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Irrevocable Standby Letter Of Credit <br />Number: 150504077U <br />Issue Date : May 8, 2017 <br />BENEFICIARY APPLICANT <br />INDIAN RIVER COUNTY <br />BOARD OF COUNTY COMMISSIONERS <br />1801 27TH STREET <br />VERO BEACH, FLORIDA 32960 <br />LETTER OF CREDIT ISSUE AMOUNT <br />LADIES AND GENTLEMEN: <br />Wells Fargo Bank, NJL <br />U.S. Trade services <br />Standby Letters of Credit <br />794 Davis Street, 2nd Floor <br />MACA028.9-D2& <br />San Le.sndro, CA 94,;77-6922 <br />Phone: i(Soo) 798-2815 Option 2 <br />&Mail: sftde@we[Waw.com <br />PULTEGROUP, INC. <br />ON BEHALF OF DIVOSTA HOMES, L.P. <br />4400 PGA BOULEVARD, SUITE 700 <br />PALM BEACH GARDENS, FLORIDA 33410 <br />USD 447,439.71 <br />EXPIRY DATE AUGUST 23, 2018 <br />BY ORDER OF PULTEGROUP, INC. ON BEHALF OF DIVOSTA HOMES, L.P., A DELAWARE LIMITED <br />PARTNERSHIP, WELLS FARGO BANK, N.A. HEREBY ESTABLISHES AN IRREVOCABLE LETTER OF CREDIT NO. <br />IS0504077U IN YOUR FAVOR IN THE AMOUNT OF U.S. $447,439.71 EFFECTIVE AS OF MAY 8, 2017, AND <br />EXPIRING AT OUR OFFICE AT THE CLOSE OF BUSINESS ON AUGUST23, 2018. <br />WE HAVE BEEN INFORMED THIS LETTER OF CREDIT IS PROVIDED TO YOU AS REQUIRED UNDER THE <br />CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS BETWEEN DIVOSTA HOMES, L.P. AND <br />INDIAN RIVER COUNTY RELATING TO LAKES AT WATERWAY VILLAGE PD - POD 3R WHICH THE CONTRACT IS <br />NUMBERED PD -16-03-02 (2004010124-78246). <br />WELLS FARGO BANK, N.A. SHALL MAKE FUNDS AVAILABLE UNDER THIS CREDIT TO YOU NOT EXCEEDING IN <br />THE AGGREGATE THE AMOUNT OF THIS CREDIT AGAINST YOUR SIGHT DRAFT TO US MENTIONING THIS <br />LETTER OF CREDR' NO. IS0504077U, ACCOMPANIED BY A LETTER FROM THE COUNTY ADMINISTRATOR OR <br />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 DIVOSTA HOMES, <br />L.P. 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 <br />BY THE COUNTY TO FULFILL THE PERFORMANCE OF SAID CONTRACT FOR THE CONSTRUCTION OF <br />R0U1RED IMPROVEMENTS. DRAFTS PRESENTED FOR PAYMENT UNDER THE CREDIT SHALL BE MARKED, <br />"DRAWN ON IRREVOCABLE LETTER OF CREDIT NO. IS0504077U OF WELLS FARGO BANK, NA." <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 <br />OR TO WHICH THIS LETTER OF CREDIT RELATES AND ANY SUCH REFERENCE SHALL NOT BE DEEMED TO <br />INCORPORATE HEREIN BY REFERENCE ANY DOCUMENT, INSTRUMENT, OR CONTRACT. 7bgethwwell gofar <br />Page 1 of 2 <br />Each page of this document Is an Integral part <br />of this Irrevocable Standby Letter of Credit Number IS05O407711111 <br />ATTA HRIOT 4 <br />P64 <br />