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� M and T Bank <br />►te Baa. <br />Trade Finance Operations <br />1800 Washington Boulevard 8th Floor, MC-MDI-MP37 <br />Baltimore, MD 21230 <br />Tel: Letters of Credit: (410) 244-447514587 <br />Tel: Collections: (410) 244-4566 <br />SWIFT: MANTUS33INT <br />Irrevocable <br />Standby Letter of Credit No.: <br />SB2002530001 <br />Beneficiary: <br />INDIAN RIVER COUNTY <br />BOARD OF COUNTY COMMISSIONERS <br />1801 27TH STREET <br />VERO BEACH, FL 32960 United States <br />Date of Issue: <br />December 21, 2016 <br />Amount: <br />Not Exceeding USD 31,650.30 Thirty One Thou <br />Fifty and 30/100 United States Dollars <br />Applicant: <br />SR 60 VERO, LLC <br />105 FOULK ROAD <br />WILMINGTON, DE 19803 United States <br />UING BANK'S COUNTER <br />WE HEREBY ESTA: �s ,;tee ': 74Aic v' STANDBY LETTER OF CREDIT IN YOUR FAVOR FOR THE <br />ACCOUNT OF SRk 1.O- '' ``AMOUNT NOT TO EXCEED IN AGGREGATE THIRTY ONE <br />THOUSAND SIX DRE r't , F :' ND 30/100 US DOLLARS ($31,650.30) AVAILABLE BY YOUR SIGHT <br />DRAFT(S) DRAW ';1..€ N M A t T NK BEARING THE CLAUSE, "DRAWN UNDER M AND T BANK <br />IRREVOCABLE S Nz#:, )Cr TER OF CREDIT NO. SB2002530001 DATED DECEMBER 21, 2016," <br />ACCOMPANIED BY ,'' "-OLLOWING: <br />1. THE ORIGINAL OF THIS LETTER OF CREDIT AND ALL AMENDMENTS, IF ANY. <br />2. A LETTER FROM THE COUNTY ADMINISTRATOR OR HIS DESIGNEE, WITH APPROVAL SIGNATURES <br />OF THE COUNTY ATTORNEY OR HIS DESIGNEE, AND THE DIRECTOR OF OFFICE OF MANAGEMENT <br />AND BUDGET OR HIS DESIGNEE, STATING: SR 60 VERO LLC HAS DEFAULTED UNDER THE TERMS OF <br />THE WARRANTY AND GUARANTY AGREEMENT FOR REQUIRED IMPROVEMENTS NO. PD-14-06-04- <br />R&D2(2) RELATING TO ROAD AND DRAINAGE IMPROVEMENTS WITHIN THE RESERVE AT VERO BEACH <br />P.D. PHASE 2, AND THAT THE AMOUNT OF THE DRAFT REPRESENTS THE AMOUNT REQUIRED BY THE <br />COUNTY TO FULFILL THE PERFORMANCE OF SAID AGREEMENT. <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 <br />SB2002530001 Page 1 of 2 <br />P66 <br />