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Marine Bank & Trust Company <br />IRREVOCABLE LETTER OF CREDIT NO. 2008-39 (Revised to correct expiration date) <br />DATE: October 3, 2008 <br />Indian River County <br />Board of County Commissioners <br />1801 27'h Street <br />Vero Beach, FL 32960 <br />Gentlemen: <br />By order of the Hiers Properties, L.L.C., a Florida limited liability company, Marine Bank & <br />Trust Company hereby establishes an Irrevocable Letter of Credit No. 2008-39, in your favor in the <br />amount of $26.647.50 effective as of October 3, 2008, and expiring at our office at the close of business <br />on October 11, 2010. <br />This Letter of Credit is provided to you as required under the Substitute Contract for Construction <br />of Required Sidewalk Improvements between Hiers Properties, L.L.C. a Florida limited liability company <br />and Indian River County relating to Lost Lake, which substitute contract is numbered SD-05-08-39- <br />CFCSUBSIDE (2003080256-53385). <br />Marine Bank & Trust Company shall make funds available under this credit to you not exceeding <br />in the aggregate the amount of this credit against your sight draft to us mentioning this Letter of Credit <br />No. 2008-39, accompanied by a letter from the County Administrator or his designee, with approval <br />signatures of the County Attorney or his designee, and the Director of Office of Management and Budget <br />or his designee, stating that Hiers Properties, L.L.C. has defaulted under the terms of the aforementioned <br />substitute contract for construction of required sidewalk improvements, and that the amount of the draft <br />represents the amount required by the County to fulfill the performance of said substitute contract for the <br />construction of the required sidewalk improvements. Drafts presented for payment under the credit shall <br />be marked, "Drawn on Irrevocable Letter of Credit No. 2008-39 of Marine Bank & Trust Company." <br />This letter of credit sets forth in full the terms of our undertaking. Such undertaking shall not in <br />any way be modified, amended, or amplified by reference to any document, instrument, or contract <br />referred to herein or in which this Letter of Credit is referred to or to which this Letter of Credit relates <br />and any such reference shall not be deemed to incorporate herein by reference any document, instrument, <br />or contract. <br />Marine Bank & Trust Company hereby agrees that your sight draft and letter as mentioned above <br />shall be duly honored and payment made upon due presentation to our office located at 571 Beachland <br />Boulevard, Vero Beach, Florida, on or before October 11, 2010. <br />Attest: <br />F <br />Sincerely, <br />B ✓ /i <br />y <br />P <br />571 Beachland Boulevard • Vero Beach, Florida 32963 • Tel 772-231-6611 • Fax 772-234-2700 . Toll Free 1-888-231-6621 <br />1450 U.S. Highway 1 • Vero Beach, Florida 32960 • Tel 772-778-6713 • Fax 772-569-4559 <br />www.marinebankandtrust.com 9 email@marinebankandtrust.com <br />