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