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<br /> Bank of America
<br /> PAGE : 1
<br /> DATE : MAY 6 , 2004
<br /> IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER : 3063088
<br /> BENEFICIARY APPLICANT
<br /> INDIAN RIVER COUNTY M - R HOMES , LTD ,
<br /> BOARD OF COUNTY COMMISSIONERS 1300 N . FLORIDA MANGO ROAD
<br /> 1840 25TH STREET WEST PALM BEACH , FLORIDA 33409
<br /> VERO BEACH , FL 32950 ATTN : BRUCE MALASKY
<br /> AMOUNT
<br /> USD 18 , 257 . 40
<br /> EIGHTEEN THOUSAND TWO HUNDRED FIFTY
<br /> SEVEN AND 40 / 1001S US DOLLARS
<br /> EXPIRATION
<br /> MAY 7 , 2005 IN HIALEAH , FL
<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 /> 3063088 IN YOUR FAVOR IN THE AMOUNT OF $ 18 , 257 . 40 EFFECTIVE AS OF MAY
<br /> 7 , 2004 AND EXPIRING AT OUR OFFICE AT THE CLOSE OF BUSINESS ON MAY 7 ,
<br /> 2005 .
<br /> THIS LETTER OF CREDIT SHALL AUTOMATICALLY EXTEND TO AUGUST 7 , 2006
<br /> UNLESS BANK OF AMERICA , N . A . PROVIDES WRITTEN NOTICE BY CERTIFIED
<br /> MAIL , RETURN RECEIPT REQUESTED OR BY OVERNIGHT COURIER , TO INDIAN
<br /> RIVER COUNTY OFFICE OF MANAGEMENT AND BUDGET AT 1840 25TH STREET ,
<br /> VERO BEACH , FLORIDA 32960 OF THE BANK ' S INTENT NOT TO EXTEND THE
<br /> LETTER OF CREDIT AT LEAST 90 DAYS PRIOR TO THE CURRENT EXPIRATION
<br /> DATE , IN THE EVENT YOU ARE SO NOTIFIED , ANY UNUSED PORTION OF THE
<br /> LETTER OF CREDIT SHALL BE AVAILABLE UPON PRESENTATION , WITHIN THE
<br /> CURRENT EXPIRATION DATE , OF YOUR SIGHT DRAFT ,
<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 . 3063088 ,
<br /> ACCOMPANIED BY A STATEMENT SIGNED BY AN AUTHORIZED OFFICER OF THE
<br /> BOARD OF COUNTY COMMISSIONERS STATING " PURSUANT TO THE CONTRACT FOR
<br /> CONSTRUCTION OF REQUIREMENT IMPROVEMENTS BETWEEN M - R HOMES , LTD , AND
<br /> INDIAN RIVER COUNTY , RELATING TO SEASONS , PD WHICH CONTRACT IS
<br /> NUMBERED NO . PD - 01 - 08 - 18 - CFC ( 9-9= 0063 - 26994 ) 1 M - R HOMES , LTD , HAS
<br /> DEFAULTED UNDER THE TERMS OF THE AFOREMENTIONED CONTRACT FOR
<br /> CONSTRUCTION OF REQUIRED IMPROVEMENTS , ( AS MODIFIED ) AND THAT THE
<br /> AMOUNT OF THE DRAFT REPRESENTS THE AMOUNT REQUIRED BY THE COUNTY TO
<br /> FULFILL THE PERFORMANCE OF SAID CONTRACT FOR THE CONSTRUCTION OF
<br /> REQUIRED IMPROVEMENTS , MORE SPECIFICALLY INTERNAL SIDEWALKS AND
<br /> SIDEWALK 0 CONTRUCTION ENTRANCE . " DRAFT PRESENTED FOR PAYMENT UNDER
<br /> THE CREDIT SHALL BE MARKED , " DRAWN ON IRREVOCABLE LETTER OF CREDIT
<br /> NO . 3063088 OF BANK OF AMERICA , N . A . "
<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 /> ORIGINAL
<br /> Bank of America, N.A. Trade Operations
<br /> Mail Code: CA9-703- 19-09
<br /> 333 S. Beaudry Avenue, 19th Floor, Los Angeles, CA 90017
<br /> 00-35-0202NSB 9-1999 CA9 19
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