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I' ~ The <br />QL~ <br />ne State <br />Member FDIC <br />935 North Cleveland Ave. <br />PO Box 329 <br />Loveland, CO 80539-0329 <br />Telephone 970-669-0040 <br />Fax 970-667-0745 <br />Fax 970-669-9719 <br />Website www.homesta[ebank.com <br />STANDBY LETTER OF CREDIT <br />August 1, 2002 <br />LENDER: The Home State Bank <br />935 No. Cleveland Avenue <br />Loveland, Colorado 80537 <br />BORROWER: Robert C, and Helen L. Pittington <br />1131 Silver Fir Drive <br />Loveland, CO 80538 <br />BENEFICIARY: State of Colorado <br />Mined Land Reclamation Board <br />Department of Natural Resource <br />1313 Sherman St., room 215/ <br />Denver, CO 80203 <br />Gentlemen: <br />V~D <br />AUG t 510p2 <br />Division of Minerals and Geology <br />ALL DRAFTS DRAWJ4 MUST BE MARKED: <br />STANDBY LETTfr?R OF CREDIT N0.428 <br />We understand that as a con ition of receiving a mining permit for the Russell <br />Gravel Pit under the Colorado Mine Land Reclamation Act, C.R.S. 1973, 34-32-101 et <br />se°• as amended~it is necessary previde an Irrevocable Letter of Credit from a bank. <br />that will serve as proof of its fi ncial responsibility to provide for reclamation of the <br />Affected Lands subject to the pe it. Therefore pursuant to Section 32-32-117(3)(a)(II) of <br />the Act, Robert C. and Helen .Pittington have requested that Home State Bank issue <br />this Irrevocable Letter of Cre 'and , we hereby issue in your favor our Irrevocable Letter <br />of Credit for the account of obert C. and Helen J. Pittington for the Russell Gravel Pit for' <br />an amount NGT TO EXC D, in the aggregate, Six Thousand and 00/100 U.S. Dollars <br />($6,000.00) available by ur drafts at sight on The Home State Bank, 935 No. Cleveland <br />Ave., Loveland, Colora o 80537, effective August 1, 2002 and EXPIRING AT OUR. <br />OFFICE ON August 2003 at 3:00 P.M. Mountain Standard Time or any future <br />expiration date as se orth below. <br />Funds under-this Letter of Credit are available against your draft referencing our <br />Letter of Credit number as it aooears above. Partial funding of this credit will be allowed. <br />Trust Services <br />935 North Cleveland Avenue <br />Loveland, CO 80537 <br />970-613-2167 <br />970-622-7191 Fax <br />1355 Eas[ Eisenhower Blvd. <br />Loveland, CO 80538 <br />970-669-4040 <br />970-622-8890 Fax <br />Lacntions <br />303 East Mountain Avenue <br />Fan Collins, CO 80524 <br />970-622-7188 <br />970-224-4180 Fax <br />3227 Timberline Road <br />Fort Collins, CO 80525 <br />970-292-0100 <br />970-266-8539 Fax <br />