<~ ~ ..,._ .~i~.~ NORWE~ BANKS ®/// /! f~ ~;! NORWEST BANK TEXAS, N.A. 1500 BROADWAY LUBBOCK, TEXAS 79401 April 1, 1997 ~~~C97~~ IRREVOCABLE STANDBY LETTER OF CREDIT NO. 4270037709 (Maintenance of Roads, Streets, and Alleyways in Highlands Ranch Subdivision) County of Kerr 4010 San Antonio Hwy. Kerrville, Texas 78028 Dear Sir/Madam: A DEPOSIT ON BEHALF OF Vista Construction, L.L.C., 998 Sidney Baker South, Kerrville, Texas 78028-6126. This is an irrevocable letter of credit issued to you the County of Kerr, Texas, at the request of Vista Construction, L.L.C., 998 Sidney Baker South, Kerrville, Texas 78028-6126, in accordance with Chapter 5, V.T.C.A., Texas Business and Commerce Code. This bank promises to pay to the order of the Kerr County, Texas, upon presentation of a sight draft, any amount not exceeding the cumulative total of $7,500.00 (Seven Thousand Five Hundred Dollars Only) on or after April 1, 1997. This is not a notation credit, and Kerr County, Beneficiary, shall be entitled to payment without the presentation of documents. In accordance with Section 5.106 of the Texas Business and Commerce Code, this letter of credit maybe modified by the reduction of the total outstanding and unused amount of this credit, upon the execution and delivery to issuer of a sworn statement making demand by the County Engineer of Kerr County, or by anyone purporting to be his duly authorized agent, and presenting a document to that effect on Kerr County letterhead. This letter of credit shall expire on March 24, 1998. CONTINUED ON PAGE 2 WHICH FORMS AN INTEGRAL PART OF IRREVOCABLE LETTER OF CREDIT NO. 4270037709 NC 42745 MUL (5-91-704 74) .~ ~~~w~~. NORWEST BANKS '1/I~ ^~ ~~~ Page 2 NORWEST BANK TEXAS, N.A. ATTACHED TO AND FORMS AN INTEGRAL PART OF IRREVOCABLE LETTER OF CREDIT NO. 4270037709 IN WITNESS WHEREOF, the Issuer has caused this letter to be signed and attested by its duly authorized officer(s) who has attached proof of this authorization to sign, and sealed with the Issuer, this the 1st day of April, 1997. Sincerely, NORWEST BAN TEXAS, N.A. Martha Wiley Assistant Vice President Letter of Credit Department NC 42145 Mf1L (5-9 1-704 74) ~~®~ ~ NORWBT BANKS /IIII // ~~6~ April 1, 1997 Kerr County 4010 San Antonio Hwy. Kerrville, Texas 78028 RE: Vista Construction, L.L.C. Attachment: Letter of Credit No. 4270037709 Gentlemen: NORWEST BANK TEXAS, N.A., LUBBOCK, TEXAS, at the request of Vista Construction, L.L.C., Kerrville, Texas has provided its Irrevocable Letter of Credit No. 4270037709, which is attached hereto in the amount of $7,500.00 dated April 1, 1997 in your favor. This will certify that Martha Wiley, Assistant Vice President is authorized to provide and execute the attached Irrevocable Letter of Credit. Very Sera ice President KBT/mw Encls: Lending ~~~ p ~g~~ME Flled~pay° A' Rp~gpYE F Texas ~ rk Cou N Court, K r Co /~ 4' tiV V`~- MC 42145 MUL (5-91-70474)