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¢ Wells Fargo Bank, N.A. . o U.S. Trade Services Standby Letters of Credit 401 N. Research Pkwy, ist Floor MAC D4004-017, lVinston-Salem, NC 27101-4157 Phone:1(800) 776-3862 Option 2 E -Mail: sblc-new@welisfargo.com wellsfargo.com Irrevocable Standby Letter Of Credit BENEFICIARY INDIAN RIVER COUNTY 180127TH STREET VERO BEACH, FLORIDA 32960 LETTER OF CREDIT ISSUE AMOUNT LADIES AND GENTLEMEN: Number: IS000063832U Issue Date : December 5, 2018 APPLICANT D.R. HORTON, INC. 1341 HORTON CIRCLE ARLINGTON,TEXAS 76011 USD 931,352.53 EXPIRY DATE FEBRUARY 15, 2020 BY ORDER OF D.R. HORTON, INC., WELLS FARGO BANK, N.A. HEREBY ESTABLISHES AN IRREVOCABLE LETTER OF CREDIT NO. IS000063832U IN YOUR FAVOR IN THE AMOUNT OF US $931,352.53 (USD NINE HUNDRED THIRTY ONE THOUSAND THREE HUNDRED FIFTYTWO AND 53/100) EFFECTIVE AS OF DECEMBER 5, 2018, AND INITIALLY EXPIRING AT OUR OFFICE ATTHE CLOSE OF BUSINESS ON 02/15/2020. IT 1S 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 EVENTTHAT THE 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 THAT THIS LETTER OF CREDIT IS PROVIDED TO YOU AS REQUIRED UNDER THE CONTRACT FOR CONSTRUCTION OF REQUIRED IMPROVEMENTS ("CONTRACT") BETWEEN D.R. HORTON, INC. AND INDIAN RIVER COUNTY RELATING TO COVE AT FALCON TRACE PD PLAT 1. 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. IS000063832U, ACCOMPANIED BY A LETTER FROM THE COUNTY ADMINISTRATOR OR HIS DESIGNEE, WITH APPROVAL SIGNATURES OF THE COUNTY ATTORNEY OR HIS DESIGNEE, AND THE DIRECTOR OF OFFICE OF MANAGEMENT AND BUDGET OR HIS DESIGNEE, STATING THAT D.R. HM #tCweT go far Page 1 of 3 Each page of this document is an integral part of this Irrevocable Standby Letter of Credit Number IS000063832U