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<br />. <br /> <br />INTERCONTINENTAL BANK <br /> <br />5722 SW 8th Street, West i\liami, Florida 33144-5034 <br />PO Box 0158, l\liami, Florida 33144-0158 <br />Telephone: 305-263-7900 . Fax: 305-263-9866 <br /> <br />1\' ovember 2, 20 I 0 <br /> <br />City of Sunny Isles Beach <br />18070 Collins A venue <br />Sunny Isles Beach, Florida 33160 <br /> <br />Attention: ~vlr. Rick Conner, City ~'Ianager <br /> <br />Re: Irrevocable Standby Letter of Credit 1\'0. 20 I 0-0-1 <br />-livl Investors, LLC - Gateway Park Project Bid Deposit <br /> <br />Q; <br /> <br />1''' t. <br />'~"Gentlemen: <br /> <br />c=-~ <br /> <br />C,By order of Jose ivlilton, individually and!or as Trustee of J;-"IF Trust, we establish our Irrevocable Standby Letter <br />(:9f Credit Number 2010-04 dated November 2, 20 I 0 for the account of 41'd Investors LLC, a Florida Limited <br />.-1~iability Company and, authorize you to draw on us up to the aggregate amount of Three l'.[illion Five Hundred <br />~.:thousand and 00/100 Dollars (S3,500,000.00), available by your drafts at sight and accompanied by the following <br />iAlocument(s ): <br /> <br />. <br /> <br />Certificate from the City of Sunny [sles Beach ("City"), signed by its City i\lanager, stating that: <br /> <br />~ <br />'-. <br /> <br />i:=.: <br /> <br />_' a) The proposal submitted by 4;\-[ Investors LLC to the City in response to that celtain Request for <br />Proposals ("RFP") issued by the City on October 6, 20 I 0 for the Design/Build for an Upscale <br />Lifestyle Center consisting of a Park, Parking Garage, and an Aquarium and High End Retail <br />Shops to be located on an approximately 3.5 acre site on Sunny Isles Boulevard adjacent to State <br />Highway A-I-A (also known as Collins Avenue) ("Gateway Park Project") was duly accepted by <br />the City pursuant to the terms and conditions of the RFP; and <br /> <br />O:;::~ <br /> <br />~3 <br /> <br />b) After said acceptance by the City, -1;\-1 Investors LLC failed to comply with the requirements of <br />the bid process pursuant to the teJl11S and conditions of the RFP. <br /> <br />This Letter of Credit shall be valid until November 2, 20 II, and shall thereafter be automatically renewed for <br />successive one-year periods upon the anniversary of its issue, unless at least sixty (60) days prior to any such <br />anniversary date we notify in writing to the City rvlanager of the City of Sunny Isles Beach, ] 8070 Collins <br />A venue, Sunny Isles Beach, Florida 33 I 60, that we elect not to renew this Letter of Credit. <br /> <br />Upon receipt by you of such notice, you may draw hereunder your draft drawn at sight on us. Said draft <br />accompanied by a Certificate, duly signed by the City Manager of the City of Sunny Isles Beach, stating that this <br />Letter of Credit is in full force and effect as of the date of the non-renewal notice. <br /> <br />- <br /> <br />Intercontinental Bank - Irrevocable Standby Letter of Credit No. 2010-04 dated November 2,2010 - Page I of2 <br />