Okaloosa County BOCC — April 15, 2014 — Letter of Credit

e ist ‘ese | 1148 BROADWAY Address Gol ymBus, GA 31901 OKALOOSA COUNTY BOARDOF COUNTY | Name BRUCEBTEEL Address © ONER regs 114 EAGLE GT ness 1766 SOUTH FERDON BLVD Addcess CRESTVIEW, FL_92500 CRESTVIEW, FL 32636 Date 9/06/2013 IRREVOCABLE STANDBY LETTER OF CREDIT NO. 201105 To the above named Beneficlary: 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. Doltars in the aggregate (the "Credit Amount"), These funds shall be available to you upon your presentation of deafts drawn on us at sight, accompanied by any written certificates or documents indicated below. Presentatlon of such drafts shall be made during regular business hours, on or prior to 9/09/2014 (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, L DRAWINGS Partial drawings of funds hereunder are pq permitted [ ] 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 Benk IRREVOCABLE STANDBY LETTER OF CREDIT NO. 201405 DATED 7062013 -” Each draft must be accompanied by any additional documentation specified below, all duly executed and in form and content satisfactory tous. 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 19 must be [ J 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 original LOC and must be presented to 23 $ John Sims Parkway, Valparaiso, Ft. 32580, The purpose of this LOC is to guarantee the road and infrastructure malntenance of PRICE FARMS PLANTATIONS, SNV-ILCMAST 4/12/05 : SNVO0072 Page 1 of 3