SUBDIVIžsSIONžsS To: Escrow Date: Address (PO box not acceptable) City, State, Zip CodeRe: Name of Homeowner222s Association Irrevocable Standby Letter of Credit # Dear Sir or Madam: We hereby establish our irrevocable Letter of Credit (referenced above) in favor of Name of Homeowner222s Association , a California Corporation (Association) in an amount up to Dollars ($ ) for the account of Name of Subdivider (Subdivider) securing Subdivider222s obligation to pay Working Capital Funds to the Association in accordance with the Agreement for Payment of Working Capital.The Subdivider has failed to deposit Working Capital Funds with the Association for every lot or unit, title to which is held -sion in accordance with the attached Agreement for Payment of Working Capital. It is a condition of this Letter of Credit that it shall be deemed automatically extended without amendment for one year from the present or future expiration date hereof unless, sixty days prior to such expiration date, we notify Association in writing that we do not intend to renew this Letter of Credit. Upon receipt of such notice, you may draw hereunder by your We hereby certify that we will hold or disburse funds to discharge the obligation of the Subdivider to deposit Working Capital Funds with the Association pursuant to the attached agreement. Drafts drawn under this Letter of Credit must bear its number and date. Partial draws are permitted. We engage with you that all drafts drawn under and in compliance with the terms of this Letter of Credit will be duly - This credit is subject to the Uniform Customs and Practice for Documentary Credits (1983 Revision) International Chamber of Commerce Publication No. 400. Name of Bank Title Address City, State STATE OF CALIFORNIAžDDEPARTMENT OF žRREAL žEEžsSTATESAMPLE žLLETTER OF CREDIT (Working Capital)RE 643F (Rev. 2/06) American LegalNet, Inc. www.FormsWorkFlow.com