IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER SB99-9821
~
CALIFORNIA BANK & TRUST
International Operations
550 South Hope Street, 3rd Floor
Los Angeles, California 90071
S.W.I.F.T. CALBUS66
Standby Letter of Credit
March 6, 2006
IRREVOCABLE STANDBY LETTER OF CREDIT NO. SB99-9821
BENEFICIARY:
CITY OF CLEARWATER, FL
112 SOUTH OSCEOLA AVENUE
CLEARWATER, FL 33756
ATTN: CITY ATTORNEY -PAM AKIN
EXPIRATION:
July 2, 2006
AMOUNT: USD2,137,500.00
Dear Sir/Madam:
At the request of Church of Scientology Religious Trust, 6331 Hollywood Blvd., Los Angeles, CA 90028,
we hereby establish our Irrevocable Standby Letter of Credit in your favor up to an aggregate amount of Two
Million One Hundred Thirty Seven Thousand Five Hundred USDOLLARS (USD 2,137,500.00). This Credit is
available for payment against presentation of your draft(s) at sight drawn on CALIFORNIA BANK & TRUST,
bearing the ciause: "Drawn under Credit No. SB99-9821 of CALIFORNIA BANK & TRUST, Los Angeles,
California" accompanied by the following documents:
This original Letter of Credit and amendment(s) thereto, if any, which will be returned to you following our
notation thereon of the amount of such draft drawn hereunder. If the amount of the draft is for the full
amount of this Letter of Credit, the original Letter of Credit will be retained by us.
Beneficiary's statement, signed by the City Manager or City Attorney, certifying: In connection with the
construction of the Church of Scientology Ministerial Training and Pastoral Counseling Center (Center) in
Clearwater, Florida, the owner has on or before December 31, 2000, failed to:
1) Pay to the City of Clearwater, Florida (City) a fee ofUSD4,500.00 per parking space as established by
the City Commission (Parking Fee) for four hundred seventy five (475) parking spaces (the balance of the
required parking), for a total payment to the City ofUSD2,137,500.00, or
2) Receive a building permit for construction ofthe balance of the required parking which will serve the
center, or
3) Receive a building permit for construction of fewer spaces than the balance of the required parking, and
pay the parking fee for the number of parking spaces fewer than the balance of the required parking,
resulting in an aggregate parking fee payable to the City in the amount ofUSD __.
Partial drawings are allowed.
In the event of a drawing all original documents including original sight Draft must be dispatched in one lotby
registered mail or courier services directly to California Bank & Trust, International Operations, 550 South Hope
Street, 3rd Floor, Los Angeles, CA 90071.
This Standby Letter of Credit expires at our counters at the close of business on the expiration date.
IRREVOCABLE STANDBY LETTER OF CREDIT NO. SB99-9821
PAGE 2
..
If you have any questions concerning this transaction, please call us at (213) 593-2131, (213) 593-2130 or (213)
593-2123.
We hereby agree with you that all draft(s) drawn under and in compliance with the terms of this letter of credit will
be honored upon presentation to us as specified herein.
THIS CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY
CREDITS (1993 REVISION), INTERNATIONAL CHAM1?J~:J,{ OF COMMERCE, PUBLICATION NO. 500.
",,,../...,,P"~- )
S;;lL/-'
/ \ Montoro
: \
,A.uthoriz}d Signature (:;,~:SH:;tant ViC8-Pregic';:sc!:',"c
\.. ......./