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-2- <br /> It is an express condition of this letter of credit that it shall be <br /> automatically extended for successive additional periods of one year <br /> each, from the initial and each future expiration date unless the <br /> Berthoud National Bank of Berthoud, Colorado ("the Bank") shall notify <br /> the Director at least 60 days prior to an expiration date in writing <br /> by registered mail , at the above address, that the Bank elects not to <br /> extend the credit for such additional period. In such event, in <br /> 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 <br /> prior to such expiration date by sight draft or drafts , accompanied by <br /> 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 <br /> in applicable Colorado statutes governing mined land and reclamation. <br /> lho orlrlllcll . ielllod IcJI.1,11r' ul rrnill1, wl I I h(' p o..onlI'll rn I.110 Ilnnk by I,hn <br /> helluric: ior.y aiwnl wll.lc any drnll. pre!,HlI. d Inn ,nnnl. Lu Llii -, IPI.Lrr nl <br /> credit, and will he surrendered Lu We Bank with any droll. which draws Lhe <br /> full amount, or the balance remaining availdble, unjar Lhis letter of <br /> credit. <br /> If any expiration date specified herein shall fall upon a day other than <br /> a regular business day of the Bank, the expiration date shall 1,psofacto <br /> be extended to the close of business on the next successive business day <br /> of the Bank . <br /> The Berthoud National Bank of Berthoud, Colorado <br /> 4),ZY <br /> By <br /> Darrell Baumer, Assistant Vice President <br />