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i <br />tel• <br />CI <br />FIDELITY <br />FEDERAL <br />SA'V'INGS BANK OF FLORIDA <br />rxxEWCABLE I CTT ,R 12 CR IsDr7 N0, 295-38808 <br />Indian River County Dale: Fcbruar, Z;. 20t)t} <br />Board of County Commissioners <br />1840 25"' Street <br />Vero Beach, FL, 32960 <br />Gentlemen: <br />By order of our client, Pointe West of Vero Beach, Ltd., a Florida limited <br />partnership, Fidelity Federal Savings Bank of Florida hereby establishes an <br />Irrevocable Letter of Credit No. 295-38808 in your favor in the amount of S1,263,347,09 <br />effective as of February 8, 2000, and expiring at our office at the close of business on <br />February 8, 2001. <br />'. nis Letter of Credit is provided to you as required under the Contract for Construction <br />of Required Improvements between !'nine 'West of Vero Beach, Ltd., a Florida <br />limited partnership and Indian River County, relating to the Pointe '*,*'es( Forth <br />Village, Phase l P.D. which contract is numbered PD-99-10-15-A(99070081*008). <br />Fidelity Federal Savings Bank of Florida shall make funds available under this credit to <br />you not exceeding in the aggregate the amount of this credit against your sight draft to us <br />mentioning this Letter of Credit No, 295-38808, accompanied by a resolution of the <br />Board of County Commissioners to the eff ct that Pointe West of Vero Beach, Ltd., a <br />Florida limited partnership has defaulted under the terms of the ttfr+rcuientioned <br />contract for construction of required improvements, and that the amount of llic draft <br />represents the amount required by the Comity to fulfill the performance of said conlract <br />for the construction of required improvements. Drafts presented for payment under the <br />credit shall be marked. "Drawn on Irrevocable Letter of Credit No. 295-38808 of Fidelity <br />Federal Savings Barak of Florida." <br />This letter of credit sets fotth in full the tennis of our undertaking. Such undertaking shall <br />not in any way lye ntntliftcd, amended, or arnplilced by refcrence to airy document. <br />instrument, or contract referred to herein or in which this Letter of Credit is referred to or <br />to which this Letter of Credit relates and any such reference shall not be dcct►icd to <br />incorporate herein by reference any document, instrument, or contract. <br />M.T11t <br />iNCiI <br />MA'i�1t:F,; f31.� <br />21nturaStrrcl, Vltcsti'alm.ilcnch, i�lorrla 3?h01-riF7�1 Irrcrrrt-41 <br />