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State Bank-of Ouray ( "the Bank ") shall notify the Director at least 90 days prior to an expiration date in <br />writing by certified mail, at the above address, that the Bank elects not to extend the credit for such <br />additional period. In such event, in addition to his power to draw hereon under the preceding paragraphs, <br />the 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 will <br />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 ,redit 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 any <br />draft which draws the full amount, or the balance remaining available, under this letter of credit. Delivery <br />of the original letter of credit, sight draft(s) and all other documents required as a condition precedent for <br />payment, may be made by overnight courier to the Bank. Each payment on a draft shall reduce the <br />aggregate above written amount by the amount drawn. <br />This Letter of Credit is subject to Uniform Customs and Practice for Documentary Credits (2007 Revision), <br />International Chamber of Commerce — Publication No. 600 (the "UCP600 ") and shall be governed by the <br />laws of the State of Colorado with respect to subject matters not addressed by the UCP600. In the event of <br />art action between the beneficiary and the Bank regarding this letter of credit, the bank submits to the <br />jurisdiction and venue of the Denver District Court, State of Colorado. The Bank agrees to accept service of <br />process in any such action, if service is made by registered or certified mail (return receipt requested) or <br />courier service, postage or delivery fee prepaid, to the address of the Bank set forth above. <br />If anv expiration date specified herein shall tall upon a day other than a regular business da- of the Banl: <br />faCv !;r -:ieii t t0 ti: c. . - - l : _ii %rcL° ','c Uli ii ?e i da <br />1`IOTES:1. The Letter of Credit shall not be in excess of 10 percent of the bank's capital suplus account or <br />in excess of 30 percent if the applicant has more than one Letter of Credit for different permits. To <br />demonstrate this requirement, the issuing bank shall provide a balance sheet certified by a Certified Public <br />Accountant. Generally, this is available in the Bank's most recent Annual Report or Call Report. <br />2. The Letter of Credit shall be submitted on the Bank's letterhead. <br />3. The Mined Land Reclamation Board or the Office of Mined Land Reclamation may recover the <br />necessary costs, including attorney's fees or fees incurred in foreclosing on or realizing the collateral used <br />in the event this Letter of Credit is forfeited. The face amount of this Letter of Credit shall be increased by <br />five hundred dollars ($500.00) to cover these costs. <br />