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ASSIGNMENT OF CERTIFICATE OF DEPOSIT <br /> Powell Construction Co. , Box 179, Fort Garland, Colorado, hereby <br /> assigns , transfers , and sets over to the Mined Land Reclamation Board <br /> of the State of Colorado, ail its right and title in and to, except as here- <br /> inafter set forth, Certificate of Deposit with the Alamosa National Bank , <br /> Alamosa , Colorado, in the amount of $2 ,500.00 dated the 16th day <br /> Of August 1977 , number 1541 , and authorizing the Mined Reclamation <br /> Board of the State of Colorado, in its name or otherwise, at its own expense <br /> and charge, to enforce said Certificate of Deposit according to the terms and <br /> conditions therein set forth, and to take all measures that may be proper or <br /> necessary for complete recovery and enjoyment of all rights incident therunto <br /> belonging; except in reserving to Powell Construction Co. the rights to any <br /> and all interest when the same may become due and payable . <br /> Powell Construction Co. further grants to the Mined Land Reclamation <br /> Board, upon expiration of the tern of the above described Certificate of <br /> Deposit, the renewal of the same for an additional one year periods , at <br /> prevailing interest rates , unless substituted by a performance bond accept- <br /> able to the Mined Land Reclamation Board . <br /> Powell Construction Co. makes this assignment of the above described <br /> Certificate of Deposit as security for its faithful performance of all require- <br /> ments set forth in its permit for mining operation to be granted by the Mined <br /> Reclamation Board upon acceptance of this Assignment of Certificate of Deposit <br /> and this assignment shall remain in effect until substituted by an acceptable <br /> performance bond or until the affected land , as described in the mining permit, <br /> has been reclaimed, approved , and released by the Mined Land Reclamation <br /> Board. At the time , the above described Certificate of Deposit shall be <br /> reassigned to Pioneer Sand Company, Inc. <br /> The Alamosa National Bank of Alamosa, Colorado, hereby promises that <br /> no request to withdraw funds from Certificate of Deposit number 1541 will <br /> be honored by it without prior notice to and approval of the Mined Land Recla- <br /> mation Board until the Board notifies the Alamosa National Bank it no longer <br /> claims an interest in these funds . <br />