2005-10-12_PERMIT FILE - M1998059

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S~ THE FIRST NATIONAL BANK j OF FLEMING r.o. eox+Ga FLEMING •CGLGHIIGO a072a IRREVOCABLE LETTER OF CREDIT Beneficiary: Slate of Colorado Mined Land Reclamation Board 215 Centennial Building 1313 Sherman St. Denier, CO 80203 Applicant: L&I, Ready Mix 810 5 Colorado F'O Box 218 FLuctun, CO 80731 Gentlemen: RECEIVED (]l.l ~ 2 GtuJ Ar265-255570 Division Gf Minerals and Geelsgy Letter of Credit Number: Amount US $24,000.00 Date of Issuance: October 11, 2005 Initial Expuation Date: October 10, 2006 We hereby issue and establish our irrevocable letter of credit, the amount of which is available by beneficiary's draft or drafts drawn upon us, which shall be paid at sight, when accompanied by the following document: A written statement of the Director ("the Director") of the Division of Minerals and Goology of the State of Colorado ("the Division") certifying he is a duly authorized official acting on behalf of the State of Colorado and that the amoum of the accompa~ing sight draft is due and payable to the State of Colorado pursuant to applicable provisions of Colorado statutes governing mined land reclamation and that L&L Ready Mix or its successor has neglected, failed, or refused to pay such amount although requested to do so by the Director. Each sight draft so drawn and presented shall Ix: honored by us if presented prior to the close of business on the expiration date of [his letter of credit. The Bank shall make a payment by wire transfer to the Beneficiary. This letter of credit refers to L&L Ready Mix's application for a permit to engage in minting and reclamation activities within the State of Colorado. I[ is an express condition of this letter of credit that i[ shall be automatically extended for successive additional periods of one year each, from the initial and each future expiration date unless the Firs[ National Bank of Fleming ("the 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 hereon under the preceding paragraphs, the Director may draw the full or any lesser amount hereof at a~ time prior [o such expiration date by sight draft, or drafts, accompanied by the written statement of the Director certifying that the amoum drawn will be held as a cash deposit in lieu of financial warranty, as provided in applicable Colorado s[aN[es governing mined land and reclamation.