Okaloosa County BOCC — July 1, 2014 — Irrevocable Letter of Credit No 201101 (old) — reading text

EXHIBIT. -- PREMIER COMMUNITY Bank of the Emerald Coast FILED DON W. HOWARD az mG 24 PAL sl CLERK OF CIRCUIT GOURT OKALOOSA COUNTY, FL. CRESTVIEW, FL. January 20, 2011 Irrevocable Letter of Credit #201101 Okaloosa County Board of County Commissioners Okaloosa County Courthouse - Crestview, FL 32536 Dear Sir: We hereby establish our Irrevocable Letter of Credit in your favor for the account of Willow Creek Plantation at Crestview, LLC, for a sum not to exceed Two Hundred Seven Thousand Five Hundred Seventy Three Dollars and Thirty Cents ($207,573.30). The purpose of this Irrevocable Letter of Credit is to serve as a warranting letter for the infrastructure of Willow Creek Plantation at Crestview Subdivision, Okaloosa County, Florida. Demand for payment must be in writing and must include a signed affidavit from the ' county engineer stating violations, existing at Willow Creek Plantation at Crestview _ Subdivision, which evidencés non-compliance with county specifications and ordinances. Demand for payment must also be accompanied by Premier Community Bank of the Emerald Coast’s Original Irrevocable Letter of Credit #201101, and must be presented at our main bank facility located at 345 E. James Lee Blvd., Crestview, Florida, not later than January 20, 2013, at 2:00PM Central Standard Time. This Irrevocable Letter of Credit is subj ect to the Uniform Customs and Practices for Documentary Credit, as amended. This Irrevocable Letter of Credit, which is neither transferable nor assignable, will expire January 20, 2013, at 2:00PM Central Standard Time. Sincerely, “(fme Salt ees ee ami Searle , Loan Officer, AVP . ce wwi.premiercbank.com "P.O. Box 399 Crestview, Florida 32536 Banking with you in mind Phone: 850.683.8822 FAX: 850,683.8122 3eneficiary: Okaloosa County Board of County Commissioners Okaloosa County Courthouse . . EXHIBIT C_. Crestview, FL 32536 . NO.; 201107 EXPIRATION DATE, This letter of credit shall expire upon the close of business on 07-20-2014 and all drafts and accompanying statements or ments must be presented to Lender on or before that time (the “Expiration Date"). >. JUNT OF CREDIT. Lender hereby establishes at the request and for the account of Borrower, an irrevocable Letter of Credit in favor of Beneticlary for a sum of Two Hundred Seven Thousand Five Hundred Seventy-three & 30/100 Dollars ($207,673.30) {the "Letter of Credit”). These funds shall be made available to Beneficiary upon Lender's receipt from Beneficiary of sight drafts drawn on Lendér at Lender's address indicated above {or other such address that Lender may provide Beneficiary in writing) during regular business hours and accompanied by the signed written statements or documents indicated below. , WARNING TO BENEFICIARY: PLEASE EXAMINE THIS LETTER OF CREDIT AT: ONCE, IF YOU FEEL UNABLE TO MEET ANY OF ITS REQUIREMENTS, EITHER SINGLY OR TOGETHER, YOU SHOULD CONTACT BORROWER IMMEDIATELY TO SEE IF THE LETTER OF CREDIT CAN BE AMENDED. OTHERWISE, YOU WILL RISK LOSING PAYMENT UNDER THIS LETTER OF CREDIT FOR FAILURE TO COMPLY STRICTLY WITH ITS TERMS AS WRITTEN, : : DRAFT TERMS AND CONDITIONS. Lender shall honor drafts submitted by Beneficlary under the following terms and conditions: See Attached | Irrevocable Letter of Credit #201101 dated January 20, 2011 and as such amended as follows: New Maturity Date of July 20, 2014 tssuer changed from Premier Community Bank of the Emerald Coast to Summit Bank, N.A, located at 101 W 23rd Street, Panama City, Florida 32405, Upon Lender's honor of such drafts, Lender shall be fully discharged of Lender's obligations under thls Letter of Credit and shall not be obligated . to make any further payments under this Letter of Credit once the full amount of credit avallable under this Letter of Credit has been drawn, Beneficlary shall have no recourse against Lender for any amount paid under this Letter of Credit once Lender has honored any draft or other document which complies strictly with this Letter of Credit, and which on its face appears otherwise in order but which Is signed, Issued, or presented