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Villoge The 4 <br />Ban <br />O F4, 15- 9l <br />- " Past Office Box 2564- Chapel'HiN; North Carolina 27515 -2564' ` <br />THE VILLAGE BANK <br />CLEAN IRREVOCABLE LETTER OF CREDIT <br />ISSUING BRANCH: Main <br />ADDRESS: 77 S. Elliott Rd. Chapel Hill, N.C. 27514 <br />PHONE NUMBER: (919) 929- -0252 <br />DATE OF ISSUE: April 15, 1991 CREDIT NUMBER 231 <br />EXPIRATION DATE: DRAFT MUST BE PRESENTED April 15, 1992 <br />BEFORE CLOSE OF BUSINESS <br />ON THIS DATE) <br />BENEFICIARY NAME AND ADDRESS: Orange County Hillsborough, NC <br />APPLICANT NAME AND ADDRESS: Habitat for Humanity <br />orange County NC, Inc <br />MAXIMUM AMOUNT (in words): Fifty Five Thousand Four Hundred Ten <br />& No /100 <br />U.S. $55,410.00 . <br />Gentlemen: <br />We hereby establish our irrevocable clean Letter of Credit n 2-11 <br />in your favor for the account of the above applicant to the extent <br />of the face amount of this Letter of Credit which shall not exceed <br />U.S. $55,410.00. We udertake to honor your drafts not excedding <br />in the aggregate the amount of the Letter of Credit referenced <br />above at sight on us at our office designated above. The total <br />amount of this Letter of Credit is available from the date hereof <br />against presentation of your sight draft (s) if presented to the <br />issuing branch. It is agreed that the maximum amount of this <br />Letter of Credit shall be reduced to $2,750.00 (to cover maximum <br />cost of shared private well) once the County has received final <br />approval of the $175,000.00 Community Development block Grant <br />(CDBG) from the North Carolina Department of Economic and Community <br />Development. <br />Draft (s) drawn under this Letter of Credit must bear the clause: <br />"Drawn under The Village Bank's main branch irrevocable Letter <br />of Credit No. 231 _ , dated April 15, 1991.11 <br />Partial drawings are permitted hereunder. <br />All amounts drawn hereunder must be endorsed on the reverse hereof <br />by the negotiating party. <br />Kroger Plaza Cole Park Plaza 113 N. Columbia W. Main, Carrboro . South Square, Durham . Northgate Mau. Durham <br />929.0252 942 -0966 929 -1734 968 -0167 493.0059 .286 -5888 <br />