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DATE: FEBRUARY 12, 2002 <br />IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER: 3046140 <br />BENEFICIARY <br />INDIAN RIVER COUNTY <br />BOARD OF COUNTY COMMISSIONERS <br />1840 25TH STREET <br />VERO BEACH, FL 32950 <br />GENTLEMEN: <br />APPLICANT <br />M -R HOMES, LTD. <br />1300 N. FLORIDA MANGO RD. <br />WEST PALM BEACH, FL 33409 <br />PAGE: 1 <br />AMOUNT <br />NOT EXCEEDING USD 69,703.23 <br />NOT EXCEEDING SIXTY NINE THOUSAND <br />SEVEN HUNDRED THREE AND 23/100'S US <br />DOLLARS <br />EXPIRATION <br />MAY 12, 2003 IN FLORIDA <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." <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 />Bank of Americo. N.A. Trade Operalione <br />Mail Code: CA9.707-19-09 <br />333 5. Beauiky Arcnue. 191, Fluor, Los Angcler. CA 911917 <br />11).15.11711}N\B 9.1')99-f A9 19 <br />ORIGINAL <br />I• <br />I Recycled Paper <br />