Okaloosa County BOCC — August 24, 2013 — Irrevocable Standby Letter of Credit (OLD) — reading text

-Issuer Name Coastal Bk & Trust Div Synovus Bank A 1148 BROADWAY dress oorumBus, GA 31901 Beneficiary . : _. «8 Customer, Name OKALOOSA COUNTY BOARD OF COUNTY Name BRUCE B TEEL Address COMMISSIONERS Address 114 EAGLE CT 1759 SOUTH FERDON BLVD CRESTVIEW, FL 32539 CRESTVIEW, FL 32536 Date 9/06/2011 JRREVOCABLE STANDBY LETTER OF CREDIT NO. 201105 To the above named Beneficiary: For the account of our Customer identified above, we (the Issuer) hereby issue and establish this Irrevocable Standby Letter of Credit (the “Letter of Credit’) in your favor for an amount or amounts not exceeding $ 62,000.00 U.S. Dollars in the aggregate (the "Credit Amount"). These funds shall be available to you upon your presentation of drafts drawn on us at sight, accompanied by any written certificates or documents indicated below. Presentation of such drafts shall be made during regular business hours, on or prior to 9106/2013 (the “Expiration Date”) hereof, at our office located at the Issuer address above indicated or at such other address as we may specify in written notice to you (the "Presentment Address"). Drafts drawn and presented hereunder and in compliance with the terms and conditions hereof will be duly honored by us with our own funds. 1. DRAWINGS Partial drawings of funds hereunder are [ ] permitted pxj not permitted. If permitted, partial drawings made and honored shall correspondingly reduce (and shall not in the aggregate exceed) the Credit Amount stated above. Each draft must specify its dollar amount and state on its face that it is "DRAWN UNDER Coastal Bk & Trust Div Synovus Bank IRREVOCABLE STANDBY LETTER OF CREDIT NO. 201105 DATED 9/06/2011 ." Each draft must be accompanied by any additional documentation specified below, all duly executed and in form and content satisfactory to us. In the case of a final drawing that extinguishes the Credit Amount or any remaining balance thereof, the draft must be accompanied by the original of this Letter of Credit. (In the case of drafts for permitted partial drawings prior to said final drawing, each such draft [ ] must be [ ] need not be accompanied by this Letter of Credit.) The following additional documentation must be delivered to us at the Presentment Address contemporaneously with each draft presented by you: Demand for payment must be in writing and must include a signed affidavit from the county engineer stating the violations existing in PRICE FARMS PLANTATION; which evidences noncompliance with county specifications and ordinance. Demand for payment must also be accompanied by Coastal Bank and Trust's original LOC and must be presented to 23 S John Sims Pkwy., Valparaiso, FL 32580. The purpose of this LOC is to guarantee the road and infrastructure maintenance of PRICE FARMS PLANTATION. SNV-ILCMAST 4/12/05 SNV00072 Page | of 3