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ime Certificate of Deposit ~fM~ <br />Financial Insiilullon: Farmers State Bank of Calhan CT 1 1 LW[ <br />458 Colorado Avenue, PO Box 9, Calnan, CO 80808 0163259120 <br />Account Name: VIRGIL B MITCHELL Or LORRAINE E. MITCHELL ASSIGR1LeP3B Ind $~4-4115 <br />STATE OF COLORADO MINED LAND RECLAMATION BOARD <br />(PUBLIC FUNDS PDPA #010004005101) <br />OWNERSHIP TVPE: Joint (Right of Survivorship) <br />Account Number ~ .issue Date Deposit Amount Term Maturity Date <br /> <br />Rate Intorrnatfon: This Axcunt is an interest bearing account. The interest rate on the account is 3.75% with an annum percentage yield of <br />3.80%. <br />The interest rate and annual percentage yield will not change for the farm of the account. The interest rate will be in effect until October 9, 2003. <br />Interest begins to accrue on the business day you deposit noncash items (tor example, checks). Interest wiU be compounded quartedy and will <br />be credited quartery. We will deposit the Interest in an account that you designate. Interest will be credited quarterly to your account 8910331. <br />The annual percentage ytetd assumes interest will remain on deposit until matudty. A withdrawal will reduce earnings. <br />Balance Information: We use the daily balance method to calculate the interest on the axount. This method applies a daily periodic rate to <br />the principal in the account each day. We will use an interest accrual basis of 365 for each day in the year. <br />Limitations: You must deposit $SOO.DO to open this account. You may not make additional deposits into this axount. You may not make <br />withdrawals from your axount until the maturity date. <br />Time Account Information: Vour account will mature on October 9, 2003. it you withdraw any of the pdncipal before the maturity date, we <br />may impose a penalty of one month's interest. This axount will automatically renew. You will have 10 calendar days after the matudty date to <br />withdraw funds without penalty. <br />NONTRANSFERABLE-NONNEGOTIABLE FDiC si at eana neor~vthoo;F~~wnn~tronsi¢ner <br />\ll~.\/ Ct d1 r <br />TIME DEPOSIT AGREEMENT <br />We appreciate your dectslan <br />your Axount. Each signer r <br />mdtcated, end has a Bed to <br />the Account Hoider(s~ the we <br />words °'we" °us" and our" m <br />e osft axount with us. TMs <br />at the Axount Holder name <br />on deposit unity the Matudry <br />or •yours° mean <br />Bement, and the <br />) ve rBCelve cradN <br />for nonOasrl items (Stich as ChBCks dfaWn On Other finanC181 mStitWlOns) tlep0altatl t0 Open the Account. DepOSfis Of fofelgn CUnenCy Wlll be <br />converted to U.S. funds as of the date of deposit and will be reelected es such on our records. <br />ISSUE DATE. If you open a time deposit axount with us after 3:00 PM on a business day that we are open, we will consider that the trensaction <br />was made at the opening of the next business day for Issue date and effectlve date purposes. <br />INTEREST RATE. The interest rate is the annual rate of interest paid on the Axount which does not reflect compounding ("Interest Rafe', end is <br />based upon the interest accrual basis described above. <br />AUTOMATIC RENEWAL POLICY. If the Axount will automatically renew as descdbed above, the pdncipal amount and all paid earned Interest that <br />has not bean withdrawn will automatically renew on each Matunry Date for en Identical penod of Ume es the odglnal deposit term. Interest on <br />renewed axounts will be Calculated et the Interest rate then in a pct for Umgi deposits of that Deposit Amount and term. P you wish to withdraw <br />funds from your Axount, you must notify us during the grace period after the Maturity Date. <br />FJIRLY WITHDRAWAL PENALTY. You have agreed to keep the funds on deposit until the Maturity Date of our Axount. Any withdrawal of all or <br />part oe the funds from your Account pdor to matudty may result in en eady withdrawal penalty. We will consider requests for eady withdrawal entl, If <br />granted, the penalty es specified above will apply. <br />Minimum Required Penally. If you withdraw money within six (6 days after the date of deposit, the Minimum ReGUtred penalty is seven (~ <br />days'simpfe Interest on the withdrawn funds. It partial early withdrawal(s) ere permitted, we are required to impose the Minimum Required Penalty <br />on the amount(s) withdrawn within sex f6) days eRer each parflal withdrawal. Th6 eady withdrawal penalty may be more than the Minimum Required <br />Penalty. You pay the eady withdrawal penalty by forfeiting pert of the exrued Interest on the Axoun . It your Axount has not eamed enough <br />interest, or If the interest has been paid, we take the difference hom the pdncipal amount of your Account. <br />Exceptions. We may let you withdraw money from your Axount before the Maturity Date without an eady withdrawal penalty: (1) when one <br />or more of you dies or is determined legal)y incompetent by a ccurt or other adminisfratlve body of competent IurisdicUon; or (2) when the Axount is <br />an Individual Retirement Axcunt (IRA) established in accordance with 26 USC 408 and the money is paid within seven (71 days after the Axount is <br />opened; or (31 when the Account is a Keogh Plan (Keogh), if you forteit at least the interest earned on the wthdrawn fundds; or (4) if the Axount is <br />an IRA or a Keogh Plan established Rursuant to 26 USC 406 or 26 USC 407, when you reach age 59 1/2 or become disabled; or (5) within an <br />applicable grace period (if any). <br />RIGHT OF SETOFF. Sub'ect to applicable law, we may exercise our rigght of setoff or sacu interest against any and ell of your Axounts Except <br />IRA, Keogh plan and Trus~ Axounfs) without naflCe, for any liability or tlebt of any of you, w ether joint or indWidual whether direct or con'ngeM, <br />whether now or hereafter existing, and whether arising from overdrefls, endorsements, guarantees, loans, atlacfiments, garnishments, levies. <br />eHorneys' fgies, or other obligations. If the Axount is a j1oint m multiple-party axount, each joint or multiple-party account holder aWhodzes us to <br />exercise our right of setoff ageirist any and all Axounts o1 each Account Holder. <br />OTHER ACCOUNT RULES. The following rules also apply to the Axount. <br />Surrender o1 Instrument. We may require you to endorse and sunender this Aggreement to us when you withdraw funds, transfer or close <br />your Account. If ou lose this Agreement, you agree to sign any affidaWt Of lost instument, a other Agreement we may rgigWre, and agree to hold us <br />harmless hom Nobility, pdor to our honoring your withdrawal or request. <br />Death o! Account Holder. Each Axount Holder agrees to notify us immediately upon the death of any other Axount Holder. You agree that <br />we may hold the funds in your Axount until we have received all required dxumentahon and Instructions. <br />Indemnity. If you_ ask us to follow instructions that wgi believe might expasa us to an claim, tiability or damages, we may refuse to follow your <br />instuctions or may requre a bond or other protection, includi.^.g Your a9reamant to indemnity us. <br />06POHT VRO, V~tA3900.002 GppY. MarMM FIMncNI %Wtiwr, Me.IYM, 2002. NI RI2RU Murv"<. W - Ce-F:\eFPCER\CFl\r120.)00 T0..itN <br />Page 1 of 2 <br />Original <br />