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~::. <br />• <br />'FLEX: 3772134 MNB INTL DET - ~ ONE DETROIT CfiNTfiR <br />170363 MNB INTL DET 500 HOODWARD AVENUE <br />7WIFT: MNHD VS 33 24TH FLOOR, MC 3341 <br />?AX (313) 222-9115 DETROIT, MI 48226 <br />;RRSVOCABLE STANDBY LETTER OF CREDIT DATE: JULY 15, 1994 <br />~ 3ENEFICIARY: <br />3TAT6 OF COLORADO <br />4INED LAND RECLAMATION BOARD <br />215 CENTENNIAL BUILDING - <br />1313 SHERMAN STREET <br />7ENVEP„ COLORADO 80203 <br />1PPLICANT: <br />{OLNAM, INC. <br />2.0. BOX 122 <br />JDNDEfi, MICHIGAN 48131 <br />PHONE: 313-529-2411 <br />~ 3ENTLSt~N: <br />NO.: 524465 <br />AMOUNT: $184,819.00 <br />INITIAL EXPIRATION <br />DATE: JULY 14, 1995, <br />-tenor a Gala Di++ston <br />~i'~- G-h.Mn- u F~ ~-?- 34~' <br />st.,o3 eA•.+Yoa 6,w+.iay RECEra~Ec <br />JUG X g 1984 <br />Qivision of Avne,du c urw~y. <br />WE HEREBY ISSUE AND ESTABLISH OUR IRREVOCI~BL <br />WHICH IS AVAILABLE BY BENEFICIARY'S DRAFT OR <br />3E PAID AT SIGHT, HHEN ACCOMPANIED BY~THfi.FO: <br />A WRITTEN STATfiMENT~OF THS DIRECTOR (•THS,7 <br />MINERALS AND GEQLOGY.OF THE STATfi OF COT,OIL <br />THAT B8 SS A DIIL'$%AT77SfiORIZED OFFICIAY,~ ACTI7 <br />COI.ORADOeQ47q ~ THAT ~a AMOIINT' OF- THE:~L'C' QFB: <br />OR ITS S' <br />ALTXOIIGH <br />DO-SO BY THfi <br />EACx~sxcH•r:p~AFT$o n <br />PRIOR ~TO TBE~,CLbSE~;OF <br />CRfiDZTi~'TH35:CF28DIfi <br />ENGAGfi ZN: ~7ICI~=A~FID <br />IT IS AN °EX~I2ES8 :OOND <br />N.~AND, PRESF.'N'ii <br />'SI~NSSS:D2t~ a'!iB <br />'fiRS- TO.,IiOI.i~ <br />LAMA1'ION =}CCTI <br />.:- :-- <br />ON OF-'!Y`iIS;LS <br />;OR . SIICCESSxC.E <br />2i -$OTUF2~•~CP~ <br />Y THE DIRECTO <br />NG BY REGiSTE <br />:. OF CREDIT, THE AMOUNT <br />DiaAwN.IIPOx as, WHICH sxALI. <br />DOCUt4ENT: <br />"j: OF THE DIVZSIbN OF <br />~~•:DIVISION") CERTIFYING <br />$A2,F OF .THE. STATE OF <br />~ RAk~T-IS- LJE AND $ <br />P$OVIS- b OF ~, <br />• BO INC.Y <br />E6RA=pET2tIL'~;TO.'='.' <br />T: SNALL' HE' C:' ~ ~ ~' <br />P= d ~CfiAR' ;EACH" :: ~: .. ~ . . <br />IOR TO `AN <br />E ADDRfiSS, THAT <br />THE HANK-ELECTS:iVOT'.TQ•EXTEND THE•'CREDIT--FOR'..S$UUCH~ADDITIONAL PERIOD. <br />IN, SIICH EVENTy -~i1;7~DDi'TION T0~2iZS;gO:tlO;•bRAfl({I~REOII UtIDER,4HE PRECED-ZNG` ~- <br />PARAGRAPHS;. THE.. DIRECTOR MAY•DRAYi'1'FIE.F~L~.~OR;AFII.•LESSER AMODNT HEREOF AT ANY <br />TIME PRIOR TO SL7CHrEXPIRATION DATE~'BY~SIGHT. .DRAFT;'OR~DRAFTS, ACCOMPANIfiD BY <br />THfi WRITTEN 'STATEMENT-l')fi.THS DIRECTOR`'6E)2T~F'fIYiG,',17iAT•~"THE AMOIINT DRAWN WILI. Hfi <br />HELD AS A~,CASH•DE1?OSYT"-IN -LIEU OF' BItU$70SAL;SANT7C"g~'-AS~~PROVIDED IN APPLICABLE <br />COLORADO STATDTES GOVERNING MINED LAND -AtQD.~RECL'AMATION. <br />t <br />THfi ORIGINAL SIGNED LETTER OF CREDIT~.WILI,~BE~PkE$ENT$D. TO THE HANK BY THE <br />BENEFICIARY ALONG~WITH 'ANY DRAFT PRESENTBD_YURSIIANT TO. THIS LETTER OF CREDIT, <br />AND HILL HE SURRENDERED TO THE HANK YIITH'~ANY DRAFT WHICH DRAWS THE FULL AMOUNT, <br />OR THE BALANCE REMAINING AVAILABLE, UNDER:THIS"LETTER OF CREDIT. <br />CONTINUED ON PAGE TWO <br />