20070747 Ver 1_Mitigation Bank Information_20141125

NCDENR
North Carolina Department of Environment and Natural Resources
Pat McCrory John E. Skvarla, III
Governor Secretary
November 25, 2014
CFG Community Bank DWQ Project #2007 -0747
Attn: Dana Lindsay Craven County
1419 Forest Drive, Suite 10 -,
Annapolis, Maryland 2140"
Subject: Release of Financial Assurance Obligations for Green Vest/Flat Swamp, LLC
Dear Ms. Lindsay,
I have attached the original "Replacement Irrevocable Letter of Credit" No. 68331 and dated March
19, 2013 from CFG Community Bank to GreenVest/Flat Swamp, LLC (GVFS), in the amount of
$20,000.00 for the Flat Swamp Buffer & Nutrient Offset Bank in North Carolina. As of November
20, 2013, GVFS has completed its monitoring requirements per the Mitigation Banking Instrument
with the Division of Water Resources (DWR), and have met their financial obligations. Therefore,
the DWR is releasing GVFS from the above - mentioned Letter of Credit. If you need anything
further from me to expedite the process, please don't hesitate to let me know.
Sincerely,
4*- 4k&rUd
L,�Karen Higgins, Supervisor
401 & Buffer Permitting Unit
KAH /kym
Attached: Replacement Irrevocable Letter of Credit No. 68331 dated March 19, 2013
Cc: File Copy (Katie Merritt)
Doug Lashley — (via electronic mail)
401 and Buffer Permitting Unit
1617 Mad Service Center, Raleigh, North Carolina 27699 -1617
Location 512 N Salisbury St Raleigh, North Carolina 27604
Phone 919 - 807 -63001 FAX: 919 - 807 -6494
Internet www ncwaterqualtty org
An Equal Opportunity 1 Affirmative Action Employer — Made in part by recycled paper

CFGCOMMUNiTy BANK
March 19, 2013
REPLACEMENT
IRREVOCABLE LETTER OF CREDIT
BENEFICIARY:
North Carolina Department of Environmental and Natural Resources
Wetlands, Buffers, Stormwater, Compliance and Permitting Unit
512 N. Salisbury St.
Raleigh, North Carolina 27604
Attn: Ms Higgins
Dear Ms. Higgins,
it i t
We hereby amend our Irrevocable Standby Letter of Credit No. 68331 in your favor, at the
request for the account of GreenVest /Flat Swamp LLC, 726 Second Street, Suite 36, Annapolis,
Maryland 21403, up to the aggregate amount of Twenty Thousand U.S. dollars ($20,000.00)
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 certified that The North Carolina Department of Water Quality has
the right to draw down the amount of USD $20,000.00 against Letter of Credit No. 68331, in
accordance with the Mitigation Banking Instrument ( "MBI ") 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 require
by the MBI as GreenVest /Flat Swamp LLC has failed to perform such activities as required and
is in default."
1422 CLARKVIEW ROAD, BALTIMORE, MD Zi2o9 T 410- 823 -05oo F410-823-6685 www4communztybank com

r �
SPECIAL INSTURCTIONS:
The proceeds of any draft(s) drawn on this letter of credit shall not be paid to the Beneficiary.
The proceeds shall be paid to any person- except any individual or entity listed on the OFFICE OF
FOREIGN ASSETS CONTROL SPECIALLY DESIGNATED NATIONALS AND BLOCK PERSONS report
- indentified by the Director Division of Water Quality North Carolina Department of
Environmental and Natural Resources in an Assignment of Proceeds of Standby Letter of Credit
and Request for Issuer's consent in the form attached hereto as Exhibit "A" Acknowledgement
of such instructions of assignment of proceeds in subiect to our approval and will not be
unreasonably withheld.
This amended letter of credit is effective as of March 19, 2013. The letter of credit shall expire
on October 9, 2013 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 (30) days 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 duly horror such draft upon presentation to us, and we shall pay the amount of
the draft 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,
Ellen Fish
Executive Vice President
CFG Community Bank