2006-12-18_REVISION - M1978314 (3)

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11/29/2006 16:00 IFAX FAX@EBERLS.COM Gravel, LLC's application for a perntil to engage in mining and reclamation activities within the State ol'Colarado. It is an express condition of this letter of credit that it shall be automatically extended for successive additional periods of one year each, from the initial and each future expiration date unless Community Banks of Colorado {"Bank") shall notify the Director at least 90 days prior to an expiration date in writing by registered mail, at the above address, that the Bank elects not to extend the letter of credit for such additional period. In such event, in addition to his power to draw hereon under the preceding paragraphs, the Director may draw the full or any lesser amount hereof at any time prior to such expiration dale by sight draft, or drafi:s, accompanied by the written statement of the Director certifying that the amount drawn will be held as a cash deposit in Geu of financial warranty, as provided in applicable Colorado statutes gpveming mined land and reclamation. The original signe,l letter of credit and qtly amendments will be presented to the Bank by the beneficiary along with any draft presented pursuant to this letter of credit, and will be surrendered to the Bank with any drag which draws the full amount, or the balance remaining available, under this letter of credit. Delivery of the original letter of credit, sight draft(s) and all other documents required as a condition precedent for payment, may be made by overnight courier [o the Bank. Each payment on a draft shall reduce the aggregate above written amount by the amount drawn. This better of Crec:it is subject to Uniform Customs and Practice for Documentary Credits (1993 Revision), Infematiotral Chamber of Conttnerce -Publication No. 500 (the "UCP500") and stroll be governed by the laws ofthe State of Colorado with respect to subject matters not addressed by the UCP 500. 1n the event of an aerial between the beneficiary and the Bank regazding this letter of credit, the bank submits to the jurisdiction and venue of the Denver District Court, State of Colorado. The Bank agrees to accept service oi.'process in any such action, if service is made by registered or certified mail {retuiat receipt requested) or courier service, postage or delivery fee prepaid, to the address of the Bank set forth above. If any expiration date specified herein shall fall upon a day other 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 business day of the Bank. Community 13a11ks of Colorado Sheryl atterson Regional Branch President Date: Much 7. 2006 @J 031/032