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4W <br />•o <br />IqLa INDIAN RIVER <br />y <br />FEDERAL <br />S AV ING S S A KH <br />IRREVOCABLE LETTER OF CREDIT NO. 2 <br />May 8, 1986 <br />Indian River County <br />Board of County Commissioners <br />1840 25th Street <br />Vero Beach, F1. 32960 <br />RE: Maintenance Bond Requirement for Stirling Lake Estates <br />Gentlemen: <br />By order of Stirling Properties and Development Corporation, Indian River Federal <br />Savings Bank hereby establishes an Irrevocable Letter of Credit No. 2 in your <br />favor in the amount of $16,406.00, effective as of May 21, 1986, and expiring <br />at our office at the close of business on August 21, 1987. <br />This Letter of Credit is provided to you as required under the Contract for <br />Required Improvements between Stirling Properties and Development Corporation <br />and Indian River County, relating to the Stirling Lake Estates, which contract <br />is numbered No. SD -85-04-053. <br />Indian River Federal Savings Bank shall make funds available under this credit <br />to you not exceeding in the aggregate the amount of this credit against your <br />sight draft to us mentioning this Letter of Credit No. 2, accompanied by a <br />resolution of the Board of County Commissioners to the effect that Stirling <br />Properties and Development Corporation has defaulted under the terms of the <br />aforementioned contract for required improvements, and that the amount of the <br />draft represents the amount required by the County to fulfill the performance <br />of said contract for the required improvements. Drafts presented for payment <br />under the credit shall be marked, "Drawn on Irrevocable Letter of Credit No. 2 <br />of Indian River Federal Savings Bank." <br />This Letter of Credit sets forth in full the terms of our undertaking. Such <br />undertaking shall not in any way be modified, amended, or amplified by reference <br />to any document, instrument, or contract referred to herein or in which this <br />Letter of Credit is referred to or to which this Letter of Credit related and <br />any such reference shall not be deemed to incorporate herein by reference by <br />document, instrument, or contract. <br />Indian Rivet- Federal Savings Bank hereby agrees that your sight draft and <br />resolution as mentioned above shall be duly honored and payment made upon <br />due presentation to our office located at 590 Beachland Boulevard, Vero Beach, <br />Florida, on or before August 21, 1987. <br />Sincerely, <br />Attest: <br />H. Michael Fallis Gordon G ll91, ic(( President <br />Sr. Vice President <br />3850 20th Strcct, P.O. Box 1266, Wrt Rc"r1t, I �tiriila 3196 66 305/778-1265 <br />