1990-04-04_REVISION - M1984001 - Laserfiche WebLink

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-2- Each sight draft so drawn and presented shall be honored by us f presented prior to the close of business on the expiration date of this 1 tter of credit. This credit refers to John Schanahl co pany's application for a permit to engage in mining and reclamation ac ivities within the State of Colorado. It .is an express condition of this letter of credit that it sha 1 be automatically extended for successive additional periods of one year each, from the initial and each future expiration date unless the Bank of GRAND JUNCTION ("the Bank") shall notify teMr—ec'For -at least 60 days prior to an exp ra n date in writing by registered mail , at the above address, that the Bank elects not to extend the credit for such additional period. In such event, i addition to his power to draw hereon under the preceding paragraphs, the Di ector may draw the full or any lesser amount hereof at any time prior to such xpiration date by sight draft, or drafts, accompanied by the written statement of the Director certifying that the amount drawn will be held as a cas deposit in lieu of financial warranty, as provided in applicable Colorado tatutes governing mined land and reclamation. The original signed letter of credit will be presented to the B nk by the beneficiary along with any draft presented pursuant to this let er of credit, and will be surrendered to the Bank with any draft which draws he full amount, or the balance remaining available, under this letter n credit. If any expiration date specified herein shall fall upon a day o er than a regular business day of the Bank, the expiration date shall ipso facto be extended to the close of business on the next successive bus ne ay of the Bank. The Bank of GRAND JUNCTION By [/ jr✓ `.� d � I ' I Authorized signature Roger L. Martin, Vice President TH BANK O F O R N O J U N C T I O N Roger L. ardn Vice Presi ent Mesa Mal 2415 FFbed Grand Jl tion. CO 81505 [303)241-9000 (Rev. 11186) 0868F