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ga, 004995 <br />(FORM LETTER OF CREDIT) <br />Grand Island Mall, Ltd. <br />c/o Meridith Management, Inc. <br />99 Park Avenue <br />New York, N.Y. 1001E <br />EXHIBIT C <br />Date <br />Gentlemen: <br />We hereby open our clean, irrevocable Letter of Credit <br />(tile "Credit") ~ in favor of Grand Island Mall, Ltd. <br />('senefieiary"') for the account of {"Investor") <br />for an amount not to exceed U3 S _ <br />Funds under this Credit are available against Benefici- <br />ary's drafts on us at sight presented to our office at <br />not later than t9arch 1, 1983. A ra is <br />drawn hereunder must mention the number of this Letter of Credit <br />and be accompanied by Beneficiary's signed statement certifying <br />that the amount drawn represents sums due under promissory note <br />dated September , 1980, <br />aggregate amountravailablebunderwthisoCredit shalltbetreduced bye <br />the sum of all amounts previously drawn hereunder. <br />This Credit is transferable in its entirety 6y the Bene- <br />ficiar~ and, upon transfer, the transferee shall have all the <br />rights of the Beneficiary, including the right to draw on this <br />credit in the name of such transferee. <br />We hereby agree with the drawers, endorsers and bona <br />fide holders of all drafts drawn under in compliance with the <br />terse of this Credit, that such drafts will be duly honored upon <br />presentation to the drawee at this office. <br />Practice for1Docuaentazy Credits {1974eRevis~on)CUInternational <br />Chatter of Commerce Publication 4290, except as expressly pro- <br />vided herein. <br />This Credit is hereby transferred in its entirety to <br />Grand Island Mall, Ltd„ <br />By <br />Genera Partners <br />:: <br />k~.~. <br />