BANK LETTERHEAD

June 1989

Imasco Enterprises Inc.
(Genstar Development Company Division)
104 - 4585 Canada Way

Burnaby, B.C,

VSG 4L6

Dear Sirs:

Re: Irrevocable Bank Guarantee No.

we hereby
No.
Thousand

the / Sewer Agr q i Sandcastles

Capital Corporat !, No. and The
i City of Port Coquitlam, more Particularly

Parcel "A", District Lot 168, Group 1, New
Westminster District, Plan 66373 and a Portion of the Remainder of
Lot 9, District Lots 232, 340, 341, ang 344, Group 1, New
Westminster District, Plan 68514.

This Bank Guarantee Shall
drawn on (Bank
made upon us.

Yours truly