Attachment D
GOLDEN STATE BANK
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Date:
To Beneficiary:
Applicant:
Amount:
Irrevocable Standby Letter of Credit No. 1045
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April 14, 2025
City of Pasadena
Department of Public Works
100 North Garfield Avenue
Pasadena, CA 91109
127 Madison, LLC
500 Cordova Street
Pasadena, CA 91101
U.S. $44,556.00
We hereby establish this irrevQcable standby Letter of Credit #1045 in favor of the aforesaid addressee ("Beneficiary") in, fhe amount of $44,556.00 United States Dollars (Forty-Four Thousand Five, Hundred Fifty Si^ DoUars and 00/100) on behalf of 127 Madison, LLC effective immediately and expirmfg at our office at 870 North Mountain Avenue, Ste. 127, Upland, CA. 9:786 at4PM Pacific Time on April 14th, 2026. Drawmgs under this letter of credit shall be made by presenting,in person or by mail, one or more signed original demands for payment m the fonn of Exhibit 1 at our office described above.
Partial and multiple drawings are permitted.
Notwithstanding anytlung to the conb-ary contained in Rule 6 of the ISP 1998 hereinafter -referred to, this letter of credit may not be sold, ta'ansferred, assigned, pledged, attached or encumbered in any manner.
WE HEREBY AGREE THAT EACH DEMAND FOR PAYMENT UNDER AND IN COMPLANCE WTm THE TERMS OF TfflS LETTER OF CREDIT WILL BE DULY HONORED BY US. OUR OBLIGATION HEREUNDER SHALL NOT BE SUBJECT TO
ANY DEFENSE BY REASON OF THE ACTUAL OR ALLEGED INVALIDHY, ILLEGALITY, OR UNENFORCEABILIT^ OF THE CONTRACT(S) BETWEEN THE APPLICANT AND BENEFICIARY OR OTHERWISE.
This letter of credit shall expire on April 14th, 2026, or on such latter date through which the term offhis letter of credit may be automatically extended and renewed as set forth below.
Irrevocable Standby Letter of Credit No. 1045
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It is a condition of this letter of credit that, upon written notice from fhe Beneficiary to Golden State Bank, that ,fhe Applicant has made a cash payment to the Beneficiary, the amount of this Letter of Credit will be reduced by; an amount equal to said cash payment. For so long as &e amount shall be available under the letter of credit, the stated expiration date hereof shall be extended and renewed (without amendment) for additional consecutive one-year penods from the then current stated expiration. date fhereof, until we are otherwise informed by the Beneficiary no later than sixty (60);calendar days in advance of the maturity of the most recent term.
At your request prior to the expiration date of this letter of credit, we will issue a replacemeat letter of credit (having fhe samp terms and conditions of this letter of credit) to you if you return the mutilated original letter df credit to us or if you certify to us that the original letter of credit has been lost, .stolen, or'desfa'oyed and provide "us with a reasonably acceptable . r. indemnity from fhe reasonably acceptable indemnitor.
All demands fpr payment, docurilents, instmctions, and commrmications pertinent to this letter of credit must be presented, eith'er-ip person or by mail, to our office at 870 N Mountain Ave, : , Ste. 127, Upland, CA 91786, Attn: Credit Services Department We rqyreserit, warrant, and coveaauit to and with you that this letter of credit is duly, validly, and lawfully issued and fhat all payments hereunder will be made with our own funds.
If for any reason, we are not open fcr letter of credit business on the then current expiration of this letter of credit. The expiration Jdate of this letter of credit shall be automatically extended without amendment to fhe date thirty (30) days after we reopen for letter of credit business, notwithstanding anything to the,contrary contained in tins letter of credit. If we do not reopen for business fhirty (30) days after Ae fhen current expiration date offhis letter of credit, then we shall be deemed to have dislionored and repudiated this letter of credit and we shall be liable to you for fhe entire amount available for drawing on fhe expiration date hereof plus interest thereon.
This letter of credit may not be amended without your written consent.
Except as otherwise expressly provided herem, this letter of credit is issued subject to and governed by the 1993 Revision of the Uniform Customs and Practice for Documentary Credits offhe International Chamber of Commerce (Publication 500 & 600). This letter of credit shall, as to matters not governed by ISP 1998, be governed by and in accordance with the laws of the State of California.
Excq)t as expressly stated herein, fhis Letter of Credit is not subject to any agreement, condition, or qualification. The obligation of Golden State Bank under this Letter of Credit is the individual obligation of Golden State Bank and is in no way contingent upon reimbursement with respect thereto.
Irrevocable Standby Letter of Credit No. 1945
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Special Conditions:
1. Partial drawings are permitted.
2. Each draft hereunder must be endorsed on the reverse of this Letter of Credit and must bear upon its face "Drawn under Letter of Credit number 1045 dated April 14th 2025, on Golden State BanK at 870 N Mountain Ave, Ste. 127, Upland, CA 91786."
3. The letter of credit will not be tenninated without Beneficiary approval.
4. The letter of qredit will be Aujbject to reductions equal to any cash payments made by the Applicant to the Beneficiary.
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. Should you have any questions or need additional assistance, please don't hesitate to contact the undersigned.
Dated: April 14,2025
Golden State Bank
Name of Bank
Authorized Signature of Bank Official
Alexander Alyuzman
SVP, Director of Real Estate and Commercial Lending
Title of Person Signing
APPROVED AS TO FORM:
This ^ ^ day ofj^L-, 2a^C
By ^.^^^^'^
Deputy City Atto^fy
870 N Mountain Ave., Suite 127
Address
Upland, CA 91786
City, State, & Zip Code
EXHIBIT 1