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BB&T Branch Banking & Trust Co . Real Estate Lending IRREVOCABLE LETTER OF CREDIT 6550 N . Federal Hwy. , 5th Floor NO . 9661066978-00002 Ft, Lauderdale, FL 33308 Indian River County Date : 11 / 18/05 Board of County Commissioners 1840 25b Street Vero Beach, FL . 32960 Gentlemen: By order of SLM Investments, LLC, a Florida limited liability company, Branch Banking and Trust Company hereby establishes an Irrevocable Letter of Credit No . 9661066978 -00002 in your favor in the amount of $ 1 ,645,348 .88 effective as of September 6, 2005 and expiring at our office at the close of business on December 6, 2006. This Letter of Credit is provided to you as required under the Assignment of Contract for Construction of Required Improvements between SLM Investments, LLC, a Florida limited liability company and Indian River County, relating to Quail Creek PD which contract is numbered PD-04-0742-CFC (2004020196-48349) . Branch Banking and Trust Company shall make funds available under this credit to you not exceeding in the aggregate amount of this credit against your sight draft to us mentioning this Letter of Credit No . r 9661066978 -00002 , accompanied by a letter from the County Administrator or his designee, with approval signatures of the County Attorney or his designee, and the Director of Office of Budget and Management or his designee, stating the SLM Investments, LLC has defaulted under the terms of the aforementioned contract for construction of required improvements, and that the amount of the draft represents the amount required by the County to fulfill the performance of said contract for the construction of required improvements . Drafts presented for payment under the letter of credit shall be marked, "Drawn on Irrevocable Letter of Credit No . 9661066978-00002 of Branch Banking and Trust Company" . This Letter of Credit sets forth in full the terms of our undertaking. Such undertaking shall not in any way be modified, amended, or amplified by reference to any document, instrument, or contract referred to herein or in whiA this Letter of Credit is referred to or to which this Letter of Credit relates and any such reference shall not be deemed to incorporate herein by reference any document, instrument, or contract. Branch Banking and Trust Company hereby agrees that your sight draft and letter as mentioned above shall be duly honored and payment made upon due presentation to our office located at 6550 North Federal Highway, Suite 500 , Fort Lauderdale, FL . 33308 , on or before December 6 , 2006 , Sincerely, I fl, Attest: ` By : t, � � - 1�. at es Nugen Carmen de Essaye _ Title : Senior Vice President