20070747 Ver 1_Financial Assurance Reduction Approval (2)_20110714

ANNAPOLIS
COMMUNITY
BANK

A DIVISION of AMERIGASSANK
October 9, 2009
C I CABLE LETTER OF CREDIT
t
BENEFICIARY: `?
North Carolina Department of Environment and Natural Resources
Division of Water Quality
2321 Crabtree Boulevard
Suite 250
Raleigh, North Carolina 27604
ATTN: Mr. Eric Krriz
Dear Sir or Madam:

We hereby establish our Irrevocable Standby Letter of Credit No 68331 in your favor, at the request
and for the account of GreenVest /Flat Swamp LLC, 726 Second Street, Suite 3B, Annapolis,
Maryland 21403, up to the aggregate amount of One Hundred Thousand U.S. dollars ($100,000.00
United States Dollars) available upon presentation of your sight draft, bearing reference to this
Letter of Credit No.68331.
Funds hereunder are available to you against presentation of your sight draft(s), drawn on us,
mentioning thereon our Letter of Credit No. 68331 accompanied by the following
documentation:
YOUR DATED STATEMENT, signed by the Director, North Carolina Department of
Environment and Natural Resources: Division of Water Quality as follows:
"The undersigned hereby certifies that The North Carolina Department of Water Quality has the
right to draw down the amount of USD $100,000.00 against Letter of Credit No. 68331, in
accordance with the Mitigation Banking Instrument ("MR!") entitled, Flat Swamp Neuse River
Riparian Buffer and Nutrient Offset Mitigation Banking Instrument, to provide for the completion
of construction implementation and monitoring activities as authorized and required by the MBI as
GreenVest /Flat Swamp LLC has failed to perform such activities as required and is in default."
1419 FOREST DRIVE, SUITE 10 14NNAPOLIS, MARYLAND 21403
www.annapoliscommunitybank.com
This letter of credit is effective as of October 9, 2009 and shall expire on October 9, 2010 but
such expiration date shall be automatically extended without amendment for additional periods
of one (1) year from the present or future expiration date, unless at least one hundred twenty days
(120) days before an expiration date, we notify you by certified mail or overnight courier, that
we have decided not to extend this letter of credit for any such additional period. In the event
you are so notified, any unused portion of the credit shall be available upon presentation of your
sight draft, and your written and dated statement stating that you have received an election not to
renew from and no satisfactory replacement letter of credit has been received from thirty days
(30) before the stated expiration of the letter of credit.
Whenever this letter of credit is drawn on under and in compliance with the terms of this credit, we
shall duty honor such draft upon presentation to us, and we shall pay the amount of the drat as
instructed at time of presentation.
Except as far as otherwise expressly stated herein, this Standby is subject to the International
Standby Practices ("ISP98") International Chamber Of Commerce Publication No. 590, and as
to matters not addressed by the ISP98, shall be governed by and construed in accordance with
the laws of the State of Maryland and applicable U.S. Federal law.
Sincerely,
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Authorized Signature(s)
Eric Edstroin
President, Annapolis Community Batik,
A division of AmericasBANK