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<br />'UiTI"UM <br />Bank <br /> <br />February 9,2004 <br /> <br />IRREVOCABLE LETTER OF CREDIT NUMBER 159 <br /> <br />City of Zephyrhills <br />603 8th street <br />Zephyrhills, Florida 34248 <br /> <br />Dear City Council: <br /> <br />The issuer. Platinum Bank. 802 W. Lumsden Road. Brandon. Fiortda 33511 does hereby <br />authorize the City of Zephyrtlills to receive upon demand. any sum or sums up to the aggregate <br />amount of ONE HUNDRED THOUSAND AND NO/l00 DOLLARS ($100.000.00) for the account <br />of our customer. SOUTHERN LASER. INC. to assure completion by our customer of the <br />improvements contained in the Schedule "A" hereof, known as Grand Horizons. <br /> <br />All improvements contained in Schedule "g are to be completed by the customer on or <br />before February 9,2005. <br /> <br />This letter of credit shall terminate upon the occurrence of either of the following <br />conditions, whichever shall occur first: <br /> <br />a. Completion by the customer of improvements included in Schedule "A" and <br />acceptance by the Beneficiary, the City of Zephyrhills. <br /> <br />b. One (1) year from the date hereof. <br /> <br />This letter of credit is irrevocable. <br /> <br />PLATINUM BANK <br /> <br />B~~l_~ <br />JER Y . KYLE, R D f-- <br /> <br /> <br />BY: <br /> <br />802 W. Lumsden Road, Brandon, FL 33511 <br />Phone: (813) 655-1234 . Fax: (813) 651-9434 · E-mail: platinumbank@platinumbankfl.com <br />