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BB&T IRREVOCABLE LETTER OF CREDIT Branch Banking & Trust Co . NO. 9661066978=00006 Indian River County Real Estate Lending Board of County Commissioners 6550 N . Federal Hwy . , 5th Floor 1840 25d' Street Ft, Lauderdale , FL 33308 Vero Beach, FL . 32960 Date : 11 / 18/05 Branch Banking and Trust Company, at the request of SLM Investments, LLC, a Florida limited liability company, the owner of the property described as Quail Creek PD , hereby establishes an Irrevocable Letter of Credit No . 9661066978-00006 in your favor, - in the amount of $ 145,512 .50 , effective as of September 6, 2005 and expiring December 6, 2006. This Letter of Credit shall automatically renew for additional 1 -year periods , .but for no more than a total of 27 months from initial effective date unless Branch Banking and Trust Company provides written notice by Certified Mail, Return Receipt Requested, to Indian River County Office Management and Budet at 1840 25b Street, Vero Beach, Florida 32960 of the Bank' s intent not to automatically renew the Letter of Credit 90 days prior to the Letter of Credit expiring. In the event that the customer does not provide alternative security within 30 days of notice, the County shall have the right to draw on the Letter of Credit, not withstanding the lack of any default under the agreement. This Letter of Credit is provided to you as required under the Assignment of Contract for Construction of Required Sidewalk Improvements relating to sidewalks in Quail Creek PD between SLM Investments, LLC and Indian River County , Branch Banking and Trust Company shall make funds available undenthis credit to you not exceeding the aggregate amount of this letter against your sight draft 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 that SLM Investments, LLC has defaulted under the terms of the aforementioned Contract for Construction of Required Sidewalk Improvements or failed to post alternative security, and that the amount of the draft represents the amount required by the County to fulfillperformance of said Contract for Construction of Required Sidewalk Improvements . Drafts presented for payment under the credit shall be marked, "Drawn on Irrevocable Letter of Credit No . 9661066978-00006" of Branch Banking and Trust Company . Branch Banking and Trust Company hereby agrees that your sight draft and accompanying letter as mentioned above shall be duly honored and payment made upon presentation to our office located at 6550 North Federal Highway, Suite 500, Fort Lauderdale, FL . 33308 . Partial drawings are not permissible . This Irrevocable , Letter of Credit cannot be amended, modified, cancelled, or revoked without both prior notice to and consent of the beneficiary. This credit is subject to the Uniform Customs and Practice for Documentary Credits ( 1983 revisions) International Chamber of Commerce Publication No . 400 . We hereby agree with you that all drafts drawn under and in compliance with the terms of this credit shall be duly honored upon due presentation to the drawee . Branch Banking and Trust Company By: Carmen de Essaye Title : Senior Vice President