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11 <br />i <br />i <br />;n Harbor <br />-•. Federal <br />AuLlm 23. 2000 <br />Irrevncathle Letter of C'retlit I1257 <br />Indite/ Ri%er County <br />Board of Counts Cominissicmers <br />1840 2i`4 Street <br />Vera Beacls. FL 324114 <br />Dear Sir and/or Madam- <br />l',r7Ci�ri <br />100 5 <br />PO B <br />felophono. (56 1) =V, 1 <br />.t <br />Z) <br />R;, order of First Church of (;oil of Vero 11eacll, lrtc., !harbor Federal Slrviuyts flank hereby <br />establishes as Irrevocable Lefler of Credit No. 257 in sour favor in the amount or Fifty Three <br />Thousand Four Mindred 'f wo and 311100 Dollars ($53,442,31), Ofecim as of August 23, <br />2000 and expiring at our office at the close of business oil August 23, 2t1U1 %%lilt a prmision lolr <br />I -%-car autommic reoc%%at <br />'rhis Letter of Credit is pro%ided to you as required under the Contract lox Construction of <br />Required Imprownwits bet%%cen First Church of God of Veru Beach, Inc. and Indian Rker <br />[Chill(%". relatin11 10 the sole plan of First Church of Gott of Vero Beach. Inc. %which contract is- <br />numbered <br />snumbered SP-MA-t)X-O1-it-4-1.R (470401544) 13), <br />This Letter of` Credit shall mitonustically renew tor additional I -%-car periods, unless Ilarbor <br />Federal Savings Bank pro%ides %%rater notice by certifier! ]trail, return receipt requested, to <br />Indian River County OnIce of 1%I:lnagetticnl and !lodger. .it 1I1-40 25' Street. Vero Ileach. Florida <br />32900 of the Bank's iaent not to aulontaticalt)' rens%% the Letter of Credit 90 da%s prior to lite <br />Letter of Credit expiring. In the event tile' ctjl tornef does Plot pa, ide alternate iectlflt%" wnhitl 30 <br />days of notice, the County shall have the right to dra%% on the Letter of credit noovilkstanding aov <br />lack of noucomphance. <br />Ilarhor rederal Savings Batik shall snake totads available under this credit to )ou not exceeding <br />in the oggregate lite .unount ul'tllis credit against )-our sight drail to us mentioning this fetter of <br />Credit No. 257. accotnpinicd ly, a tc�okltwll tnftllc hoard otTotuu) Coinllns%lollcr\ to lite etlect <br />that First Church of God of Vern Beach, Inc. has defaulted under lite tants of the <br />al'nrcilnclltioned contract Ibr construction of required improvements. and that tho amount of the <br />droll rep-scrttz the amount required by the Couatt)' to fulfill the performance of .said contrtet torr <br />the construction tit' regnnred inlpro%enlents. Drails presented for pa%mem under the credli shall <br />be [[larked. "Drawn oft Irrevocable Letter of Credit No, 257 of Harbor Federal Savings <br />Bank " <br />This letter of credit sets tolrlls in full the terns of our undertakings- Such undertaking shall licit In <br />any way be modified. amended, or amphlied by rct"creacc to a iv documlru <br />documents. instncnt, or <br />contract referred it) herein or Pat %%hichl thls I.clier o!'Credit is referred to or to which tilts tetter of <br />Credit relates and an) such retenncc: ,hall not be (1=11ed to incorporate herein In rcterence Inv <br />document. Instrument. lir conu:t.t <br />