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0 the Business Day on which you present to us your draft or the value date set forth in your draft. 4. As used herein the term "Business Day" means any day other than (i) a Saturday or Sunday, (ii) a day on which banking institutions in the State of Florida are required or authorized by law (including executive order) to close, or (iii) a day on which the New York Stock Exchange is closed. References to any time of day in this Letter of Credit shall refer to Eastern standard time or Eastern daylight saving time, as in effect in Indian River County, Florida on such day. 5. This Letter of Credit shall automatically terminate upon the first to occur of: (a) the Stated Expiration Date (as such date may have been extended), (b) the date on which we receive a certificate from you terminating this Letter of Credit, (c) the fifth Business Day following the date on which you receive written notice from us stating that an Event of Default has occurred under the Reimbursement Agreement dated as of between the Property Owner and us (the "Reimbursement Agreement") and directing you to make a draw under this Letter of Credit, or (d) the date on which the draft provided for hereunder is honored. This Letter of Credit shall be promptly surrendered to us by you upon such termination. 6. Only the County may make a drawing under this Letter of Credit. Upon the payment to the County or its account of the amount specified in a draft drawn hereunder, we shall be fully discharged on our obligation under this Letter of Credit, and we shall not thereafter be obligated to make any further payments under this Letter of Credit. 7. This Letter of Credit sets forth in full the terms of our undertaking, and this undertaking shall not in any way be modified, amended, amplified or limited by reference to any document, instrument or agreement referred to herein or to which this Letter of Credit relates, except only the draft referred to herein; and any such reference shall not be deemed to incorporate herein by reference any document, instrument or agreement, except such draft. The draft referred to herein that is presented to us shall become an integral part of this Letter of Credit. 8. This Letter of Credit is subject to the provisions of the Uniform Customs and Practice for Documentary Credits, 1983 Revision, International Chamber of Commerce Publication No. 400 (the "UCP") other than Article 54(e) thereof. This Letter of Credit shall be deemed a contract made under the laws of the State of Florida and shall, as to matters not governed by the UCP, be governed and construed in accordance with the laws of the State of Florida, without regard to principles of conflicts of law. Very truly yours, [NAME OF BANK] By: Title: