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4b <br />[Letterhead of Bank] <br />IRREVOCABLE LETTER OF CREDIT NO. <br />[Date] <br />Indian River County, Florida <br />1840 25th Street <br />Vero Beach, Florida 32960 <br />Attention: Director of Budget and Management <br />Dear Sir: <br />1. At the request of and for the account of [name and address of <br />property owner] (the "Property Owner"), we hereby establish in your favor, in <br />connection with the special assessment in lieu of impact fees imposed upon <br />certain real property legal title to which is held by the Property Owner by <br />resolution of the County adopted (the "Special Assessment"), our <br />Irrevocable Letter of Credit No. (the "Letter of Credit ") in the <br />amount of $ ( as more fully described below), effective <br />and expiring at 5:00 p.m. on or, if such day is <br />not a Business Day, on the next succeeding Business Day (the "Stated Expiration <br />Date"), unless, at our option, we deliver to you a written amendment signed by an <br />authorized signer (specifically referring to [name of Bank] Irrevocable Letter of <br />Credit No. ") extending the Stated Expiration Date to the date set <br />forth in such amendment, in which case this Letter of Credit shall expire on such <br />extended Stated Expiration Date unless further extended, it being understood that <br />we shall be under no obligation to grant any such extension. This Letter of <br />Credit is subject to automatic termination as provided in paragraph 5 hereof. <br />2. We hereby irrevocably authorize you to draw on us in accordance <br />with the terms and conditions hereinafter set forth, by one draft on us, an <br />amount not exceeding <br />Dollars ($ ) (the "Letter of Credit Amount"). <br />3. Funds under this Letter of Credit are available to you at the time <br />specified below in one drawing by your draft dated the date of its presentation, <br />stating on its face: "Drawn under [name of Bank] Irrevocable Letter of Credit <br />No. , certifying that the Property Owner is in default in payment of <br />the Special Assessment, stating the amount drawn and stating your payment <br />instructions. Such draft shall be presented to us at <br />or such other place in the State of Florida as we may hereafter designate by <br />written noti::e to you and shall be made in the form of a letter to us on your <br />letterhead mar.0;illy signed by an appropriate official of the County. Upon <br />presentation cf ;-our draft, all in strict conformity with the terms and <br />conditions hereof, we will honor the same in accordance with your payment <br />instructions oii the later of (i) the second Business Day immediately following <br />