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M and T Bank <br />M&T Bank Trade Finance Operations <br />1800 Washington Boulevard 8th Floor, MC-MDI-MP37 <br />Baltimore, MD 21230 <br />Tel: Letters of Credit: (410) 244-4475 / 4587 <br />Tel: Collections: (410) 244-4566 <br />SWIFT: MANTUS33INT <br />Irrevocable <br />Standby Letter of Credit No.: <br />SB2002520001 <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 28, 2016 <br />Amount: <br />Not Exceeding USD 40,360.63 Forty Thousand <br />Sixty and 63/100 United States Dollars <br />WE HEREBY ESTA <br />ACCOUNT OF SR <br />THREE HUNDRE <br />DRAWN ON M A <br />STANDBY LETTE <br />FOLLOWING: <br />Applicant: <br />SR 60 VERO, LLC <br />105 FOULK ROAD <br />WILMINGTON, DE 19803 United States <br />SUING BANK'S COUNTER <br />STANDBY LETTER OF CREDIT IN YOUR FAVOR FOR THE <br />OR ` ' ' AMOUNT NOT TO EXCEED IN AGGREGATE FORTY THOUSAND <br />00 US DOLLARS ($40,360.63) AVAILABLE BY YOUR SIGHT DRAFT(S) <br />G THE CLAUSE, "DRAWN UNDER M AND T BANK IRREVOCABLE <br />NO. SB2002520001 DATED DECEMBER 28, 2016," ACCOMPANIED BY THE <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 CONTRACT FOR CONSTRUCTION FOR FINAL LIFT OF ASPHALT RELATING TO THE RESERVE AT <br />VERO BEACH P.D. PHASE 2 WHICH CONTRACT IS NUMBERED PD-14-06-04-FLA-PH2, AND THAT THE <br />AMOUNT OF THE DRAFT REPRESENTS THE AMOUNT REQUIRED BY THE COUNTY TO FULFILL THE <br />PERFORMANCE OF SAID CONTRACT. <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 />SB2002520001 Page 1 of 2 <br />P70 <br />