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State of Colorado <br /> ,.July 3 , 1997 <br /> Page Two <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 Fremont National Bank of Canon <br /> City ( "the Bank" ) shall notify the Director at least 90 days <br /> prior to an expiration date in writing by registered 'mail, <br /> at the above address, that the Bank elects not to extend the <br /> credit for such additional period. In such event, in <br /> addition to his power to draw hereon under the preceding <br /> paragraphs, the Director may draw the full or any lesser <br /> amount hereof at any time prior to such expiration date by <br /> sight draft, or drafts, accompanied by the written statement <br /> of the Director certifying that the amount drawn will be <br /> held as a cash deposit in lieu of financial warranty, as <br /> provided in applicable Colorado statutes governing mined <br /> land and reclamation. <br /> The original signed letter of credit will be presented to <br /> the Bank by the beneficiary along with any draft presented <br /> pursuant to this letter of credit, and will be surrendered <br /> to the Bank with any draft which draws the full amount, or <br /> the balance remaining available, under this letter of <br /> credit . <br /> If any expiration date specified herein shall fall upon a <br /> day other than a regular business day of the Bank, the <br /> expiration date shall ipso facto be extended to the close of <br /> business on the next successive business day of the Bank. <br /> Fremo atioo 1 ank of Canon City <br /> 44,1 <br /> ary T1. Evans <br /> President <br /> GE/pl <br />