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11!2912006 16:00 IFAX FAM@EBERLS.COM <br /> <br />C.~~ ~ <br />COMMVNTTY BANKS OF COLORADO <br />t/??~L <br />IRREVOCABLE LETTER OF CREDIT <br />Community 13ank;~ of Colorado <br />5690 DTC Blvd., Suite 45U <br />Greenwood Village, CO 80111 <br />720 529-3330 <br />BENEFICIARY: <br />State of Colorado <br />Mined Land Reclamation Hoard <br />215 Centennial Building <br />1313 Sherman Street <br />Denver, Colorado 80203 <br />APPLICANT: <br />King Mountain Gravel, LLC <br />7276 W. Mansfield Avenue <br />Lakewood, Colorado 80235 <br />303 988-6286 <br />Gentlemen' <br />LETTER OF CREDIT NUMBER: 2170201 <br />Amount U.S. $319,000.00 <br />Date of Issuance: March 7, 2006 <br />Initial Expiration Date: June 29, 2007 <br />We hereby issue and establish our irrevocable letter of credit, the amount of which is <br />available by beneficiary's draft or drafts drawn upon us, which shall be paid at sight, <br />when accompanied by the following document: <br />A written statetnent of the Director ("the Director") of the Division of Minerals <br />and Geolo@,y of the State of Colorado("the Division") certifying that he is a duly <br />authorized official acting on behalf of the State of Colorado and that the amount <br />of the accompanying sight draft is due and payable to the Slate of Colorado <br />pursuant to applicable provisions oFColorado statutes governing mined land <br />reclamation and that King Mountain Gravel, LLC or its successor has neglected, <br />failed, or refused to pay such amount although requested to do so by the Director. <br />Each sight draft so drawn attd presented shall be honored by us if presented prior to the <br />close of business o., the expiration date of this letter of credit. The Batilc shall make a <br />payment by wire transfer to the Beneficiazy. This letter of credit refers to Icing Mountain <br />r~ 030/032 <br />5690 DTC BLJ/0. 6TE asa • G0.EFNWOOD V(LLAG6 CO 801 t ~ <br />9NONE'lE0ai9.JJ00• PnCSII.fitE ]20.529.3])0 <br />