterford, C#, $%%$ Subject: Letter of Credit - Jackson Bros. Construction Inc. roject !-"#$-$%$ - &'(rade)Re'a*e arkin( Lot &o Whom 't (ay Concern) *lease +e advised that "e have placed a hold on the line of credit of Jac,son Brothers Construction 'nc- in the amount of .6%0,000 for the +enefit of the City of West Waterford for the "or, related to the a+ove/noted pu+lic improvement pro0ect&his hold is effective July 1, 2006 and "ill remain in effect until the "or, is completed and approved +y the City of West WaterfordCham+ers Ban, "ill secure said funds as a guarantee to the City of West Waterford for completion of the named pu+lic improvements in accordance "ith City permits1unds guaranteed +y said line of credit "ill only +e restored to Jac,son Brothers Construction 'nc- after Cham+ers Ban, has received "ritten confirmation from the Director of Community Development of the City of West Waterford that said improvements have +een satisfactorily completed in accordance "ith the approved construction permitCham+ers Ban, agrees to disperse funds from the line of credit to the City of West Waterford upon "ritten demand of the Director of Community Development, accompanied +y the statement that conditions of the construction permit have +een violated&his is an irrevoca+le commitment of funds "hich is not su+0ect to recall +y Jac,son Brothers Construction 'nc2incerely, 333333333333333333333 John 4ivingstone Corporate Credit Department We Concur "ith this agreement) 333333333333333333333 1red Jac,son *resident