Okaloosa County BOCC — February 3, 2015 — Letter of Credit

\ N\ 7070 0713 ////// Trustmark Trustmark National Bank International Operations 248 East Capitol Street Jackson, Mississippi 39201 Telephone: 601/208-5889 Fax: 601/208-2387 Irrevocable Standby Letter of Credit No. 15-005-SP Issue Date: Expiry Date: January 23, 2015 January 23, 2017 Beneficiary: Applicant: Board of County Commissioners Thomas Lewis Young Revocable Trust Okaloosa County, Florida Dated November 20, 1998 1759 South Ferdon Blvd. 17 Shady Lane Crestview, Florida 32536 Mary Esther, Florida 32569 Amount: USD $106,000.00 (One Hundred Six Thousand and No/100 U.S. Dollars) Place of Expiry: At the counters of Trustmark National Bank, 248 East Capitol Street, Jackson, Mississippi 39201, USA. Gentlemen: We hereby issue our Irrevocable Standby Letter of Credit No. 15-005-SP in your favor which is available by your DRAFTS AT SIGHT drawn on Trustmark National Bank, Jackson, Mississippi, USA, bearing the clause “Drawn under Trustmark National Bank, Jackson, Mississippi, Letter of Credit No. 15-005-SP” and accompanied by the following documents: 1. A statement, purportedly signed by the authorized Engineer for the Board of Commissioners, Okaloosa County, Florida, certifying that the Thomas Lewis Young Revocable Trust, Dated November 20, 1998, has failed to perform under its agreement with the Board of County Commissioners, Okaloosa County, Florida, for the maintenance and upkeep of roads, as well as water, sewage and drainage systems, for Partridge Hills Subdivision, located in Okaloosa County, Crestview, Florida, and 2. The original of this Letter of Credit and any amendments thereto. \\\\N -ATA ATI4N Trustmarlk Page 2 of 2 L/C No. 15-005-SP 01/23/2015 Other Terms and Conditions: 1. This Letter of Credit is not transferable. 2. This Letter of Credit is not assignable. We hereby engage with drawers and/or bona fide holders that drafts drawn under and in compliance with the terms of this credit will be duly honored on presentation and delivery of documents. Except so far as otherwise expressly stated, this documentary credit is subject to the “International Standby Practices” (“ISP98”) International Chamber of Commerce Publication 590. Yours very truly, Trustmark National Bank Jackson, Mississippi, USA By: 4&9&-@ é&d&v Sharon R. Crider Assistant Vice President