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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 /> Sincerely , <br /> A B ✓ / i <br /> - Ytis , E P <br /> Attest : �L <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- 5694559 <br /> www . marinebankandtrust . com 9 email@marinebankandtrust . com <br />