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1997-0903_FLUIDMASTER, INC._Correspondence • FLUI D MASTER September 3, 1997 Faith Taguchi Bank of America 300 South Harbor Boulevard Anaheim, California 92805 .-►�.. vu .,i ,d.All vUGi. '..d C4 U ►i CAi:V Dar Ms. Taguchi: A time certificate of deposit will be purchased by Fluidmaster today, payable to the City of San Juan Capistrano, in the amount of$473,000. The certificate of deposit is security for Fluidmaster's obligations under a Sur* Agreement relating to the building of Fluidmaster's property at 3800 Rancho Viejo Road, San Juan Capistrano. , •The City of San Juan Capistrano shall be entitled to draw on the Gcertificate of deposit referenced above on a unilateral basis, without any instructions from or approval by Fluidmaster, providing Bank of America receives a letter from the City of San Juan Capistrano to the effect that Fluidmaster is in default or has failed to perform its obligations under the Surety Agreement. This certificate of deposit may also be used as surety for work to be performed in the public right of way of the City of San Juan Capistrano. Fluidmaster agrees to hold Bank of America harmless in complying with the instructions set forth in this letter. Sincerely, • Robert Anderson Schoepe Senior Vice President ACCEPTED Fait Tag c i, on behalf of cot C. Proud,VP & MCBO Ban • America NT&SA Bank of America NT&SA FLUIDMASTER®, INC. 1800 Via Burton P.O. Box 4264 Anaheim, Ca. 92803 714/774-1444