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First Security Bank of Utah ! �� <br /> National Association <br /> • INTERNATIONAL DEPARTMENT • <br /> POST OFFICE BOX 30004,79 SOUTH MAIN STREET Dale 6t Iss4e in Salt Laka City <br /> Telex Number Cable Address <br /> SALT LAKE CITY,UTAH 84130 J y 10, 1985 <br /> 389 431 FSBU <br /> Credit Numberr <br /> Issuing Bank Adviling Bank <br /> IRREVOCABLE STRAIGHT DOCUfAENTARY CREDIT <br /> .a. y Adylsing BM 065 0363 0001 <br /> = Applicant ! <br /> I� rxp Bullger Basin, A LimitediP <br /> dba Paul Mountain Joint Vbnture <br /> 6182 S. 2855 H. <br /> _. ..v.nTi✓X' _ . , Ogden Utah 84407 <br /> o Beneficiary Amount <br /> State of Colorado, Mined band O.S. $13,225.00 (Thirteen Thousand <br /> Reclamation Board Two Hundred Twenty Five <br /> 423 Centennial Bldg. , 1313 Sherman St. no/100 O.S. Dollars) _ <br /> Deriver, Colorado 80203 Date E piry <br /> July 5, 1986 <br /> 0 <br /> — At our office ' <br /> U <br /> Gentlemen: <br /> 0 <br /> We hereby issue in your favour this documentary credit which is available by payment of yourdraft(s)df awn on usat sight bearing <br /> .m this Letter of Credit number accompanied by the following documents: <br /> r <br /> o <br /> e Your signed statement reading precisely as follows: <br /> oa <br /> 0. <br /> ge <br /> "z "We certify that the undersigned is a duly authorized official actiIL <br /> behalf of the <br /> o° State of Colorado and that the amount of the accompanying sight is due and <br /> payable to the State of Colorado pursuant to applicable ptrovof Colorado <br /> a; statutes governing mixed land reclamation and that Penn Mountain Jentu re or its <br /> successor has neglected, failed, or refused to pay such amount alrequested to <br /> „ E do so by the Director." <br /> � E The above statement must be manually signed and show the wording "The hector of the <br /> Mined band Reclamation Division of the State of Colorado" under the sigwature. <br /> E It is an express condition of this Letter of Credit that it shall b automatically <br /> au extended for successive additional periods of one year each, for the i Litial and each <br /> future expiration date unless we shall notify you at least 60 prior to an <br /> ; 0 expiration date in writing by registered mail, at the above address, thit we elect not <br /> tv to extend the credit for such additional period. If we elect not to ex end the Letter <br /> °` of Credit you may present either the above statement or the followi statement as <br /> as follows: "we certify that the amount dram will be held as a cash de it in lieu of <br /> „ u financial warranty, as provided in applicable Colorado statutes gave mined laid <br /> vm and reclamation." <br /> U st <br /> m <br /> W The original Letter of Credit must be presented with any drawing which exhausts the <br /> Letter of Credit. <br /> Multiple Drawings Dr ing of Partial Amount <br /> This document consists of 2 signed pages) Permitted Permitted <br /> Advising Bank's Notification <br /> We hereby agree to honor each draft drawn under and in compliance with the terms Of place. Date.Name and Signature of the ich,isog Bank <br /> this credit.if duly presented(together with the documents as specified)at Our of fife on <br /> or <br /> bbeeeefore the expiry date of this credit <br /> Yours ve truly <br /> S n re ignat"ure <br /> L-N/R 41M rY <br />