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Mutual Bai,""�ok <br />Go ahead —five abetter fife! <br />January 31, 2018 nojargj "Wil O <br />li ,,,,k. <br />Letter of Credit No 2544726682 <br />BENEFICIARY: <br />Board of Public Works <br />Attn: Linda Martin <br />City of South Bend <br />1.316County City Building <br />South Bend, In 46601 <br />Dear Board of Public Works, <br />We hereby open our Irrevocable Letter of Credit in your favor available by your drafts drawn on MutualBank at <br />Sight for any sums not exceeding in total of $61,870.00 U.S. Dollars for account Cleveland Woods <br />Development Co., LLC. <br />The purpose of this Letter of Credit is to guarantee funds, not to exceed the amount referred to above, for <br />payment towards the cost of completing Sanitary Sewer and Municipal Water in Fernwood Phase III — Section <br />Two -A. <br />Drafts trust be accompanied by: <br />1. Your signed statement certifying that the fiends drawn hereunder are due you on account of the <br />Cleveland. Woods Development Co., LLC, as a result of the following: <br />A.) Failure to complete Sanitary Sewer and Municipal `Hater in Fernwood Phase III— Section Two -A <br />B.) A photocopy of unpaid i.nvoice(s). <br />OR <br />2. Your signed statement certifying that: <br />A.) The funds drawn hereunder represent the amount of payments you have received from or for the <br />account of Cleveland Woods Development Co., LLC with 90 days prior to the occurrence of one the <br />following: (i) the filing of a petition by or against Cleveland Woods Development Co., LLC with a <br />United States Bankruptcy Court; (ii) the making by Cleveland. Woods Development Co., LLC <br />became the subject of any proceeding, voluntary or involuntary, which under applicable State or <br />Federal law could result in the return of such payment(s), and <br />B.) The amount of such payment(s) has been (or will promptly after payment of the accompanying draft <br />be) returned to Cleveland 'Woods Development Co., IsLC or otherwise to the appropriate person. <br />iiF;n "'fid111"Vdl ll,fi.'.:ail,[ <br />4100 Edison Lakes Parkway, Suite 300 . PCB. Box 528. Mishawaka, IN 46546-0528 • Phone 574-277-4200.800-400-0433 <br />