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_ -2- <br /> It is an .express condition of this letter of credit that it shall b <br /> automatically extended for successive additional periods of one yea <br /> each, from the initial and each future expiration date unless the <br /> Berthoud National Bank of Berthoud, Colorado ("the Bank") shall notify <br /> the Director at least 60 days prior to an expiration date in writin <br /> by registered mail , at the above address, that the Bank elects not o <br /> extend the credit for such additional period. In such event, in <br /> addition to his power to draw hereon under the preceding paragraphs, <br /> the Director may draw the full or any lesser amount hereof at any ime <br /> prior to such expiration date by sight draft or drafts, accompanie by <br /> the written statement of the Director certifying that the amount d awn <br /> will be held as a cash deposit in lieu of financial warranty, as p ovided <br /> in applicable Colorado statutes governing mined land and reclamati n. <br /> The original signed letter of credit will be presented to the Bank by the <br /> beneficiary along with any draft presented pursuant to this letter of <br /> credit, and will be surrendered to the Bank with any draft which d aws the <br /> full amount, or the balance remaining available, under this letter of <br /> credit. <br /> If any expiration date specified herein shall fall upon a day othe than <br /> a regular business day of the Bank, the expiration date shall i so facto <br /> be extended to the close of business on the next successive busine s day <br /> of the Bank. <br /> The Berthoud National Bank of Berthoud, Colorado <br /> By � � tta <br /> Darrell Baumer, Assistant ice President <br /> i <br /> I <br /> I <br />