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THE CITIZENS STATE BANK <br />OFOURAY <br />IRREVOCABLE LETTER OF CREDIT <br />The Citizens State Bank of Ouray <br />600 Main St. P.O. Box A R t "6 "'°y'i <br />1 W �.. <br />Ouray Co. 81427 <br />970 325 -4478 Uri 2 9 2014 <br />Beneficiary: DIVISION OF RECLAMATION <br />STATE OF COLORADO MININGAND SAFETY <br />DIVISION OF RECLAMATION, MINING & SAFETY <br />1313 SHERMAN ST ROOM 215 LETTER OF CREDIT NUMBER: <br />T)ENVER CO 80203 NOTICE OF INTENT NO. P- 2010.00 <br />ygi' ;'rdao ='rtgu6 -adt ++`'ate[ o <br />n <br />.Its -11vl'rtCili Co. (51 i J i <br />970 X87 -5243 or 970 327 -5243 <br />Gentlemen: <br />We hereby issue and establish our irrevocable letter of credit, the amount of which is; available by <br />')eneficiary's draft or drafts drawn upon us, which shall be paid at sight, when accompanied by the <br />fo;.lowing document. <br />A written statement ofthe Director ("the Director) of the Division of Reclamation, Mining and <br />Safety of the State of Colorado ( "the Division) certifying that he is a duly authorized official <br />acting on behalf of the State of Colorado and that the amount of the accompanying sight draft is <br />due and payable to the State of Colorado pursuant to applicable provisions of Colorado statutes <br />governing mined land reclamation that .lack Clark Jr. or its successor has neglected, failed, or <br />refused to pay such amount although reynested to do so by the Director. <br />t ach sight draft so drawn and presented shall be -honored by us if presented prior to the close of business oz. <br />ale expiration date of this letter of credit. T: u Aa,i.k shalt ,:Lake a payment by wire transfer o t> t <br />{eneficiar_y. This credit refers to Jack Cia-k Ji application for a permit to engage in minni xa-, <br />re,lamatiar, activities within the State of Colorado. <br />11 <br />i-. a:1 -,Kpress condition of this letter of credit that it ::hail bs automatically extended for suc(*:-sive <br />rddit;.onal periods of one year each, froin the initial and,.acn future expiration date unless The Citizens <br />Main Office Ourav <br />Ridzwav Branch <br />Silverton Btanch <br />Montrose Countv Branch <br />600 Main Street <br />145 W. Sherman - Hwy. 62 <br />1202 Greene <br />Hwy 141 & 97 <br />P.O. Box A <br />P.O. Box 222 <br />P.O. Box 6 <br />81433 <br />P.O. Box 160 <br />Naturita, CO 81422 <br />Ouray, CO 81427 <br />Ridgway. CO 81432 ! :gig <br />Silverton, CO <br />(970) 325 -4478 <br />(970) 626.5462 = h <br />(970) 387 -5502 <br />(970) 865 -2255 <br />Fax (970) 325.4351 <br />Fax (970) 626 -4278 '' <br />Fax (970) 387 -5315 <br />Fax (970) 865.2834 <br />