5/15/2017 2:11:40 PM
5/15/2017 2:01:56 PM
Official Document Type
Agenda Item Number
Irrevocable Letter of Credit No. 402061668
Lost Tree Preserve, LLC
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"'k <br />10- <br />CenterState <br />AardKI <br />IRREVOCABLE LETTER OF CREDIT NO. 402061668 <br />Indian River County Date: May 10, 2017 <br />Board of County Commissioners <br />1801 27th Street <br />Vero Beach, FL 32960 <br />Gentlemen: <br />By order of Lost Tree Preserve, LLC, CenterState Bank of Florida, N.A. (Bank) hereby establishes an <br />Irrevocable Letter of Credit No. 402061668 in your favor in the amount of $470,414.50 effective as of May 10, <br />2017, and expiring at our office at the close of business on July 17, 2019. <br />This Letter of Credit is provided to you as required under the Contract for Construction of Utility <br />Improvements on Florida East Coast Railway, LLC Property and Agreement to Warranty and Guaranty Utility <br />Improvements at Completion and to Provide a Bill of Sale between Lost Tree Preserve, LLC, a Florida limited <br />liability company and Indian River County, relating to 69`h Street/Old Dixie Highway subgrade water and forced <br />main crossings associated with the Lost Tree Preserve Phase I project. <br />CenterState Bank of Florida, N.A. shall make funds available under this credit to you not exceeding in the <br />aggregate the amount of this credit against your sight draft to us mentioning this Letter of Credit No. 402061668, <br />accompanied by a letter from the County Administrator or his designee, with approval signatures of the County <br />Attorney or his designee, and the Director of Office of Management and Budget or his designee, stating that Lost <br />Tree Preserve, LLC has defaulted under the terms of the aforementioned Contract for Construction of Utility <br />Improvements on Florida East Coast Railway, LLC Property and Agreement to Warranty and Guaranty Utility <br />Improvements at Completion and to Provide a Bill of Sale, and that the amount of the draft represents the amount <br />required by the County to fulfill the performance of said contract. Drafts presented for payment under the credit <br />shall be marked, "Drawn on Irrevocable Letter of Credit No. 402061668 of CenterState Bank of Florida, N.A." <br />This letter of credit sets forth in full the terms of our undertaking. Such undertaking shall not in any way <br />be modified, amended, or amplified by reference to any document, instrument, or contract referred to herein or in <br />which this Letter of Credit is referred to or to which this Letter of Credit relates and any such reference shall not be <br />deemed to incorporate herein by reference any document, instrument, or contract. <br />CenterState Bank of Florida, N.A. hereby agrees that your sight draft and letter as mentioned above shall be <br />duly honored and payment made upon due presentation to our office located at 855 21s` Street, Vero Beach, Florida <br />32960, on or before July 17, 2019. <br />Sincerely, <br />CenterSta ank of Florida, N.A. <br />B <br />1C s Bieber 'or Vice Pres' er <br />Attest: C .�Rru <br />855 21s' STREET • VERO BEACH, FLORIDA 32960 • (772) 299-6860 • FAX (772) 299-6858 <br />www.CENTERSTATEBANK.com <br />
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