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27131 Whiteco Residential 2006 OUTSTANDING BOND REPORT Name: Whiteco Residential LLC Tract No. Parcel 27131 (Permit No. 4593) Date of Contract: NO SIA Required Bond Amounts: Restoration $ 300,000 Dates of Bond Reductions: Outstanding Bonds and Bond Company: Centier Bank $300,000 Bond No. LOC #00815 Date Cancelled/Released: Amount: IRREVOCABLE STANDBY LETTER OF CREDIT Letter of Credit Number: 00815 Amount: U.S. $ 300,000.00 (three hundred thousand dollars and zero cents U.S. DOLLARS) This Letter of Credit is issued on February 9, 2006 by Issuer in favor of the Beneficiary for the account of Applicant. The parties' names and their addresses are as follows: APPLICANT: WHITECO RESIDENTIAL, LLC 1000 EAST 80TH PLACE SUITE 700 NORTH MERRILL VILLE, Indiana 46410-5676 BENEFICIARY: CITY OF LA QUINTA Attn: Anthony Colarossi Public Works Department P.O. Box 1504 La Guinta, California 92247-1504 ISSUER: CENTIER BANK 600 EAST 84TH AVENUE MERRILL VILLE, Indiana 46410 1. LETTER OF CREDIT. Issuer establishes this Irrevocable Standby Letter of Credit (Letter of Credit) in favor of Beneficiary in the amount indicated above. Beneficiary may draw on this Letter of Credit with a Draft (or Drafts, if the maximum number of drawings is greater than one). Each Draft shall be signed on behalf of Beneficiary and be marked "Drawn under CENTIER BANK Letter of Credit No. 00815 dated February 9, 2006." Drafts must be presented at Issuer's address shown above on or before the Expiration Date. The presentation of any Draft shall reduce the Amount available under this Letter of Credit by the amount of the draft. This Letter of Credit sets forth in full the terms of Issuer's obligation to Beneficiary. This obligation cannot be modified by any reference in this Letter of Credit, or any document to which this Letter of Credit may be related. This Letter of Credit expires on the Expiration Date. 2. DRAWINGS. Beneficiary shall be permitted to make multiple drawings on this Letter of Credit. The maximum number of drawings that may be made on this Letter of Credit is 3. "Draft" means a draft drawn at sight. 3. DOCUMENTS. Each Draft must be accompanied by the following, in original and two copies except as stated: A. The original Letter of Credit, together with any amendments. B. A sight draft drawn by Beneficiary on Issuer. Issuer shall be entitled to accept a draft and the documentation described above, as required by the terms of this Letter of Credit, from any person purporting to be an authorized officer or representative of Beneficiary without any obligation or duty on the part of Issuer to verify the identity or authority of the person presenting the draft and such documentation. 4. SPECIAL INSTRUCTIONS. Mediterra Apartments Restoration Bond 5. EXPIRATION DATE. This Letter of Credit expires at the close of business at Issuer's address at 5:00 PM Central Time (Time) on February 9, 2008 (Date). Issuer agrees to honor all Drafts presented in strict compliance with the provisions of this letter of Credit on or before the Expiration Date. 6. NON-TRANSFERt~BLE. This Letter of Credit is not transferable. 7. APPLICABLE LAW. This letter of Credit is governed by the Uniform Customs and Practice for Documentary Credits, 1993 Revision, International Chamber of Commerce Publication No. 500 (UCP), or any later version or amendment. This Letter of Credit is also governed by the laws of Indiana, except as those laws conflict with the Uniform Customs and Practice for Documentary Credits, Document 500. ISSUER: CENTIER BAN ~ L\.5~) y~ '2-1\J\ Date y.~.~ ~ '\.,.~ (, WHITECO RESIDENTIAL, llC Standby Letter Of Credit IN/4evandenb00937100005187023020906Y ©1996 Bankers Systems, Inc., St. Cloud, MN ~M Page 1