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i <br /> w <br /> ' PAGE : 1 <br /> DATE : FEBRUARY 12 , 2002 <br /> IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER : 3046140 <br /> BENEFICIARY APPLICANT <br /> INDIAN RIVER COUNTY M - R HOMES , LTD . <br /> BOARD OF COUNTY COMMISSIONERS 1300 N . FLORIDA MANGO RD . <br /> 1840 25TH STREET WEST PALM BEACH , FL 33409 <br /> VERO BEACH , FL 3295 .0 <br /> AMOUNT <br /> NOT EXCEEDING USD 69 , 703 . 23 <br /> NOT EXCEEDING SIXTY NINE THOUSAND <br /> SEVEN HUNDRED THREE AND 23 / 1001S US <br /> DOLLARS <br /> EXPIRATION <br /> MAY 12 , 2003 IN FLORIDA <br /> GENTLEMEN : <br /> BY ORDER OF M - R HOMES , LTD . , A FLORIDA LIMITED PARTNERSHIP , BANK OF <br /> AMERICA , N . A . HEREBY ESTABLISHES AN IRREVOCABLE LETTER OF CREDIT NO . <br /> 3046140 IN YOUR FAVOR IN THE AMOUNT OF $ 69 , 703 . 23 EFFECTIVE AS OF <br /> FEBRUARY 12 , 2002 AND EXPIRING AT OUR OFFICE AT THE CLOSE OF BUSINESS <br /> ON MAY 12 , 2003 . <br /> BANK OF AMERICA , N . A . SHALL MAKE FUNDS AVAILABLE UNDER THIS CREDIT TO <br /> YOU NOT EXCEEDING IN THE AGGREGATE THE AMOUNT OF THIS CREDIT AGAINST <br /> YOUR SIGHT DRAFT TO US MENTIONING THIS LETTER OF CREDIT NO , 3046140 , <br /> ACCOMPANIED BY A STATEMENT PURPORTEDLY SIGNED BY AN AUTHORIZED <br /> OFFICER OF THE BOARD OF COUNTY COMMISSIONERS STATING " PURSUANT TO THE <br /> CONTRACT FOR CONSTRUCTION OF REQUIREMENT IMPROVEMENTS BETWEEN M - R <br /> HOMES , LTD . AND INDIAN RIVER COUNTY , RELATING TO SEASONS , PD WHICH <br /> CONTRACT IS NUMBERED NO . PD - 01 - 08 - 18 - CFC ( 99110063 - 26994 ) , M - R HOMES , <br /> LTD . HAS DEFAULTED UNDER THE TERMS OF THE AFOREMENTIONED CONTRACT FOR <br /> CONSTRUCTION OF REQUIRED IMPROVEMENTS , AND THAT THE AMOUNT OF THE <br /> DRAFT REPRESENTS THE AMOUNT REQUIRED BY THE COUNTY TO FULFILL THE <br /> PERFORMANCE OF SAID CONTRACT FOR THE CONSTRUCTION OF REQUIRED <br /> IMPROVEMENTS . " DRAFT PRESENTED FOR PAYMENT UNDER THE CREDIT SHALL BE <br /> MARKED , " DRAWN ON IRREVOCABLE LETTER OF CREDIT NO , 3046140 OF BANK OF <br /> AMERICA , N . A , II <br /> THIS LETTER OF CREDIT SETS FORTH IN FULL THE TERMS OF OUR <br /> UNDERTAKING . SUCH UNDERTAKING SHALL NOT IN ANY WAY BE MODIFIED , <br /> AMENDED OR AMPLIFIED BY REFERENCE TO ANY DOCUMENT , INSTRUMENT , OR <br /> CONTRACT REFERRED TO HEREIN OR IN WHICH THIS LETTER OF CREDIT IS <br /> REFERRED TO OR TO WHICH THIS LETTER OF CREDIT RELATES AND ANY SUCH <br /> REFERENCE SHALL NOT BE DEEMED TO INCORPORATE HEREIN BY REFERENCE ANY <br /> DOCUMENT , INSTRUMENT , OR CONTRACT . <br /> WE HEREBY ENGAGE WITH YOU THAT DRAFT ( S ) DRAWN UNDER AND IN COMPLIANCE <br /> WITH THE TERMS OF THIS LETTER OF CREDIT WILL BE DULY HONORED UPON <br /> PRESENTATION AT BANK OF AMERICA , N . A . TRADE OPERATIONS , MIAMI LAKES <br /> OPERATIONS CENTER , 5875 NW 163RD STREET , HIALEAH , FL 33014 , AS <br /> SPECIFIED HEREIN . <br /> THIS LETTER OF CREDIT IS SUBJECT TO THE INTERNATIONAL STANDBY <br /> PRACTICES 1998 , ICC PUBLICATION NO . 590 . <br /> IF YOU REQUIRE ANY ASSISTANCE OR HAVE ANY QUESTIONS REGARDING THIS <br /> TRANSACTION , PLEASE CALL 305 - 825 - 6804 . <br /> Bsolt of America, N.A. Trade Operations <br /> Moil Code: CA9.703• 19-09 ORIGINAL <br /> 373 S. Bca1Nlr7 Avenue, 191A Floor, Los Angeles. CA 411017 <br /> INS. 15112(17N%B 9- PM9JA419 ,• <br /> *w1? Recycled Paper <br />