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NATIONAL <br />f <br />B�a <br />COMMERCE <br />IRREVOCABLE LETTER OF CREDIT NO. <br />DATE: April 11, 2016 <br />Indian River County <br />Board of County Commissioners <br />1801 27th Street <br />Vero Beach, FL 32960 <br />Gentlemen: <br />By order of Harmony Reserve, LLC, a Florida limited liability company, National Bank <br />of Commerce hereby establishes an Irrevocable Letter of Credit No. 401717300 in your favor <br />in the amount of $331,419.20 effective as of April 11, 2016, and expiring at our office at the <br />close of business on July 19, 2017. <br />This Letter of Credit is provided to you as required under the Contract for Construction <br />of Required Improvements between Harmony Reserve, LLC and Indian River County, relating <br />to Harmony Reserve PD -Phase 1A which contract is numbered PD -14-10-12 (97080101- <br />76015). � <br />National Bank of Commerce shall make funds available under this credit to you not <br />exceeding in the aggregate the amount of this credit against your sight draft to us mentioning <br />this Letter of Credit No. 401717300, accompanied by a letter from the County Administrator <br />or his designee, with approval signatures of the County Attorney or his designee, and the <br />Director of Office of Management and Budget or his designee, stating that Harmony Reserve, <br />LLC has defaulted under the terms of the aforementioned contract for construction of <br />required improvements, and that the amount of the draft represents the amount required by <br />the County -to fulfill the performance of said contract for the construction of required <br />improvements.' Drafts presented for payment under the credit shall be marked, "Drawn on <br />Irrevocable Letter of Credit No. 401717300 of National Bank of Commerce. <br />This letter of credit sets forth in full the terms of our undertaking. Such undertaking <br />shall not in any way be modified, amended, or amplified by reference to any document, <br />instrument, or contract referred to herein or in which this Letter of Credit is referred to or to <br />which this letter of Credit relates and any such reference shall not be deemed to incorporate <br />herein by reference any document, instrument, or contract. <br />1 <br />85 <br />