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,, UT NBANK AH <br /> IRREVOCABLE STANDBY LETTER OF CREDIT <br /> NUMBER 763 MAIN OFFICE <br /> AUGUST 20, 1992 <br /> State of Colorado ' <br /> Mined Land Reclamation Board <br /> 215 Centennial Building JAN p 41993 <br /> 1313 Sherman Street <br /> Denver, CO 80203 <br /> Gentlemen: <br /> We hereby establish our Irrevocable Standby Letter of Credit in your favor for <br /> the account of Augustine J. De Herrera 736 East 1225 North Ogden, UT 84404. <br /> Up to the aggregate amount of $5,000.00. <br /> Available at your draft(s) drawn at sight on the Bank of Utah, when accompanied <br /> by the following document: <br /> A written statement of the Director ("the Director") of the Mined Land <br /> Reclamation Division of the State of Colorado ("the Division") certifying that <br /> he is a duly authorized official acting on behalf of the State of Colorado and <br /> that the amount of the accompanying sight draft is due and payable to the State <br /> of Colorado pursuant to applicable provisions of Colorado statutes governing <br /> mined land reclamation and that La Florida Gravel Pit Company or its successor <br /> has neglected, failed, or refused o pay such amount a hough requested to do so <br /> by the Director. <br /> It is an express condition of the Letter of Credit that it shall be automatically <br /> extended for successive additional periods of one year each, from the initial and <br /> each future expiration date unless the Bank of Utah of Ogden, Utah ("the Bank") <br /> shall notify the Director at least 90 days prior to an expiration date in writing <br /> by registered mail , at the above address, that the Bank elects not to extend the <br /> credit for such additional period. In such event, in addition to his power to <br /> draw hereon under the preceding paragraphs, the Director may draw the full or any <br /> lessor amount hereof at any time prior to such expiration date by sight draft, <br /> or drafts, accompanied by the written statement of the Director certifying that <br /> the amount drawn will be held as a cash deposit in lieu of financial warranty, <br /> as provided in applicable Colorado statutes governing mind land and reclamation. <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 Credit, and <br />