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It is an express condition of this letter of credit that it shall be automatically extended for successive <br />additional periods of one year each, from the initial and each future expiration date unless the Colorado <br />Business Bank ( "the Bank ") shall notify the Director at least 90 days prior to an expiration date in writing <br />by certified mail, at the above address, that the Bank elects not to extend the credit for such additional <br />period. In such event, in addition to his power to draw hereon under the preceding paragraphs, the <br />Director may draw the full or any lesser amount hereof at any time prior to such expiration date by sight <br />draft, or drafts, accompanied by the written statement of the Director certifying that the amount drawn <br />will be held as a cash deposit in lieu of financial warranty, as provided in applicable Colorado statutes <br />governing mined land and reclamation. <br />The original signed letter of credit and any amendments will be presented to the Bank by the beneficiary <br />along with any draft presented pursuant to this letter of credit, and will be surrendered to the Bank with <br />any draft which draws the full amount, or the balance remaining available, under this letter of credit. <br />Delivery of the original letter of credit, sight draft(s) and all other documents required as a condition <br />precedent for payment, may be made by overnight courier to the Bank. Each payment on a draft shall <br />reduce the aggregate above written amount by the amount drawn. <br />This Letter of Credit is subject to Uniform Customs and Practice for Documentary Credits (2007 <br />Revision), International Chamber of Commerce — Publication No. 600 (the "UCP600 ") and shall be <br />governed by the laws of the State of Colorado with respect to subject matters not addressed by the <br />UCP600. In the event of an action between the beneficiary and the Bank regarding this letter of credit, <br />the bank submits to the jurisdiction and venue of the Denver District Court, State of Colorado. The Bank <br />agrees to accept service of process in any such action, if service is made by registered or certified mail <br />(return receipt requested) or courier service, postage or delivery fee prepaid, to the address of the Bank set <br />forth above. <br />If any expiration date specified herein shall fall upon a day other than a regular business day of the Bank, <br />the expiration date shall ipso facto be extended to the close of business on the next successive business <br />day of the Bank. <br />Colorado business Ba <br />By �( Date <br />Ant ho i ed Signat e <br />