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2. WE HEREBY CERTIFY THAT COPELAND LANDING, INC. HAS DEFAULTED UNDER THE TERMS OF THE COPELANDS LANDING RIVERSIDE, P.R.D. CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS NO. PRD -90-10-09 BETWEEN COPELAND LANDING, INC. AND INDIAN RIVER COUNTY. THE AMOUNT OF THIS DRAWING, $49,500.00, REPRESENTS THE AMOUNT REQUIRED BY THE COUNTY TO FULFILL THE PERFORMANCE OF SAID CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS NO. PRD -90-10-09. 3. Developer, Copeland Landing, Inc. has been notified of the deficiencies in its performance of Contract No. PRD -90-10-09. 4. The Chairman of the Board of County Commissioners of Indian River County is hereby authorized to execute this resolution certifying default along with any other necessary documents to call the Irrevocable Letter of Credit of Caisse Centrale Des Jardins, Montreal, Canada (Issuing Bank Ref.: LCS 4788/189) by draft drawn on NationsBank International Miami L / C Ref. No. EM29888092, as amended. 5. This draft is drawn on NationsBank International Miami Letter of Credit No. EM29888092 dated July 29, 1992 with Amendment No. 1 dated December 1, 1992; reference Caisse Centrale Des Jardins, Montreal, Canada issuing bank Letter of Credit No. LCS 4788/189 dated July 15, 1992. 6. The Director of the Indian River County Office of Management and Budget is hereby directed to submit this resolution, original confirming letter of credit- of NationsBank International Miami with Amendment No. 1, and the validated copy of the original Letter of Credit issued by Caisse Centrale Des Jardins, Montreal, Canada, by sight draft in the amount of $49,500.00 U.S. dollars marked "DRAWN ON IRREVOCABLE LETTER OF CREDIT NO. LCS 4788/189 AND NATIONSBANK INT'L REFERENCE NUMBER EM29888092" , to L/C Department, NationsBank International • Miami, 80 S.W. 8th Street, 23rd Floor, Miami, Florida 33130, U.S.A., arriving at the counters of NationsBank International Miami prior to 3:30 p.m. on October 15, 1993. 27 Boor. 90 FADE -744 OCT 121993