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Wells Fargo Bank, N.A. 0 U.S. Trade Services Standby Letters of Credit 401 N. Research Pkwy, ist Floor MI ACD4004-oil, - Winston-Salem, NC 27101-4157 Phone:1(800) 776-3862 Option 2 E -Mail: sblc-new@-wellsfargo.com BENEFICIARY Irrevocable Standby Letter Of Credit Number: ISOb0039534U issue Date : May 2, 2018 APPLICANT INDIAN RIVER COUNTY D.R. HORTON, INC. BOARD OF COUNTY COMMISSIONERS 1341 HORTON CIRCLE 1801 27TH STREET ARLINGTON, TEXAS 76011 VERO BEACH, FLORIDA 32960 LETTER OF CREDIT ISSUE AMOUNT USD 100,485.00 EXPIRY DATE LADIES AND GENTLEMEN: AUGUST 1, 2019 BY ORDER OF D.R. HORTON, INC., A DELAWARE CORPORATION, WELLS FARGO BANK, N.A. HEREBY ESTABLISHES AN IRREVOCABLE LETTER OF CREDIT NO. IS000039534U IN YOUR FAVOR IN THE AMOUNT OF US $100,485.00 (USD ONE HUNDRED THOUSAND FOUR HUNDRED EIGHTY FIVE AND 00/100) EFFECTIVE AS OF MAY 2, 2018, AND INITIALLY EXPIRING AT OUR OFFICE AT THE CLOSE OF BUSINESS ON 08/01/2019. IT IS A CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE DEEMED AUTOMATICALLY EXTENDED WITHOUT WRITTEN AMENDMENT FOR ONE YEAR PERIODS FROM THE PRESENT OR ANY FUTURE EXPIRY DATE UNLESS AT LEAST 90 CALENDAR DAYS PRIOR TO SUCH EXPIRATION DATE, WE SEND THE BENEFICIARY NOTICE AT THE ABOVE STATED ADDRESS BY CERTIFIED MAIL OR OVERNIGHT COURIER THAT WE ELECT NOT TO EXTEND THIS LETTER OF CREDIT BEYOND THE INITIAL OR ANY EXTENDED EXPIRY DATE HEREOF. IN THE EVENT THATTHE CUSTOMER DOES NOT PROVIDE ALTERNATE SECURITY WITHIN THIRTY (30) DAYS OF NOTICE, THE COUNTY SHALL HAVE THE RIGHT TO DRAW ON THE LETTER OF CREDIT NOTWITHSTANDING THE LACK OF ANY DEFAULT UNDER THE CONTRACT. THIS STANDBY LETTER OF CREDIT SHALL NOT BE EXTENDED BEYOND 08/01/2021 WHICH WILL BE CONSIDERED THE FINAL EXPIRATION DATE. ANY REFERENCE TO A FINAL EXPIRATION DATE DOES NOT IMPLY THAT WELLS FARGO BANK, N.A. IS OBLIGATED TO EXTEND THIS CREDIT BEYOND THE INITIAL EXPIRY DATE OR ANY EXTENDED DATE HEREOF, WE HAVE BEEN INFORMED THATTHIS LETTER OF CREDIT IS PROVIDED TO YOU AS REQUIRED UNDER THE CONTRACT FOR CONSTRUCTION FOR FINAL LIFT OF ASPHALT BETWEEN D.R. HORTON, INC. AND INDIAN RIVER COUNTY RELATING TO POINTE WEST EAST VILLAGE, PHASE 2A PD WHICH CONTRACT IS NUMBERED PD -17 -02 -01 -FLA (99070081-80228). WELLS FARGO BANK, N.A. SHALL MAKE FUNDS AVAILABLE UNDER THIS CREDIT TO YOU NOT EXCEEDING IN THE AGGREGATE THE AMOUNT OF THIS CREDIT AGAINST YOUR SIGHT DRAFT TO US MENTIONING THIS LETTER OF CREDIT NO. IS000039534U, ACCOMPANIED BY A LETTER FROM THE COUNTY ADMINI5T r we'll go far Page 1 of 3 Each page of this document is an integral part of this Irrevocable Standby Letter of Credit Number IS000039534U