LOCD.SAD/050196
~~ ~ 3 ~~
TO: COUNTY OF KERR
700 MAIN STREET
KERRVILLE, TX 78028
LETTER OF CREDIT NO. 44980
We hereby establish our irrevocable letter of credit in your
favor for the account of SADDLEWOOD PARTNERS I, LTD., for an
amount or amounts not to exceed in the aggregate U.S. dollars
$28,820.100.
This letter of credit is given for the purpose of guaranteeing
payment for upgrading and construction of a public roadway to
Kerr County specifications from Sheppard Rees Road to the
property line of the proposed Saddlewood Estates, Section Three.
Security State Bank & Trust promises to pay to Kerr County,
Texas, upon presentation of sight drafts, any amount not
exceeding the cumulative total of $28,820.00 on or after date
hereof .
Kerr County may present multiple sight drafts, at various times,
prior to expiration of this letter of credit, up to the
cumulative total of $28,820.00.
The total outstanding and unused amount of this letter of credit
will be reduced by the amount of each sight draft presented and
paid by Security State Bank & Trust.
This is not a notation credit or a documentary draft, and Kerr
County, Beneficiary, shall be entitled to payment upon
presentation of sight draft alone without the presentation of
documents.
This letter of credit shall expire on May 13, 1997, at the
offices of the undersigned in Kerr County, Texas, 1130 Junction
Highway, Kerrville, Texas 78028, without further notice to you.
IN WITNESS WHEREOF, Security State Bank & Trust has caused this
letter to be signed and attested by its duly authorized officers
who have attached proof of their authorization to sign.
Executed on May ~, 1996.
1
LOCD.SAD/050196
Security State Bank & Trust
By.~~'
Title : VICE PRESIDENT
BOB RUSH
Printed Name
ATTEST:
By : t~VY~- c~
T't e: - ,
Print d Name