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Eful Do Welts Fargo Bank, N.A. <br />U.S. Trade Services <br />` Standby Letters of Credit <br />401 NT. Research Pkiay,1st Floor <br />MAC D4004-017, <br />thinston-Salem, NC 27101-4157 <br />Phone:1(800) 776-3862 Option 2 <br />E -Mail: sblc-neiv@wellsfargo.com <br />BENEFICIARY <br />Irrevocable Standby Utter Of Credit <br />Number: IS00003953OU <br />Issue Date : May 2, 2018 <br />APPLICANT <br />INDIAN RIVER COUNTY D.R. HORTON, INC. <br />BOARD OF COUNTY COMMISSIONERS 1341 NORTON CIRCLE <br />1801 27TH STREET ARLINGTON, TEXAS 76011 <br />VERO BEACH, FLORIDA 32960 <br />LETTER OF CREDIT ISSUE AMOUNT USD. 209,018.77 EXPIRY DATE <br />LADIES AND GENTLEMEN: <br />AUGUST 1, 2019 <br />BY ORDER OF D.R. HORTON, INC., A DELAWARE CORPORATION, WELLS FARGO BANK, N.A. HEREBY <br />ESTABLISHES AN IRREVOCABLE LETTER OF CREDIT NO. IS00003953OU IN YOUR FAVOR IN THE AMOUNT OF <br />US $209,018.77 (USD TWO HUNDRED NINE THOUSAND EIGHTEEN AND 77/100) EFFECTIVE AS OF MAY 2, <br />2018, AND EXPIRING AT OUR OFFICE AT THE CLOSE OF BUSINESS ON 08/01/2019. <br />WE HAVE BEEN INFORMED THATTHIS LETTER OF CREDIT IS PROVIDED TO YOU AS REQUIRED UNDER THE <br />CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS BETWEEN D.R. HORTON, INC. AND INDIAN <br />RIVER COUNTY, RELATING TO POINTE WEST EAST VILLAGE, PHASE 2A PD WHICH CONTRACT IS NUMBERED <br />PD -17-02-01 (99070081-80228). <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 CREDIT NO. IS000039530U, ACCOMPANIED BY A LETTER FROM THE COUNTY ADMINISTRATOR <br />OR 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 D.R. HORTON, INC. <br />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 />BYTHE COUNTY TO FULFILL THE PERFORMANCE OF SAID CONTRACT FOR THE CONSTRUCTION OF <br />REQUIRED IMPROVEMENTS. DRAFTS PRESENTED FOR PAYMENT UNDER THE CREDIT SHALL BE MARKED, <br />"DRAWN ON IRREVOCABLE LETTER OF CREDIT NO. IS00003953OU OF WELLS FARGO BANK, N.A." <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. Together we'll go far <br />Page 1 of 2 <br />Each page of this document is an integral part <br />of this Irrevocable Standby Letter of Credit Number IS00003953OU <br />