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' �"�� <br />the <br />J//��x^=�r�bank" <br />Member <br />FDIC <br />446024thAvenue Vero Beach, FL 33967 <br />IRREVOCABLE LETTER OF CREDIT NO. 4O <br />Indian River County Date: October 18.2O17 <br />Board of Commissioners <br />1801 27th Street <br />Vero Beach, FL 32960 <br />By order of Arcadia Vero Beach. LLC. m Florida limited liability company, OcuHna Bank <br />hereby establishes an Irrevocable Letter of Credit No. 40 in your favor in the amount of <br />$351,989.48 effective as of October 18, 2017, and expiring at our office at the close of business <br />onJanuary 17.2O1S' <br />This Letter ofCredit is provided toyou mmrequired under the Contract for Construction mf <br />Required Improvements between Arcadia Vero Beach. LLG and Indian River County, relating to <br />Arcadia Subdivision - Phase 1which contract hanumbered SD45-11-OB(20O1O1OU28-70428). <br />OuuUna Bank 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 of Credit <br />No. 40, accompanied by a letter from the County Administrator or his designee, -with approval <br />signatures of the County Attorney or his designee, and the Director of Office of Management and <br />Budget or his designee, stating that Arcadia Vero Beach, LLC has defaulted under the terms of <br />the aforementioned contract for construction of required improvements, and that the amount of <br />the draft represents the amount required by the County to fulfill the performance of said contract <br />for the construction of required improvements. Drafts presented for payment under the credit <br />.shall be marked, "Drawn on Irrevocable Letter of Credit No. 40 of Oculina Bank." <br />This letter of credit sets forth in full the terms of our undertaking. Such undertaking shall <br />not in any way be modified, amended, or amplified by reference to any document, instrument, or <br />contract referred to herein or in which this Letter of Credit is referred to or to which this Letter of <br />Credit relates and any such reference shall not be deemed to incorporate herein by reference any <br />document, instrument, or contract. <br />Oculina Bank 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 'located at 4450 24m <br />Avenue, Vero Beach, FL 32967, on or before January 17, 2019. <br />Sin <br />By <br />Chris <br />Anthony Arino, Vice President <br />vvvvvv.oCu|inab3nk.COnl <br />1-877-962-8546 1-772-563'2212 <br />