6-11-07 Letter of Credit SR510 Loop ROW6O6 COLUMBIA STREET NW T 360.786.9500
suITE 106 F 360.786.5267 ~ ~ ~ r
OLYMPIA, WA 98501 WWW.PACLAND.COM
LETTER OF TRANSMITTAL
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Date: June 12, 2007 ~
To: Grant Beck; City of Yelm ?~0j
From: Mike Beach
Re: Wal-Mart Store #3705-00; Yelm, Washington
Letter of Credit -Right of Way for Future SR510 Loop
Remarks:
As requested, please find enclosed for your records, the original Letter of Credit, dated June 11;
2007, prepared by JP Morgan Chase for the above referenced project.
Please contact me at (360) 786-9500 if you have any questions regarding this transmittal.
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JPMorganChase ~ j
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t ~.IPMorgan Chase Bank, N.A.
:; c/o .TPMorgan Treasury Services
('ilobal Trade Services ,
10420 Highland Manor Drive
Tampa, FL 33610
JUN 11, 2007
OUR L/C NO.: L5LS-576721
APPLICANT REF. NO.: 3705
APPLICANT
WAL-MART STORES INC.
2001 SE 10TH STREET
BENTONVILLE, AR 72716
BENEFICIARY
CITY OF YELM
105 YELM AVE W
YELM, WA 98597
WE HEREBY ESTABLISH OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. L5LS-
576721 IN YOUR FAVOR, AS BENEFICIARY, BY ORDER AND FOR ACCOUNT OF WAL-MART
STORES, INC, ATTN: LETTER OF CREDIT MANAGER, DEPT. 9382, TEL.NO. 479-273-
8755, 2001 SE 10TH STREET, BENTONVILLE, AR 72716-0550 UP TO THE AGGREGATE
5UM OF FIVE HUNDRED EIGHTY TWO THOUSAND TWO HUNDRED FORTY THREE AND 00/100
U.S. DOLLARS (US$582,243.00) EXPIRING ON JUNE 11, 2008 EXCEPT AS FURTHER
STATED, AT JPMORGAN CHASE BANK, N.A., 333 S. GRAND AVENUE, SUITE 3600, LOS
ANGELES, CA 90071, AVAILABLE BY PAYMENT AGAINST YOUR DRAFT(S) DRAWN ON
JPMORGAN CHASE BANK, N.A., AT SIGHT ACCOMPANIED BY:
1. A NOTARIZED STATEMENT PURPORTEDLY SIGNED BY AN AUTHORIZED OFFICIAL OF
THE CITY OF YELM, STATING THAT: "THE FUNDS DRAWN UNDER IRREVOCABLE STANDBY
LETTER OF CREDIT NO. L5LS-576721 ISSUED BY JPMORGAN CHASE BANK, N.A. ARE
DUE BY REASON OF WAL-MART STORES, INC'S FAILURE TO CONSTRUCT THE REQUIRED
ROADWAY CONNECTION BETWEEN THE FUTURE SR 510 YELM LOOP AND 103RD STREET
FOR STORE #3705 IN YELM, WASHINGTON AND THAT AT LEAST TEN (10) BUSINESS
DAYS IN ADVANCE OF THE PRESENTATION OF THE SIGHT DRAFT FOR PAYMENT, THE
CITY OF YELM HAS PROVIDED TO THE APPLICANT BY COURIER OR .CERTIFIED MAIL,
RETURN RECEIPT REQUESTED, NOTICE OF THE CITY OF YELM INTENTION TO DRAW
FUNDS ON THIS LETTER OF CREDIT. THE PAYMENTS NOT MADE ARE AS FOLLOWS:
LIST PAYMENTS WAL-MART STORES, INC FAILED TO MAKE)"; AND
2. THE ORIGINAL OF THIS LETTER OF CREDIT.
SPECIAL CONDITIONS:
PARTIAL DRAWINGS ARE ACCEPTABLE.
]34748 DelaTorre, Ralph Page 1 of 2
JPMorganChase ~ j
~'~~'
~ .TPMorgan Chase Bank, N.A.
`, •.~ c/o JPMorgan Treasury Services
Global Trade Services
10420 Highland Manor Drive
Tampa, Ft. 33610
JUN 11, 2007
OUR L/C NO.: L5LS-576721
APPLICANT REF. NO.: 3705
IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE DEEMED
AUTOMATICALLY EXTENDED WITHOUT AMENDMENT FOR ONE (1) YEAR FROM THE PRESENT
OR ANY FUTURE EXPIRATION DATE UNLESS AT LEAST THIRTY (30) DAYS PRIOR TO
SUCH EXPIRATION DATE YOU ARE NOTIFIED BY COURIER OR CERTIFIED MAIL, RETURN
RECEIPT REQUESTED, THAT WE ELECT NOT TO CONSIDER THIS LETTER OF CREDIT
RENEWED FOR ANY SUCH PERIOD. NOTWITHSTANDING THE FOREGOING, THIS LETTER
OF CREDIT SHALL HAVE A FINAL EXPIRY DATE OF JUNE 11, 2009.
ANY DRAFT DRAWN UNDER THIS LETTER OF CREDIT MUST BE MARKED "DRAWN UNDER
IRREVOCABLE LETTER OF CREDIT NO. L5LS-576721 ISSUED BY JPMORGAN CHASE
BANK, N.A."
WE HEREBY ENGAGE WITH YOU THAT ANY DRAFT DRAWN UNDER AND IN COMPLIANCE
WITH THE TERMS OF THIS LETTER OF CREDIT WILL BE DULY HONORED ON THE
PRESENTATION AT OUR OFFICE AT 333 S. GRAND AVENUE, SUITE 3600, LOS
ANGELES, CA 90071 ATTN: STANDBY LETTER OF CREDIT DEPARTMENT/MS. AGNES
MARTINEZ, ASSISTANT VICE PRESIDENT, TEL NO. (213) 621-8076 OR MS. JOSIE
PAREDES, TEL NO. (213) 621-8270 BY COURIER OR CERTIFIED MAIL, ON OR BEFORE
THE EXPIRATION DATE AS SPECIFIED ABOVE.
UNLESS OTHERWISE EXPRESSLY STATED HEREIN, THIS LETTER OF CREDIT IS SUBJECT
TO THE INTERNATIONAL STANDBY PRACTICES 1998 (ISP98), INTERNATIONAL CHAMBER
OF COMN~RCE PUBLICATION NO. 590.
THIS LETTER OF CREDIT SHALL BE PERSONAL TO YOU AND SHALL NOT BE
ASSIGNABLE.
AUT IZED S NATURE
,~.;;ues iViartinez
~..°~istant Vice President
134748 DelaTorre, Ralph Page 2 of 2