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L <br /> gab.ON Norwesl Bank Montrose, N.A. <br /> weewnAv <br /> RORWESTBANKS 400 Main Street <br /> 198HW1! P.O. Box 730 <br /> Whit f®L7 Montrose, Colorado 81402-0730 <br /> 3031249-2000 <br /> IRREVOCABLE LETTER OF CREDIT <br /> NUMBER: 00282 <br /> Letter of Credit No. 00282 <br /> Amount U. S. $25, 000 . 00 <br /> Date of Issuance: May 13 , 1994 <br /> Initial Expiration Date: May 13 , 1995 <br /> TO: State of Colorado RE: Applehanz Bros <br /> Mined Land Reclamation Board 62339 W LaSalle <br /> 215 Centennial Bldg Montrose, Co 81401 <br /> 1313 Sherman: St <br /> Denver, Co 80203 <br /> Gentlemen: <br /> We hereby issue and establish our irrevocable Letter of Credit <br /> number 00282, the amount of which is available by <br /> beneficiary's draft or drafts drawn upon us, which shall be <br /> paid at sight, when accompanied by the following document: <br /> A written statement of the Director ("the Director") of <br /> the Division of Minerals and Geology of the State of <br /> Colorado ("the Division") certifying that he is a duly <br /> authorized official acting on behalf of the State of <br /> Colorado and that the amount of the accompanying sight <br /> draft is due and payable to the State of Colorado <br /> pursuant to applicable provisions of Colorado statutes <br /> governing mined land reclamation and that Applehanz <br /> Brothers or its successor has neglected, failed, or <br /> refused to pay such amount although requested to do so by <br /> the Director. <br /> Each sight draft so drawn and presented shall be honored by us <br /> if presented prior to the close of business on the expiration <br /> date of this letter of credit. The credit refers to Applehanz <br /> Brothers application for a permit to engage in mining and <br /> reclamation activities within the State of Colorado. <br /> It is an express condition of this letter of credit that it <br /> shall be automatically extended for successive additional <br /> periods of one year each, from the initial and each future <br /> expiration date unless the Norwest Bank Montrose, National <br /> Association ( "the Bank") shall notify the Director at least 90 <br /> days prior to an expiration date in writing by registered, at <br /> the above address, that the Bank elects not to extend the <br /> credit for such additional period. In such event, in addition <br />