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A TRUE COPY <br /> CERTIFICATION ON LAST PACE <br /> J.R. SMITH, CLERK <br /> Branch Banking and Trust Company <br /> Commercial Banking <br /> 6250 53rd Ave E <br /> Bradenton,FL 34203 <br /> IRREVOCABLE LETTER OF CREDIT NO. 9662107775-00001 <br /> Indian River County Date: 09/16/2016 <br /> Board of County Commissioners <br /> 1801 27th Street <br /> Vero Beach, FL 32960 <br /> Gentlemen <br /> By order of SLV Millstone LLC, BB&T hereby establishes an Irrevocable Letter of <br /> Credit No 9662107775-00001 in your favor in the amount of $295,307.58 effective as of <br /> 09/16/2016, and expiring at our office at the close of business on 12/16/2017 (15 <br /> months from the date of issuance). <br /> This Letter of Credit is provided to you as required under the Agreement <br /> Concerning Offsite 23rd Street SW Roadway Improvements (Re. Right-Of-Way Permit <br /> No 2016010115) between SLV Millstone, L.L. C., a Delaware limited liability company <br /> and Indian River County <br /> BB&T shall make funds available under this credit to you not exceeding in the <br /> aggregate the amount of this credit against your sight draft to us mentioning this Letter <br /> of Credit No 9662107775-00001, accompanied by a letter from the County <br /> Administrator or his designee, with approval signatures of the'County Attorney or his <br /> designee, and the Director of Office of Management and Budget or his designee, <br /> stating that SLV Millstone, L.L.0 has defaulted under the terms of the aforementioned <br /> Agreement, and that the amount of the draft represents the amount required by the <br /> County to fulfill the obligation under said Agreement. Drafts presented for payment <br /> under the credit shall be marked, "Drawn on Irrevocable Letter of Credit No. <br /> 9662107775-00001 of BB&T " <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 to any <br /> document, instrument, or 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 reference shall not be <br /> deemed to incorporate herein by reference any document, instrument, or contract. <br /> BB&T hereby agrees that your sight draft and letter as mentioned above shall be <br /> duly honored and payment made upon due presentation to our office at the above <br /> address or by facsimile transmission specified below, before 3:00 p.m. no later than <br /> 12/16/2017 (15 months from the date of issuance) <br /> 1 <br />