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