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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 />By: <br />t Ilam ., eye <br />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 />