Lennar Homes of California, Inc. Faithful Performance TM28786-28794 FGAC-2382FIDELITY GUARANTY AND ACCEPTANCE CORP.
5505 BLUE LAGOON DRIVE, 7TH FLOOR WMIAMI, FLORIDA 33126
PHONE (305)553-8724 t
-
N{ARC t 7,2023
lRRll\'(X ABLE Sl Ar.-DA\ l.E'I'l llR OF ( RUDI I NO. F(;,\( -2J0t2
BT]NEI.'I('IAR\cr-! oF vf,\lt'ltt:
298,1,1 llAt \ ROAI)
MENITEI], CA 92586
LENNAR HOMES OF CALIFORNIA, LLC
.{TTN: MR- WILLIAM SACRISTE, DIRECTOR OF FORWARD PLANNIn*G
9EO MONTECITO DRJVE, ST]ITE 206
CORONA, CA 92879
APPLI(JANT:
t-C ANIoI'NT:IISD S3,t36r56.90 (THREE MlLl.lO:{ ETGHT Hl,NIlRf,D THIRTY-SIx THO[ISAND TWO Htrn-DRED
FIFII'-SLX A\D 9O/IOO US DOLLARS)
EXPIRATION DA'rEr MARCII 16, 2024 A'l OtrR COI'N'I'URS
RI:PIIBI,IC PARI( SPI:CIFIC PI.AN l.l0-lv (NF,wPORT EsTA'lES) AKA: PACIFIC lllA\ FIELD
cLNI t.t:llEN:
WE }IEREBY ESTABI,TSH OT]R IRREVOCABI-E STANDBY LETTf,R OF CREDIT NO. FGAC-23082 IN YOTIR FAVOR AT THE
REQUEST AND }'OR TIIE ACCOIINT OF LENNAR HOMES OF CAT,II'ORNI-{, LI,C IN AN AGCREGATE ASTOTINT NOT TO
EXCEUD THE LC AMOUNT.
TII}] 1'I]RM "AGRT]T]N{ENT" MI]ANS 'I'HA'I' ('T]RTAIN SI,COND AMEND]\I EN'I.,I'O QIiINIBT' MITICA'I'ION AGRT]T]NTEIl' B}' ANI)
BE'I'WT]EN CIT}'OT MENIFEE (AS STICCDSSOR IN INTEREST TO COIINTY SERVICE AREA I.I5) AND I,I)\\AR HONTIS OT
CALIFORNIA, Ll.C (AS SI'CCI:SSOR r\ r:'iTUREST TO PACIFIC COltlrriNrTrES) FOR THE ITIDICATION Ot'Pt BLl(' PARK
SPE('11'lC PL-{N 140-lV (NE\}'PORT ESTATES) AtCA.: PA('ll lC i\lA} t-llll-D. DATED NOVEMBUR !6, 2022.
TI S I.E]'TER Ot CR-EDIT IS .,\VArLABr,ll B\' \'OL R DRA.FT(S) DRAWN A',I SIGHT ON i'lDf,l,lTY CUA&\\] \ A\D
,taCEPTANCE ('ORP. DIII.\' Ai\.-D !t.{NlrAl.l.\' SIC\ED A\D },ARKllD: "DR{lV\ LrNDt:R I"IDELI'I \' (;t ARA.N'I \ AND
AC('EPTANCE CORP. I,ETTIIR OF CREDIT NO. }'GAC.23082 DATED IIIARC1I 17,2023" $'TIE\ ACCO}TPA\IED B\,,ITIE
ORIGI\AL OFTHIS I,I]TTER OF('Rf DIT AND AI,I, ORICII(AL AME\-DI\IE\TS, IT'AN\', A\D TIII: i-OLLOWING DOCIiMT.N'T(S):
BENEFICIARY'S CERTIFICA'I'E D[]LY AND NIANUALLI' SICNED AND DA'I'ED B| AN A(;TIIORIZED O}-T'I(-ER SIGNINC AS
SI.ICTI ON ITS I,ETTERHE-4.D READINC EXAC'ILY AS FOLI,OWS:
oR
B. "IT IS LESS THA\ TIIIRTI'(]O) DAYS PRIOR TO TTIf, CIiRREI{'T f,XPIRATION DATE OF THE I,E'T'I'ER OF ('REDIT
AND: (l) BENEFICIARI', H-AS RECEIVED A NOTICE FROM l'tDELrT\ GUARANTY AND ACCEPTAN(IE CORP. lllAT
IT HAS I'I,ECTED NOTTO EXTEND 'I'HIS LEI'TER OT- (]REDIT FOR AN ADDITIONAL PERIOD BEYONI) 'TII8
C1TRRENT UXPIRATION DATEi (ll) THIS LET'IUR OF CREDI1 HAS \OT BEEN REPI,ACED BY A NEW FINAN( lAl-
ASSTIRANCEi AND (ItI) THE OBI,ICATIONS OT DEVELOPER TO THE CITI'T'NDER THE AGRf,I]MENT -'TRT] STILL
OI'TSTANDING."
