Okaloosa County BOCC — January 6, 2015 — Letter of Credit

Beach 3 Community Bank F.O. Box 4400 [Fort Walton Beach, [Tl 32549 Irrevocable Letter of Credit Effective Date December 4, 2014 Customer Name & Address Issuing Financial Institution Okaloosa Walton Development Company 225 Main St Ste 19 Destin, FL 32541 Beneficiary Name & Address Beach Community Bank 17 SE Eglin Parkway Fort Walton Beach, FL 32548 Adyvising Financial Institution Letter of Credit No. 206 Amount of Letter of Credit Okaloosa County Board of County Commissioners 1759 S. Ferdon Blvd Crestview, FL 32536 Gentlemen: N/A $3,483.30 Expiration Date December 4, 2016 To be available by drafts drawn at: Beach Community Bank 17 SE Eglin Pkwy Ft. Walton Beach, FL 32548 We hereby in your favor Okaloosa County Board of County Commissioners (Beneficiary) for the account of Okaloosa Walton Development Company, a Florida corporation our Irrevocable Letter of Credit in the amount of $3,483.30 (Three thousand, four hundred eighty-three and 30/100), available by immediate payment upon presentation of Beneficiary’s sight draft(s) in an amount not exceeding the Credit hereby established accompanied by this Irrevocable Letter of Credit and the following: 1. Beneficiary’s signed statement certifying that Okaloosa Walton Development Company, a Florida corporation, of deficiencies in the public portion of Hattie Mae Lane. 2. Beneficiary’s signed statement certifying that Beneficiary has notified us, Beach Community Bank, of the specifics of said default has not been cured within 30 day period from date of such written notice, said notice having been sent certified mail to Beach Community Bank, 17 Eglin Parkway SE, Fort Walton Beach, Florida 32548. We hereby promise to Beneficiary that any drafts drawn under or in substantial compliance with the terms of the Irrevocable Letter of Credit will be duly honored if presented to us on or before December 4, 2016. Main Office i) ol Eslin Farlzway * Fort Walton Beach, [l 32548 ¢ 850. 244. 9900 © fax 850. 244. 9901 * toll free 866.36DF ACH www.bcaclwcommunitgban‘(.com We agree that if Beneficiary shall successfully prosecute any litigation to enforce our obligation hereunder, we shall be responsible for and bear all of Beneficiary’s reasonable attorney’s fees, costs and expenses incurred in connection therewith. Drafts drawn under this credit must be marked that they are drawn under this Financial Institution's Letter of Credit and must show the Date and Number of the Letter of Credit. ~ We hereby agree to honor each draft drawn under and in compliance with the terms of this credit, if duly presented (together with the document specified) to us on or before the close of business on the Expiration Date show above. Unless otherwise expressly stated, this Credit is subject to the Uniform Customs and Practice for Documentary Credits (1993 Revision), International Chamber of Commerce Brochure No. 500, and, where not inconsistent therewith, to Article Five of the Uniform Commercial Code of the state of the principal office of the Issuing Financial Institution. Unless otherwise expressly stated above, only original documents will be accepted. No reproductions or carbon copies may be substituted for originals. Very Truly Yours, D.8dott Gashaty Senior Vice President