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Bankof America A%j PAGE : 1 DATE : MARCH 31 , 2004 IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER : 3062498 BENEFICIARY APPLICANT INDIAN RIVER COUNTY MERCEDES HOMES , INC . BOARD OF COUNTY COMMISSIONERS 6767 N . WICKHAM ROAD 1840 25TH STREET SUITE 500 VERO BEACH , FL 32960 MELBOURNE , FL 32940 ATTN : OFFICE OF MANAGEMENT AND BUDGET AMOUNT USD 81625 . 00 EIGHT THOUSAND SIX HUNDRED TWENTY FIVE AND 00 / 1001S US DOLLARS EXPIRATION MARCH 31 , 2005 IN HIALEAH , FL GENTLEMEN : BANK OF AMERICA , N . A . , AT THE REQUEST OF MERCEDES HOMES , INC . ( " CUSTOMER " ) , HEREBY ESTABLISHES AN IRREVOCABLE LETTER OF CREDIT NO , 3062498 IN YOUR FAVOR IN THE AMOUNT OF $ 8 , 625 . 34 EFFECTIVE AS OF MARCH 31 , 2004 AND EXPIRING AT OUR OFFICE AT THE CLOSE OF BUSINESS ON MARCH 31 , 2005 . THIS LETTER OF CREDIT SHALL AUTOMATICALLY EXTEND FOR ADDITIONAL ONE YEAR PERIODS UNLESS BANK OF AMERICA , N . A . PROVIDES WRITTEN NOTICE BY CERTIFIED MAIL , RETURN RECEIPT REQUESTED , OR BY OVERNIGHT COURIER , TO INDIAN RIVER COUNTY OFFICE OF MANAGEMENT AND BUDGET AT 1840 25TH STREET , VERO BEACH , FLORIDA 32960 OF THE BANK ' S INTENT NOT TO AUTOMATICALLY EXTEND THE LETTER OF CREDIT , AT LEAST 90 DAYS PRIOR TO THE LETTER OF CREDIT EXPIRATION DATE , NOTWITHSTANDING THE ABOVE THIS LETTER OF CREDIT WILL NOT BE EXTENDED BEYOND JUNE 30 , 2006 , IN THE EVENT YOU ARE SO NOTIFIED ANY UNUSED PORTION OF THE LETTER OF CREDIT SHALL BE AVAILABLE UPON PRESENTATION , WITHIN THE CURRENT EXPIRATION DATE , OF YOUR SIGHT DRAFT , BANK OF AMERICA SHALL MAKE FUNDS AVAILABLE UNDER THIS CREDIT TO YOU NOT EXCEEDING IN THE AGGREGATE THE AMOUNT OF THIS CREDIT AGAINST YOUR SIGHT DRAFT TO US MENTIONING THIS LETTER OF CREDIT NO , 3062498 , ACCOMPANIED BY A STATEMENT PURPORTEDLY SIGNED BY BOTH AN AUTHORIZED OFFICER OF MANAGEMENT AND BUDGET FOR INDIAN RIVER COUNTY AND THE DIRECTOR OF COMMUNITY DEVELOPMENT FOR INDIAN RIVER COUNTY STATING THE FOLLOWING : " PURSUANT TO THE CONTRACT FOR CONSTRUCTION OF REQUIRED SIDEWALK IMPROVEMENTS NO . SD - 01 - 10 - 24 - SIDECFC ( 99080039 ) RELATING TO SIDEWALKS IN THE REPLAT OF SABAL TRACE SUBDIVISION BETWEEN MAINSTREET AT VERO BEACH , INC . , A FLORIDA CORPORATION ( " DEVELOPER " ) AND INDIAN RIVER COUNTY , MERCEDES HOMES , INC . AND / OR MAINSTREET AT VERO BEACH , INC . HAVE DEFAULTED UNDER THE TERMS OF THE AFOREMENTIONED CONTRACT FOR CONSTRUCTION OF REQUIRED SIDEWALK IMPROVEMENTS OR FAILED TO POST ALTERNATIVE SECURITY AND THAT THE AMOUNT OF THE DRAFT REPRESENTS THE AMOUNT REQUIRED BY THE COUNTY TO FULFILL THE PERFORMANCE OF SAID CONTRACT FOR CONSTRUCTION OF REQUIRED SIDEWALK IMPROVEMENTS . " ORIGINAL Bank of America, N.A. Trade Operations Mail Code: CA9-703- 19-09 333 S. Beaudry Avenue, 19th Floor, Los Angeles, CA 90017 00-35-0202NSB 9-1999 CA9 19