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March 8, 1982 <br /> <br /> U. S. Depazh~nt of Housing <br /> and Urban Develo~mant <br /> c/o B A Mortgage and International <br /> l%ealty Association <br /> <br /> The ~%~develu~,ent A~ency of the City of Redwood City hereby establishes <br /> an irrevocable Letter of Credit in your favor on behalf of the Bedwood City <br /> Cooperative Housing Association, Inc., up to the aggl~ate amount of <br /> Eight Hundred One Thousand and No/100 Dollars ($801,000.00), from which <br /> amount monies may be drawn by warrent upon presentation of doc~nentation <br /> satisfactory to the Director of Finance of the City of ~mood City by <br /> the ~ City Cooperative Housing Association, Inc. <br /> <br /> This Letter of Credit shall be used only for the purpose of assisting <br /> the ~ City Cooperative Housing Association, Inc., to pay initial <br /> equity costs required to obtain mortgage financing for a low incc~ne <br /> housing cooperative project in the City of P~lwood City. Should the <br /> Redwood City Housing Cooperative Association, Inc., fail to obtain <br /> HUD Tandem Financing, this Letter of Credit shall be null and void; <br /> otherwise, the terms and conditions hereof shall be irrevocable until <br /> March 9, 1983. <br /> <br /> CITY OF R~IY~OCO CITY <br /> <br /> RedeveloF~ent Agency <br /> <br /> DIPJDCTOR OF FINANCE <br /> <br />SWC:mf <br /> <br /> EXHIBIT A <br /> <br /> <br />