TIIIS I,I.]TTER OF (]RIiDIT SE-I'S T'ORTH IN !'ULL THE'I'ERMS OF OIiR U\DERI'AKING .{ND SUCH IINDI]R'I'AKING S}IALL
NO'f IN A^'\'WAY BE N{ODIFIED, AMENDT]D, AMPLI}'IED OR LIMI'I'I,]D BY REFERENCE TO ANY DOCTIMI]N'T'I INSTRUI\'II]N'I'
OR ACREEMENT REFERRED'TO HEREIN OR IN WIII('II THIS I,ET'I'I]R OF CREDI'T IS REFT]RRDD TO OR'TO WHI('II'IHIS
I-ETTF]R OF CRCDI'T RELA'I'IS. AND,{\1' SI'('II REFERT]\CE SH-\LI, \OT BE DEI}IED TO INCORPOR{TE IICREI\ A\\'ST CH
DOCI IMENT. INSTRI:}IENT OR ACREENTEN'I"
A. "(I)THE ANrOtlr-T REPRESET*TED Bl THE DRAFf ACCOITPANYI\C THIS SIATEMt:\T lSTHE AMOI'NT REQI'tRED
l'O BD PAID TO THE (lTY O!- MllNlFEE, ('('I'[]") ON r\('COtiNT Ol'THO DEI'Atrt-T OF LE\NAR HOIIDS ()1'
CALIt'ORNlA, LLC ("DtvELOPIr') LiNDER TIIU ACREElltUNT; (tl.) TIIA I DDvELOPER HAS BEXN (;lvEN wRll TUN
\.OTICE B}'THE CITY DESCRIBINC'TH[ f,VEN'I'OR CONDTIION OF SII('H DEI'AI.iL'I'IN RIASONABI,E DI''I'AII,, B\
CERTIFTDD MAn,, RETITRN RECEIPT REQITES-rEDi (llI) rllU DEFAl l.'I tlAS \OT BIIEN CtTRED WITHI\ THll CtrRE
PERTOD PROVIDED l'OR THEREIN, lr ANY; (lv) THAT TllE CITY IS NO'l'l\ DEFAI'I-T tr\DERTHE TERIIS -{ND
CONDITIONS OF l Ht: AGREEn{ENT; AND (\') AS St CH THE (1'tY IS EN'tl'TLED TO BE PAID TllE PRO( EEDS Ol"ftllS
LETTER OF ('Rf,DIT TO BE DISBT-;RSED PT;RStIA:\T TO THEI'ERTTS OI 'l'HE AGREEMENT."
FIDELITY GUARANTY AND ACCEPTANCE CORP
5505 BLUE LAGOON ORIVE, 7TH FLOOR W
MIAM1. FLORIDA 33126PHONE (3051553"8724 t
t-
I HtS IS AN lN',l'UcR.tl_ PART Or LUT| UR OI. ( REDI NO. t'(;.,\(]-23082 P.{(;E 2
THIS I,I.]TTT:R Oi'CREDIT IS TR{NSFERABI,E. BITI'ONI-\' IN ITS DN'I'IRE'I'}', AND MA}' BI] StI('('I]SSIVELY TR\NS}'ERRI.]D.
TRANSFER OF TIIIS LETTER OF CREDIl' StIAI,I, I't; I]FI'EC'I'ED BY tIS I'PON }'OtIR SIIBMISSION OI'TIIIS ORIGINAI, I,T]'T'IIiR
OF (-RI]DI]', INCLIIDING ALI, ORIGINAt, A]\II]ND]\IT]NTS, IF ANl', ACCOMPANIED BY OtTR ]'RAI{SFER REQIIEST FORM DI]I,I'
COMPLE'I.I;D AIiD SIGNT]D, WITH T}IE SIGNATURIi .I.HEREON AUTHENTICA.I.i:D BY YOIiR BA)-K AND PA},MENT OF OT]R.IIL\NSI'DR I, EI]S. II' I'OL WISH TO TR{NSFER 1'IIE LETTER OF CREDIT, Pl,EASE CONl'A(]1' liS FOR THE FOR\l \\'HI(]II W[,
SITAI,I, PROVIDE TO }'OII IIPON }'OIIR REQTII]ST. IN A\I' EVE\T, THIS LE'I'TER O}'('RI]DIT MA}'NOT BE TRA\STERRED
TO AN\' PT]RSON OR ENTITY T,ISTED IN OR O1'IIT]R\I'ISE STIEIECT TO. ANY SAN('TION OR I]IIIBARGO T'IDER NNI'
APPI.I('ABI,I RESTRICTIONS.
N t Ht:Rtlll' lil(CACE \t l'IH BE\Et'lClARr l lI.{ l ALt, SIGH'I DRAFTS DR{\} I t.IDl,R AliD l\ ('O:'i}'OR!tIf\ \\ ITll rlltr'I IrRllIS A:\D ('O\Dl'flONS OF TIIIS LETTER Ot' ('REDIT \\'ILL BE Dt LY I|Or-ORED lt' DRd\\'I A\D PRESE\TED t'OR
PA'I IIE\T ]'OGETHIiR \IITH THE DOC1 }IE\'I'S REQI'IRED HERII\ TO FIDEI,ITY CI ARA\T\' A\D ACCEPTA\CE CORP.
5505 BI,I'E I,ACOON DRIVE, TTIi FLOOR \1'ES]', TIIA}'I. FLORIDA 33I26, IF PRT]SE\'I't]D BEFORE OIIR CLOSE OF BI'SINT:SS
ON OR BI]I-ORI' 'fHE EXPIRATION DATF, PREST]N'I'ATIONS NIAY BE MADE BI RECISTI]RI]D OR (]ERTIFIED MAII,. RI]TIIRN
RECf,tPT REQtrISTED OR B] FEDER.r.t, EXPRESS OR ,rN\ OTHER \ATIO\At-t.\', RUCOGNTZr]D COURJER CO\rPAN\ .
THIS LETTER OF CREDIT IS STJBJECT TO T}IE IN'I'ERNATIONAL STANDB'I' PR4CllCES I998. INTERNATIOIAL CHAMBER
OF COMMERCE -PtIBLICATI0^- NO. 590 ("lSP!r8").
VERI' TRULY YOT,]RS,
FTDEI,ITY GTlARANTY AND ACCEPTANCE CORP.
.r\( Qr I)vI PR}- S I I) T] \T