2022-12-15_PERMIT FILE - M2022050 ‎(3)‎

• Permit No: M2022050
• IBM Index Class Name: Permit File
• Doc Date: 12/15/2022
• Doc Name: Incompleteness Response
• From: J-2 Contracting Company
• To: DRMS
• Email Name: JLE
• Email Name: PSH
• Media Type: D
• Archive: No

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Each sight draft so drawn and presented shall be honored b its if res�Pvire
prior to the close of business on the
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expiration date of this letter of credit. The Bank shalt make a payment transfer to the Beneficiary. This
credit refers to J-2 Contracting Cc 's application for a
permit to engage in mining and reclamation activities within the State of Colorado.
It is an express condition of this letter of credit that it shall be automatically extended for successive additional
periods of one year each, from the initial and each future expiration date unless the
Verus Bank of Commerce ("the Bank") shall notify the
Director at least 90 days prior to an expiration date in writing by certified mail, at the above address, that the Bank
elects not to extend the credit for such additional period. In such event, in addition to his power to draw hereon
under the preceding paragraphs, the Director may draw the full or any lesser amount hereof at any time prior to
such expiration date by sight draft, or drafts, accompanied by the written statement of the Director certifying that
the amount drawn will be held as a cash deposit in lieu of financial warranty, as provided in applicable Colorado
statutes governing mined land and reclamation.
The original signed letter of credit and any amendments will be presented to the Bank by the beneficiary along with
any draft presented pursuant to this letter of credit,and will be surrendered to the Bank with any draft which draws
the full amount, or the balance remaining available, under this letter of credit. Delivery of the original letter of
credit, sight draft(s) and all other documents required as a condition precedent for payment, may be made by
overnight courier to the Bank. Each payment on a draft shall reduce the aggregate above written amount by the
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amount drawn.
This Letter of Credit is subject to Uniform Customs and Practice for Documentary Credits (2007 Revision),
International Chamber of Commerce—Publication No. 600(the"UCP600") and shall be governed by the laws of
the State of Colorado with respect to subject matters not addressed by the UCP600. In the event of an action
between the beneficiary and the Bank regarding this letter of credit, the bank submits to the jurisdiction and venue
of the Denver District Court, State of Colorado. The Bank agrees to accept service of process in any such action,
if service is made by registered or certified mail (return receipt requested) or courier service, postage or delivery
fee prepaid,to the address of the Bank set forth above.
If any expiration date specified herein shall fall upon a day other than a regular business day of the Bank, the
expiration date shall pso facto be extended to the close of business on the next successive business day of the Bank.
The Verus Bank of Commerce
BY `V/� Date i
Authorized Signa� ture" T
NOTES:1. The Letter of Credit shall not be in excess of 10 percent of the bank's capital surplus account or in excess of 30
percent if the applicant has more than one Letter of Credit for different permits. To demonstrate this requirement,
the issuing bank shall provide a balance sheet certified by a Certified Public Accountant. Generally, this is
available in the Bank's most recent Annual Report or Call Report.
2. The Letter of Credit shall be submitted on the Bank's letterhead.
3. The Mined Land Reclamation Board or the Office of Mined Land Reclamation may recover the necessary costs,
including attorney's fees or fees incurred in foreclosing on or realizing the collateral used in the event this Letter
of Credit is forfeited.The face amount of this Letter of Credit shall be increased by five hundred dollars($500.00)
to cover these costs.
M min\sharexbondforms`ILOC bnd final with UCP600language(3;'12,08)
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