by a party or under the name ofa party purporting to act for Beneficiary, purporting to claim through Beneficiary, or posing as Beneficiary without Beneficlary’s authorization, By paying an amount demanded in accordance with this Letter of Credit, Lender makes no representation as to the correctness of the amount demanded and Lender shall not be liable to Beneficiary, or any other person, for any amount paid or disbursed for any reason whatsoever, including, without limitation, any nonapplication or misapplication by Beneficiary of the proceeds of such payment. By presenting upon Lender or a confirming bank, Beneficiary certifies that Beneficiary has not and will not present upon the other, unless and until Beneficiary meets with dishonor, Beneficlary promises to return to Lender any funds received by Benetictary in excess of the Letter of Credit's maximum drawing amount, . USE RESTRICTIONS. All drafts must be marked "DRAWN UNDER SUMMIT BANK, N. A. IRREVOCABLE LETTER OF CREDIT NO. 201101 DATED 01-20-2011," and the amount of each draft shall be marked on the draft. Only Beneficiary may complete a draft and accompanying aments or documents required by this Letter of Credit and make a draw under this Letter of Credit. This original Letter of Credit must mpany any draft drawn hereunder. Partial draws.are not permitted under this Letter of Credit. PERMITTED TRANSFEREES. The right to draw under this Letter of Credit shall be nontransferable, except for: A. A transfer {in its entirety, but not in part) by direct operation of law to the administrator, executor, bankruptcy trustee, receiver, liquidator, successor, or other representative at law of the orlginal Beneficlary; and B. The first immediate transfer (In Its entirety, but not In part) by such legal representative to a third party after express approval of a governmental bedy (judicial, administrative, or executive}, TRANSFEREES REQUIRED DOCUMENTS. When the presenter Is a permitted transferee (i) by operation of law or {ii} a third party receiving transfer from a legal representative, as described above, the documents required for a draw shail include a certified copy of the one of more documents which show the presenter's authority to claim through or to act with authority for the original Beneficiary. COMPLIANCE BURDEN. Lender is not responsible for-any impossibility or other difficulty in achleving strict compliance with the requirements of this Letter of Credit precisely as written. Beneficiary understands and acknowledges: (i) that unless and until the present wording of this Letter of Credit is amended with Lender's prior written consent, the burden of complying strictly with such wording remains solely upon Beneficiary, and {il} that Lender Is relying upon the lack of such amendment as constituting Benefictary's initial and continued approval of such wording. NON-SEVERABILITY. [f any aspect of this Letter of Credit is ever declared unenforceable for any reason by any court or governmental body having Jurisdiction, Lender's entire engagement under this Letter of. Credit shall be deemed null and vold ab initio, and both Lender and Beneficiary shall be restored to the position each would have occupied with all rights available as though this Letter of Credit had never occurred. This non-severability provision shall override all other provisions in this Letter of Credit, no matter where such provision appears within this Letter of Credit. . GOVERNING LAW. This Agreement will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the State of Florida without regard to its conflicts of law provisions, and except to the extent such laws are inconsistent with the 2007 Revision of the Uniform Customs and Practice for Documentary Credits of the International Chamber of Commerce, {GC Publication No. 600. This Agreement has been accepted by Lender in the State of Florida. EXPIRATION, Lender hereby agrees with Beneficiary that drafts drawn under and in compliance with the terms of this Letter of Credit will be duly honored if presented to Lender on or before the Expiration Date unless otherwise provided for above, Dated: July 6, 2012 LENDER: SUMMIT BANK, N. A. laramore,