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r <br /> M M pe, <br /> arine <br /> t <br /> Trust <br /> Marine Bank & Trust Company <br /> IRREVOCABLE LETTER OF CREDIT NO . 2008-38 ( Revised to correct expiration date ) <br /> DATE : October 3 , 2008 <br /> Indian River County <br /> Board of County Commissioners <br /> 1801 27"' 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 -38 , in your favor in the <br /> amount of $ 58 , 096 . 95 effective as of October 3 , 2008 , and expiring at our office at the close of business <br /> on April 30 , 2010 . <br /> This Letter of Credit is provided to you as required under the Warranty and Guaranty Agreement, <br /> and Bill of Sale for Required Improvements between Lost Lake LLC and Indian River County which was <br /> subsequently assigned to Hiers Properties , L . L . C . by Assignment of Warranty and Guaranty Agreement, <br /> and Bill of Sale for Required Improvements No . Sd-05 -08 - 39-W &G (2003080256- 53385 ) relating to Lost <br /> Lake Subdivision . <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 -38 , 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 /> Agreement, and that the amount of the draft represents the amount required by the County to fulfill the <br /> performance of said Agreement. Drafts presented for payment under the credit shall be marked, "Drawn <br /> on Irrevocable Letter of Credit No . 2008-3 8 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 /> Partial drawings are not permissible . <br /> Marine Bank & Trust Company hereby agrees that your sight draft and accompanying letter as <br /> mentioned above shall be duly honored and payment made upon due presentation to our office located at <br /> 571 Beachland Boulevard , Vero Beach, Florida, on or before April 30 , 2010 . <br /> Sincerely , <br /> j By <br /> t Ilam . , ey , VP <br /> Attest : <br /> 571 Beachla d 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 />