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° UV <br /> r .r:%A� Hai <br /> "i �1iboll Main Offlce <br /> � 100 South Second Street <br /> Federal Fort Pierce, Florida 34950 <br /> May 9, 2001 Telephone : (561 ) 461 -2414 .. <br /> Indian River County <br /> Board of County Commissioners <br /> 1840 25 h Street <br /> Vero Beach, FL 32960 <br /> RE: Irrevocable Letter of Credit #282 <br /> Gentlemen: <br /> By order of Chase Meadows, L.L . C., Harbor Federal Savings Bank hereby establishes <br /> an Irrevocable Letter of Credit #282 in your favor in the amount of $204,247.33; effective as of <br /> May 9, 2001 and iri <br /> expng at our office at the close of business on August 9, , 2002 . <br /> This Letter of Credit is provided to you as required under the Contract for Construction <br /> of Required Improvements between Chase Meadows, L. L. C. and Indian River Co <br /> to the Chase Meadows Subdivision which contract is numbered SD-00-06-07-CF County <br /> 205003 <br /> 26511 ) . <br /> Harbor Federal Savings Bank shall make .fiinds available under the credit to you not <br /> exceeding the aggregate the amount of this credit against your sight draft to us mentioning the <br /> Letter of Credit #282, accompanied by a resolution of the Board of County Commissioners to <br /> the effect that Chase Meadows, L.L. C. has defaulted under the terms of the aforementioned <br /> contract for construction of required improvements, and that the amount of the draft represents <br /> the amount required by the County to fulfill the p <br /> of requited improvements . erformarice of said contract for the construction <br /> Drafts presented for payment under the credit shall be marked, <br /> "Drawn on Irrevocable Letter of Credit #282 of Harbor Federal Savings Bank. " <br /> This letter of credit sets forth in full the terms of ourundertaking. Such and <br /> not in any way by modified, anyended, or amplified by reference to any document, eerrtalang shall <br /> contract referred to herein or in which this Letter of Credit is referred t or to which this or <br /> of <br /> Credit related and any such reference shall not be deemed to incorporate herein by reference any <br /> document, instrument, or contract. <br /> Harbor Federal Savings Bank hereby agrees that your sight draft and resolution as <br /> mentioned above shall be duly honored and payment made upon due presentation to our office <br /> located 100 South Second Street, Fort Pierce, Florida 34950; on or before 2 :00 p.m. on <br /> August 9, 2002 . <br /> Sincerely, <br /> Harbor Federal Savings Bank <br /> Tina M. DeRocher, Assistant Vice President <br /> Commercial Closing Manager <br /> 1FII�JVIBFR yin` <br /> FDIC hit <br /> iawt Momc <br /> L@NDER <br />