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~~ <br />UNION BANK & TRUST <br />_..-ta of Colorado <br />i°i'_ned Land Reclamation Board <br />2'_5 Centennial Building , <br />1313 Sherman Street <br />_e...a_, CO 80203 <br />_atter of Credit Dlumber 911 <br />For the Account of Mountain Park Concrete, Inc. <br />F.0. Sox 856 <br />.,_andby, CO 80996 <br />sssua Date: February 25, 19S9 <br />~r.ount : 516, 390.00 <br />:<oiration Date: February 25, 2000 <br />. _ Fih om It May Concern: <br />rM- ~ GG~-a3y <br />RECEIVED <br />MAR 18 2002 <br />Division of Minerals and Geology <br />;ie hereby establish our Irrevocable Letter of Credit No. <br />she amount of which is available by beneficiary's draft(s) <br />=a~.ar. upon us, which shall be paid at sight, when accanpanied <br />=:~~ t^,e following document: <br />A written statement of the Director ("the Director") of the <br />Division of Minerals and Geology of the State of Colorado ("the <br />Division") certifying that he is a duly authorized official acting <br />or: behalf of the State of Colorado and that the amount of the <br />accompanying sight draft is due and payable to the State of <br />Colorado pursuant-to applicable provisions of Colorado statutes <br />governing mined land reclamation and that Mountain Park Concrete, <br />Inc. or its successor has neglected, failed, or refused to pay such <br />amount although requested to do so by the Director. <br />=ac:^: sight draft so drawn and presented shall be honored by us if <br />presented prior to the close of business on the expiration date of this <br />'_etter of credit. Drafts must be negotiated or presented to drawee on or <br />ba'ora: February 25, 2000 and must bear the reference "DRAWN ON Union <br />3an'r, & Trust LETTER OE CREDIT NO. dated February 25, 1999". This <br />_redit refers to Mountain Park Concrete, Znc.'s application for a permit <br />to engage in mining and reclamation activities within the State of <br />Colorado. <br />.c zs an express condition of this letter of credit that it shall be <br />~~to-iatically extended for successive additional periods of one year <br />_.. from the initial and each future expiration date unless Union Bank. <br />_ -cost ("the Bank") shall notify the Director at least 90days prior to <br />s.-. e>:piratSor. date in writing by registered mail, at the above address, <br />-.~_ the Bank elects not to extend the credit for such additional period. <br />100 RROApWAV P.O. BOX [)3Q SO. pENVER STATION • DENVER, COLORAp080209 • (303) 744-3221 • MEMBER F.p.LC. <br />