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l Bankof America �%� PAGE : 1 DATE : MAY 6 , 2004 IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER : 3063088 BENEFICIARY APPLICANT INDIAN RIVER COUNTY M - R HOMES , LTD . BOARD OF COUNTY COMMISSIONERS - 1300 N . FLORIDA MANGO ROAD 1840 25TH STREET WEST PALM BEACH , FLORIDA 33409 VERO BEACH , FL 32950 ATTN : BRUCE MnLASKY AMOUNT USD 18 , 257 . 40 EIGHTEEN THOUSAND TWO HUNDRED FIFTY SEVEN AND 40 / 1001S US DOLLARS EXPIRATION MAY 71 2005 IN HIALEAH , FL GENTLEMEN : BY ORDER OF M - R HOMES , LTD . , A FLORIDA LIMITED PARTNERSHIP , BANK OF AMERICA , N . A . HEREBY ESTABLISHES AN IRREVOCABLE LETTER OF CREDIT NO . 3063088 IN YOUR FAVOR IN THE AMOUNT OF $ 18 , 257 . 40 EFFECTIVE AS OF MAY 71 2004 AND EXPIRING AT OUR OFFICE AT THE CLOSE OF BUSINESS ON MAY 71 2005 . THIS LETTER OF CREDIT SHALL AUTOMATICALLY EXTEND TO AUGUST 7 , 2006 UNLESS BANKOFAMERICA , 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 EXTEND THE LETTER OF CREDIT AT LEAST 90 DAYS PRIOR TO THE . CURRENT EXPIRATION DATE . 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 , N . A . 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 . 3063088 , ACCOMPANIED BY A STATEMENT SIGNED BY AN AUTHORIZED OFFICER OF THE BOARD OF COUNTY COMMISSIONERS STATING " PURSUANT TO . THE CONTRACT FOR CONSTRUCTION OF REQUIREMENT IMPROVEMENTS BETWEEN M - R HOMES , LTD . AND INDIAN RIVER COUNTY , RELATING TO SEASONS , PD WHICH CONTRACT IS NUMBERED NO . PD - 01 - 08 - 18 - CFC ( 99110063 - 26994 ) , M - R HOMES , LTD . HAS DEFAULTED UNDER THE TERMS OF THE AFOREMENTIONED CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS , ( AS MODIFIED ) - AND THAT THE AMOUNT OF THE DRAFT REPRESENTS THE AMOUNT REQUIRED BY THE COUNTY TO FULFILL THE PERFORMANCE OF SAID CONTRACT FOR THE CONSTRUCTION OF REQUIRED IMPROVEMENTS , MORE SPECIFICALLY INTERNAL SIDEWALKS AND SIDEWALK @ CONTRUCTION ENTRANCE . " DRAFT PRESENTED FOR PAYMENT UNDER THE CREDIT SHALL BE MARKED , " DRAWN ON IRREVOCABLE LETTER OF CREDIT NO . 3063088 OF BANK OF AMERICA , N . A _ " THIS LETTER OF CREDIT SETS FORTH IN FULL THE TERMS OF OUR UNDERTAKING . . SUCH UNDERTAKING SHALL NOT IN ANY WAY BE MODIFIED , AMENDED OR AMPLIFIED BY REFERENCE TO ANY DOCUMENT , INSTRUMENT , OR CONTRACT REFERRED TO HEREIN OR IN WHICH THIS LETTER OF CREDIT IS REFERRED TO OR TO WHICH THIS LETTER OF CREDIT RELATES AND ANY SUCH REFERENCE SHALL NOT BE DEEMED TO INCORPORATE HEREIN BY REFERENCE ANY DOCUMENT , INSTRUMENT , OR CONTRACT . WE HEREBY ENGAGE WITH YOU THAT DRAFT ( S ) DRAWN UNDER AND IN COMPLIANCE WITH THE TERMS OF THIS LETTER OF CREDIT WILL BE DULY HONORED UPON PRESENTATION AT BANK OF AMERICA , N _ A . TRADE OPERATIONS , MIAMI LAKES OPERATIONS CENTER , 5875 NW 163RD STREET , HIALEAH , FL 33014 , AS SPECIFIED HEREIN . ORIGINAL Bink ofAmaic NA. Trade Op tFFFa Mall Code: CA 703-19-09 3335. Buutly AvmuS 19N Flom, l gryelq CA 90017 00.33-020WSB 9-1999 CA919