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HAS DEFAULTED UNDER THE TERMS OF THE AFOREMENTIONED CONTRACT FOR CONSTRUCTION OF <br />REQUIRED IMPROVEMENTS, AND THATTHE 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. IS000063832U 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. <br />WE HEREBY AGREE THAT YOUR SIGHT DRAFT AND LETTER AS MENTIONED ABOVE SHALL BE DULY <br />HONORED AND PAYMENT MADE UPON DUE PRESENTATION TO OUR OFFICE LOCATED AT THE ABOVE <br />ADDRESS OR BY FACSIMILE TRANSMISSION SPECIFIED BELOW, BEFORE 5:00 P.M. NO LATER THAN <br />FEBRUARY 15, 2020 OR ANY EXTENDED EXPIRATION DATE. <br />PRESENTATION OF DRAWING DOCUMENTS IN COMPLIANCE WITH THIS LETTER OF CREDIT SHALL BE <br />PRESENTED AT OUR OFFICE AT 401 N. RESEARCH PKWY.,1 ST FLOOR, WINSTON SALEM, NORTH CAROLINA <br />27101, ATTENTION: STANDBY LETTER OF CREDIT DEPARTMENT ON OR BEFORE THE EXPIRATION DATE. <br />ALTERNATIVELY, DRAWINGS MAY ALSO BE PRESENTED TO US BY FACSIMILE TRANSMISSION TO FACSIMILE <br />NUMBER 844-879-5593 (EACH SUCH DRAWING, A "FAX DRAWING"); PROVIDED, HOWEVER, THAT A FAX <br />DRAWING WILL NOT BE EFFECTIVELY PRESENTED UNTIL YOU CONFIRM BYTELEPHONE OUR RECEIPT OF <br />SUCH FAX DRAWING BY CALLING US AT TELEPHONE NUMBER 1-800-776-3862 OPTION 2. IF YOU PRESENT A <br />FAX DRAWING UNDER THIS LETTER OF CREDIT YOU DO NOT NEED TO PRESENT THE ORIGINAL OF ANY <br />DRAWING DOCUMENTS, AND IF WE RECEIVE ANY SUCH ORIGINAL DRAWING DOCUMENTS THEY WILL NOT <br />BE EXAMINED BY US. IN THE EVENT OF A FULL OR FINAL DRAWING THE ORIGINAL STANDBY LETTER OF <br />CREDIT MUST BE RETURNED TO US BY OVERNIGHT COURIER. ANY CHANGE IN FAX NUMBER, PHONE <br />NUMBER, OR ADDRESS AFFECTING PRESENTATION, MUST BE PROVIDED IMMEDIATELY IN WRITING TO THE <br />ATTENTION OF OFFICE OF MANAGEMENT AND BUDGET, AT BENEFICIARY'S ADDRESS. <br />EXCEPT AS OTHERWISE EXPRESSLY STATED HEREIN, THIS CREDIT IS SUBJECTTO AND GOVERNED BY THE <br />LAWS OF THE STATE OF FLORIDA AND THE INTERNATIONAL STANDBY PRACTICE 1998 INTERNATIONAL <br />CHAMBER OF COMMERCE PUBLICATION NO. 590 (ISP98) AND, IN THE EVENT OF ANY CONFLICT, THE <br />JURISDICTION IS IN FLORIDA, AND THE LAWS OF THE STATE OF FLORIDA WILL CONTROL. <br />Very Tru ly Yo u rs, <br />WELLSTAR10 BANK' <br />By: <br />Authoazed Signature <br />The original ot6, ,'`Lettei;of.Credit contains an embossed seal over the Authorized Signature. <br />Together we'll go far <br />Page 2of3 <br />Each page of this multipage document is an integral part <br />of this Irrevocable Standby Letter of Credit Number IS0000638320 <br />