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Q E C 15 1982 <br />Ir .4. N <br />DEC 1982 <br />OF COU .1 r :� } <br />r;V;,,,,.iISS,ONERS "a <br />IRREVOCABLE LETTER OF CREDIT NO. 1 <br />To: Indian River Board of County Commissioners <br />Gentlemen: <br />#00K 52 P��Uz- <br />By order of Corporate Investment Company Haven Federal Savings and.Loan Asso- <br />ciation hereby establishes an Irrevocable Letter of Credit No. 1 in your favor in <br />the amount of $300,000 effective as of December 15, 1982, and expiring at our of- <br />fice at the close of business on February 15, 1984. <br />This letter of credit is provided to you as required under the contract for <br />required improvements between Corporate Investment Company and Indian River County, <br />relating to the Seagrove Subdivision Unit I which contract is numbered CRI No. 1, <br />dated December 15, 1982. <br />Haven Federal Savings and Loan Association shall make funds available under <br />this credit to you not exceeding in the aggregate the amount of this credit against <br />your signed draft to us mentioned in this Letter of Credit No. 1, accompanied by <br />a resolution of the Board of County Commissioners to the effect that Corporate In- <br />vestment Company has defaulted under the terms of the aforementioned contract for <br />required improvements in that the amount of the draft represents the amount required <br />by the county to fulfill the performance of said contract for the required improve- <br />ments. Drafts represented for payment under the credit shall be marked, "Drawn on <br />Irrevocable Letter of Credit No. 1 of Corporate Investment Company". <br />This letter of credit sets forth in full the terms of our undertaking. Such <br />undertaking shall not in any way be modified, amended, or amplified by reference <br />to any document, instrument, or contract referred to herein or in which this letter <br />of credit is referred to or to which this letter of credit related and any such <br />reference shall not be deemed to incorporate herein by reference to any document, <br />instrument, or contract. <br />Haven Federal hereby agrees that your signed draft and resolution as mentioned <br />above shall be duly honored and payment made upon due presentation to our office• <br />located at: 250 Second Street S.W., Winter Haven, Florida; on or before February <br />15, 1984. <br />Sincerely, <br />L. C. Parrott <br />President <br />LCP:mc <br />cc: Irving Wheeler <br />ATTEST: <br />Post Office Box 858 ❑ 250 Second Street, S.W. ❑ Winter Haven, Florida53880 ❑ Phone: (813) 194-7511 <br />M M <br />