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Bank of British Columbia Divison of Hongkong Bank of Canada 2590 Bast Havtings Street, Vancouver, B.C. VSK 1&3

Oateber 3, 1996

fhe Gisy of Pest Soqui¢lan 2272 MebLilstes Avenue Port Goquitlam, Bo.

V8G aA

Bear girs

Roe IRREVOCABLE BANK GUARANTEE NO. $9-080#80

Ac the vaquest ef WESTERN KORTGAGE DEVELOPMEMY. CORP. wa hereby a¢cabiieh dn your faveur our Eezevecable Bank Guarantee Ka. 66-050-G8 fer a Gum not exceeding 39,331,934-93.

Phis Bank Guarantee 40 vequired in connestion with a seousity deposit to ensure construction of vwerke for the WVaaeview Heights Baveiopments

Thies Bank Guarantes shall be avadlable te yeu by Sight drvaits dvawn on Bank of Beitdsh Coluabia, a Davisien of Hongkong Bank of Canada, when supperted by your written demand fer payment nad4 upon us. Partéal Aravings ave paymitted, drafte ake te be garkad "Beawn under Bank of Beitish Cobumb4a, 2999 Base Hastadngée Ftract, VascesVet, Be@. VER 183, Irrevocable Bank Guerantes Ho 69-056-8% dated Oetober 3, 1986", which damand we ghaiLi honour without anqudedng whether you have the right as between yours@L?é and the sa4d customer to sake auch demand, and without veoogniasng any eladm of ous gad customer, or objection by it te poyment by ua.

b ' } , } 8 ss] 3 2 ? a a =f 5 d Ps ood

Phe amount of this Letter of Guarantee aay be veduced @gen tine to tige as advised by nctias dn writing te the underaigned from

time ta time by the Corporation of the City of Part GCaqvuitiane

fade Batter of Guarantes will cantinue in feraa fer a period eg 2 year, subjeat only to the cenditions hexalaalter 8at forth.

teh in a condi¢ion of thig Letter of Guesantee that i @haii be deemed te bea automatisally extended withous anendsent from year te year from the present of any future expiration date hareal’, unleas at Least 39 deye prior te any gugh @utuge axpleation date,

35

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