Okaloosa County BOCC — July 7, 2015 — Irrevocable Letter of Credit No. 201101 (Original)

EXHIBIT === _PREMIER COMMUNITY Bank of the Emerald Coast FILED DON W. HOWARD i G 24 PM 1 ol CLERK OF CIRGUIT GOURT OKALOOSA COUNTY, FL. CRESTVIEW, FL. Januvary 20, 2011 Irevocable 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. Slnce1ely, ami Searle | Loan Officer, AVP : o wway.premierchank.com PO. 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 QOkaloosa County Courthouse ! : RXHIBIT ‘ C_’_ Crestview, FL 32536 N NO.: 201101 EXPIRATION DATE. This letter of credit shall ekpire 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 irrevacable Letter of Credit in favor of Beneficlary 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 | \rrevocable Letter of Credit #201101 dated January 20, 2011 and as such amended as follows: New Maturity Dste of July 20, 2014 Issuer changéd 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 this 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 Cradit has been drawn, Beneficiary 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 Lette