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NEGOTIATING KEY LEASE PROVISIONS A Landlord's Point of View - page 59 / 60

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FORM 26

LETTER OF CREDIT FORM

WE HEREBY ISSUE THIS IRREVOCABLE STANDBY LETTER OF CREDIT IN THE

AMOUNT OF $

,

A V A I L A B L E B Y Y O U R D R A F T ( S ) , A T O N E

OR MORE TIMES AND IN THE WHOLE AMOUNT OF THIS LETTER OF CREDIT OR IN PARTIAL AMOUNTS, AS DRAWN AT SIGHT ON ________________________ (“BANK”), SEATTLE, WASHINGTON AND ACCOMPANIED BY THE FOLLOWING DOCUMENTS:

1A.

A WRITTEN DECLARATION SIGNED UNDER PENALTY OF PERJURY BY AN

AUTHORIZED AGENT OF

, ITS

SUCCESSOR OR ASSIGNS (THE “BENEFICIARY”) REQUESTING THE RELEASE OF

ALL OR A PORTION OF THE SUMS REPRESENTED BY THIS LETTER OF CREDIT AND STATING AS FOLLOWS: THE UNDERSIGNED IS AN AUTHORIZED AGENT OF THE BENEFICIARY. , ITS SUCCESSORS OR ASSIGNS (THE “TENANT”) IS THE TENANT UNDER THAT CERTAIN OFFICE BUILDING LEASE

DATED , 2000, BETWEEN BENEFICIARY, AS “LANDLORD” AND TENANT _________ WHICH LEASE COVERS CERTAIN RENTABLE SQUARE FEET OF SPACE (THE

“PREMISES”) LOCATED AT

SITUATED AT

,WASHINGTON, AS THE SAME MAY BE MODIFIED FROM TIME-TO-TIME (THE “LEASE”). BENEFICIARY STATES THAT, AS OF THE DATE OF THIS DRAWING, BENEFICIARY HAS DECLARED TENANT IN DEFAULT UNDER THE LEASE, THAT BENEFICIARY HAS PROPERLY GIVEN NOTICE TO TENANT REGARDING SUCH DEFAULT PURSUANT TO THE TERMS OF THE LEASE, AND THAT ANY APPLICABLE CURE PERIOD WITH RESPECT TO SUCH DEFAULT HAS EXPIRED WITHOUT CURE PURSUANT TO THE TERMS OF THE LEASE ; AND/OR

1B.

A WRITTEN DECLARATION SIGNED BY AN AUTHORIZED AGENT OF THE

BENEFICIARY UNDER PENALTY OF PERJURY AND REQUESTING RELEASE OF THE

FULL AMOUNT OF THIS LETTER OF CREDIT AND STATING AS FOLLOWS:

"THE UNDERSIGNED IS AN AUTHORIZED AGENT OF BENEFICIARY AND STATES THAT BENEFICIARY HAS NOT RECEIVED A REPLACEMENT LETTER OF CREDIT OR RENEWAL OF THIS LETTER OF CREDIT AT LEAST 30 DAYS PRIOR TO THE CURRENT EXPIRATION DATE, THAT BENEFICIARY HAS PROPERLY GIVEN NOTICE TO TENANT REGARDING SUCH DEFAULT PURSUANT TO THE TERMS OF THE LEASE, AND THAT ANY APPLICABLE CURE PERIOD WITH RESPECT TO SUCH DEFAULT HAS EXPIRED WITHOUT CURE PURSUANT TO THE TERMS OF THE LEASE.”

2.

THE ORIGINAL OF THIS LETTER OF CREDIT

99999\11111\215691.V01 JDC

59

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