Okaloosa County BOCC — October 2, 2012 — Irrevocable Standby Letter of Credit No. 226 — reading text

Irrevocable Standby Letter of Credit EXHIBIT... December 14, 2010 RE: DEVIN N. JONES AND KHADER A. DAOUD Beneficiary: OKALOOSA COUNTY BOARD OF COMMISIONERS 1804 Lewis Tuner Blvd. Ft. Walton Beach, FL 32547 At the request of Mossy Oak Plantation, Phase I, located on Hwy 4 Baker, FL, we hereby issue our irrevocable standby letter of credit reference number 226 immediately available by the beneficiary's draft(s) at sight drawn, on CCB by payment effective December 14, 2010 and expiring December 14, 2012. This credit is for an amount or amounts not to exceed in the aggregate amount of ONE HUNDRED TWENTY SEVEN THOUSAND AND 00/100 DOLLARS ($127.000) USD $127,000 and subject to the following: The purpose of this irrevocable letter of credit is to serve as a defect security bond to Okaloosa County to assure the viability of the roadways, storm water drainage, retention areas, and all county maintenance areas completed by Developer on September 30, 2010. We hereby agree that all drafts drawn under and in compliance with the terms of this credit will be duly honored on delivery of documents as specified if presented at our counters on or before the expiration date indicated above. When presenting your draft(s) and documents or when communicating with us, please make reference to our number shown above. Demand for payment must be in writing and must include a signed affidavit from the county engineer stating violations evidencing noncompliance with county specifications and ordinances. Drafts drawn under this credit must be endorsed, must contain the clause "drawn under CCB Letter of Credit No. 226 dated December 14, 2010" and must be accompanied by proof of default and the original of this credit. All documents to be presented CCB, 1290 N. Ferdon Blvd., Crestview, FL 3253 This letter of credit is subject to the international standby practices (ISP98) which was effective January 1, 1999. Cobulg$é Alan Wood, Florida President Jes baal Qe Z 1290 N. Ferdon Blvd Crestview, FL 32536-1751 (850) 682-0484 www.bankccb.com Ld.