Okaloosa County BOCC — April 7, 2015 — Letter Of Credit

FIRST "flTlONfll BANK ORTHWEST FLORIDA MAINTENANCE BOND LETTER OF CREDIT FIRST NATIONAL BANK NORTHWEST FLORIDA PANAMA CITY, FLORIDA 32405 April 7,2015 Irrevocable Letter of Credit# 176 Board of County Commissioners 1759 South Ferdon Boulevard Crestview, FL 32536 Dear Sir: We hereby issue our Irrevocable Letter of Credit in your favor for the account of Watree Construction and Land Developing, LLC, for a sum not to exceed forty six thousand six hundred eighty six dollars and 45/100%*** ($46,686.45) to serve as a maintenance bond for maintenance and upkeep of roads and drainage systems for Majestic Oaks, Okaloosa County, Fort Walton Beach, FL. Demand for payment must be in writing and must include a signed affidavit from the county engineer stating violations, existing in Majestic Oaks, evidencing non-compliance with county specifications and ordinances. Demand for payment must also be accompanied by First National Bank Northwest Florida’s Irrevocable Letter of Credit #176, and must be presented at our main bank facility located at 101 E. 2 3rd Street, Panama City, FL 32405, not later than 09/27/2016 at 4:00 p.m. Central Standard Time. This Irrevocable Letter of Credit, which is neither transferable nor assignable, will expire 04/07/2017 at 4:00 p.m. Central Standard Time. Sincerely, Attest: Ol P b0l Angie Barger < \ Kim M. Johns " Chief Operating Officel Executive Vice Pr es1dcnt 101 East 231 Street Panama City, Florida 32405-4501 (850) 769-3207