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and loan association <br />Elk Grove Village <br />901 Wellington <br />Elk Grove, Illinois 60007 <br />IRREVOCABLE LETTER OF CREDIT 191-802659 <br />PROJECT: Staple's Subdivision Phase I <br />Elk Grove, Illinois <br />AMOUNT: $110,000.00 <br />EXPIRATION DATE: May 1, 1988 <br />Applicant: Terrestris Development Company <br />900 Commerce Drive <br />Suite 205 <br />Oak Brook, Illinois 60521 <br />Beneficiary: Village of Elk Grove <br />901 Wellington <br />Elk Grove, Illinois <br />Dear Sirs: <br />We hereby establish in your favor our Irrevocable Letter of <br />Credit No. 191-802659, which is available for negotiation of your <br />drafts at sight, drawn on us, and bearing the clause "drawn under <br />Irving Federal Savings and Loan Association Letter of Credit 191- <br />802659." <br />We hereby engage with drawers and/or bonafide holders that drafts <br />drawn and negotiated in conformity with the terms of this Letter <br />of Credit will be duly honored on presentation and that drafts <br />accepted within the term of this Letter of Credit will be duly <br />honored on or before the expiration date of this credit. <br />Drafts drawn under this Letter of Credit must be drawn and <br />presented together with the accompanying documentation at our <br />office located in Arlington Heights, Illinois not later than <br />May 1, 1988. <br />Drafts must be drawn under this Letter of Credit. We hereby <br />engage with you that all drafts and/or documents will be duly <br />honored upon presentation to us. <br />MEMBER 180 2 gj5.$19tR3ing Park Road Chicago, Illinois 60618-3284 (312) 478-3131 <br />FSLIC ❑ 4100 Lawrence Avenue Chicago, Illinois 60630-2894 (312) 286-1919 <br />F IM06��GW ❑ Elston Plaza 3227 Addison Street Chicago, Illinois 606184328 (312) 478-5777 <br />'� ""�'�" • """' ` OUSM <br />❑Ri aPlaza 770WDundee Arlington Heights, Illinois 60004-1598 (372)577.8100 LENDER <br />