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THE-ETERTHOua NATIONAL BANK <br /> BERTHOUD. COLORADO <br /> IRREVOCABLE LETTER OF CREDIT <br /> The Berthoud National Bank ETTER OF CREDIT NU BER: <br /> P.O. Box 1079 103 <br /> Berthoud, CO 80513 <br /> Telephone: (303) 532-2676 Amount U.S. $34,404 55 <br /> Beneficiary: Applicant: <br /> STATE OF COLORADO Arkins Park Stone C mpany <br /> MINED LAND RECLAMATION BOARD Mr & Mrs Neil C. Sp ague, Owners <br /> 423 CENTENNIAL BUILDING 5975 N. County Road 27 <br /> 1313 SHERMAN STREET Loveland, Colorado 0537 <br /> DENVER, COLORADO 80203 <br /> Date of Issue: Initial Expiration ate: <br /> January 10, 1990 January 10, 1991 <br /> Gentlemen: <br /> We hereby issue and establish our irrevocable letter of credit, th amount. <br /> of which is available by beneficiary' s draft or drafts drawn upon s, which <br /> shall be paid at sight, when accompanied by the following document <br /> A written statement of the Director ("the Director") of the M ned <br /> Land Reclamation Division of the State of Colorado ("the Divi ion") <br /> certifying that he is a duly authorized official acting on be alf <br /> of the State of Colorado and that the amount of the accompanying <br /> sight draft is due and payable to the State of Colorado pursu nt to <br /> applicable provisions of Colorado statutes governing mined laid <br /> reclamation and that Arkins Park Stone Company or its success r has <br /> neglected, failed, or refused to pay such amount although req ested <br /> to do so by the Director. <br /> Each sight draft so drawn and presented shall be honored by us if resented <br /> prior to the close of business on the expiration date of this lett r of, <br /> credit. This credit refers to Arkins Park Stone Company's applic tion for <br /> a permit to engage in mining and reclamation activities within the State of <br /> Colorado. <br />