OF THE LEASE
AGREEMENT."
PARTIAL DRAWINGS AND MULTIPLE PRESENTATIONS ARE PERMITTED, HOWEVER, EACH SUCH
DEMAND THAT IS PAID BY US SHALL REDUCE THE AMOUNT AVAILABLE UNDER THIS LETTER OF
CREDIT.
IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE DEEMED AUTOMATICALLY
EXTENDED WITHOUT AMENDMENT FOR ONE YEAR PERIODS FROM THE THEN PRESENT EXPIRATION
DATE HEREOF, UNLESS AT LEAST (30) THIRTY DAYS PRIOR TO ANY EXPIRATION DATE WE
SHALL SEND BENEFICIARY NOTICE BY COURIER SERVICE AT THE ABOVE LISTED ADDRESS
THAT WE ELECT NOT TO CONSIDER THIS LETTER OF CREDIT EXTENDED FOR ANY SUCH
ADDITIONAL PERIOD. A COPY OF ANY SUCH NOTICE SHALL ALSO BE SENT, IN THE SAME
MANNER TO: (A) MISSION TOWERS, LLC, C/O DIVCO WEST PROPERTY SERVICES, LLC,
100 PARK CENTER PLAZA, SUITE 425, SAN JOSE, CALIFORNIA 95113, ATTENTION:
PROPERTY MANAGER, AND (B) DIVCO WEST PROPERTY SERVICES, 400 HAMILTON AVENUE,
FOURTH FLOOR, PALO ALTO, CALIFORNIA 94301, ATTENTION: ASSET MANAGER. FOR THEIR
INFORMATION ONLY, THE ISSUING BANK'S OBLIGATION WITH REGARD TO THE PROVISIONS OF
SENDING NOTICE OF NON-EXTENSION BY THE ISSUING BANK TO THE BENEFICIARY IS ONLY
TO THE BENEFICIARY AND IS NOT CONTINGENT UPON THE RECEIPT OR NON-RECEIPT OF THE
COPIES OF NON-EXTENSION NOTICE SENT TO MISSION TOWERS, LLC C/O DIVCO WEST
PROPERTY SERVICES LLC OR DIVCO WEST PROPERTY SERVICES. SAID NOTICE WILL ALSO BE
SENT TO THE ADDRESS INDICATED ABOVE, UNLESS A CHANGE OF ADDRESS IS OTHERWISE
NOTIFIED BY YOU TO US IN WRITING BY RECEIPTED MAIL OR BY COURIER. ANY NOTICE TO
US WILL BE DEEMED EFFECTIVE ONLY UPON ACTUAL RECEIPT BY US AT OUR DESIGNATTED
OFFICE. UPON RECEIPT BY BENEFICIARY OF SUCH NOTICE, YOU MAY DRAW HEREUNDER BY
MEANS OF YOUR DRAFT(S) ON US AT SIGHT ACCOMPANIED BY YOUR ORIGINAL SIGNED
STATEMENT WORDED AS FOLLOWS: "BENEFICIARY HAS RECEIVED NOTICE FROM COMERICA BANK
THAT THE EXPIRATION DATE OF LETTER OF CREDIT NO. ___________ WILL NOT BE
EXTENDED FOR AN ADDITIONAL PERIOD. AS OF THE DATE OF THIS DRAWING, BENEFICIARY
HAS NOT RECEIVED A SUBSTITUTE LETTER OF CREDIT OR OTHER INSTRUMENT ACCEPTABLE TO
BENEFICIARY AS SUBSTITUTE FOR COMERICA BANK LETTER OF CREDIT NO. ___________."
IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE AUTOMATICALLY
DECREASED WITHOUT AMENDMENT AT THE CLOSE OF BUSINESS IN ACCORDANCE WITH THE
FOLLOWING SCHEDULE, EXCEPT THAT THE REDUCTION SHALL BE SUSPENDED ON THE DATE
THIS LETTER OF CREDIT WOULD OTHERWISE REDUCE, IF COMERICA BANK HAS RECEIVED A
DRAW REQUEST FROM BENEFICIARY WHICH HAS NOT BEEN FULLY HONORED AND PAID BY
COMERICA BANK, AND ONCE THE DRAW REQUEST HAS BEEN FULLY HONORED AND PAID BY
COMERICA BANK, THE REDUCTION SHALL TAKE EFFECT.
DATE OF DECREASE
AMOUNT OF DECREASE
AGGREGATE AMOUNT
JANUARY 1, 2006
$800,000.00
$3,200,000.00
JANUARY 1, 2007
$800,000.00
$2,400,000.00
JANUARY 1, 2008
$800,000.00
$1,600,000.00
JANUARY 1, 2009
$1,057,531.00
$542,469.00
THIS LETTER OF CREDIT IS TRANSFERABLE SUCCESSIVELY IN ITS ENTIRETY ONLY TO A
SUBSEQUENT OWNER OF, OR A SUBSEQUENT LENDER WITH RESPECT TO, THE PROPERTY IN
WHICH THE LEASED PREMISES ARE SITUATED. AND ONLY UP