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.• \1 <br />ELEX: 3772134 MNB INTL DET <br />170363 MNB INTL DET <br />WIFT: MNBD US 33 <br />AX (313) 222-9115 <br />..: <br />' RREVOCABLE STANDBY LETTER OF CREDIT <br />~ ENEFICIARY: <br />TRTE OF COLORADO <br />SNSD LAND RECLAMATION BOARD <br />15 CENTENNIAI, BDILDING - <br />313 SHERMAN STREET <br />~ENVEP., COLORADO 80203 <br />IPPLICANT: <br />OLNAM, INC. <br />•.O. BOX 122 <br />~Cfi7DEE, MICHIGAN 48131 <br />'HONE: 313-529-2411 <br />I:SNTLEMEN: <br />!E HEREBY ISSUE AND ESTABLISH OOR IRREVOC <br />RiICH IS AVAILABLE BY BENEFICIARY'S DRAFT <br />.E PAID AT SIGHT, HHEN ACCOMPANIED BY~THE <br />A WRITTEN STATELIfiNT~ OF THE DIRE(-'TOR ("~T <br />MINERALS AND GEQLOGY.OF THS STATfi OF CO: <br />THAT ITS IS A DUL'~: A(]TFiORIZED OFFICIAY.~.A7 <br />OF <br />OR ITS S' <br />ALTHOIIGH <br />!ACfi• SIGHT, <br />'RIOR •TO T <br />~2EDTT: - •Ti <br />~iGAGE ]2I: a <br />T IS AN'E: <br />,, .fiLVLB V,OL, fM <br />b DO: SO SY THE- <br />S',CONISyTTON OF•'T!`3IS';L'6 <br />THE <br />BY <br />'. OF CREDIT, THE A240DNT <br />~DRAWN.IIPON IIS, WHICH SHALL <br />DOCIIt~NT: , <br />^,j: OF THE DIVISION OF <br />--',S•D1:VTSION") CERTIFYING <br />DF 'THE. STATE OR <br />'~ Rpk?T•IS• IIE AND y <br />Pttovls- 6 of <br />'s~, INC. <br />Y'SII AMOIIPl'F ..: <br />. ~^ <br />... :- . <br /> <br />)R TO `AN ..-. . <br />ADDRfiSS, THAT <br />i~ SANK ~ELECT$=NQ'~'• T~ •E)CTEND THE•'CR&DIT-~=FOIF=' ' ADDITZOHAL PSRiOD. <br />CN, SIIC3i EVENT; •XiS•:ADDiTiON TO~YiZ§:'POttE{2=1TQ;-bR~(i~Yj£OI1' aNDfiR,THfi PRECEDiNG'~ <br />?ARAGRAPHS;. THE.DIRECTQR MAY'DRAFT-TFiE,'FIIyD~,~OR:AN7C.•I.ESSER AMOUNT HEREOF AT ANY <br />:IME PRIOR TO SiJCH.•EXPIRATION DATE •BY• SIGHT. .DRAFT j_ OR~ DRAFTS, ACCOMPANIED BY <br />PHS WRl'TT$N'STATSI3SNT~OF.THE DIRECTOR"'GEYtT~Fl'ILiG,;TFiA.T~THE AMOUNT DRAWH WILL 8E <br />TEED AS A-CASH•DE~OSYT-•IN LIEII Off' FINAZI~`3~i±;SNT7CS.`•-AS-PROVIDED IN APPLICABLE <br />:OIgRADO STATOTES GOVERNING MINED LAND AND 'R`ECL'AMATION. <br />Cf~ ORIGINAL SIGNED LETTER OF CREDIT~.WILT,' HE PRESfiNTE.D. TO THE BANK BY THE <br />3ENEFICZAFiY ALONG ~ WITH 'ANY DRAFT PRESENTED-:PQR.4i)ANT TO THIS LETTER OF CREDIT, <br />1ND WILL 8E SURRENDERED TO THE HANK h'ITH'-ANY DRAFT WHICH DRAWS THE FULI, AMOIINI, <br />)R THE BALANCE REMAINING AVAILABLE, UNDER:TXIS'LSTTER OF CREDIT. <br />~~, a C,"a, , . <br />ON6 DETROIT CENTER <br />500 WOODWARD AVSNIIE <br />24TH FLOOR, MC 3341 <br />DETROIT, MI 48226 <br />DATE: JIII.Y 15, 1994 <br />NO.: 524465 <br />AMOUNT: $184,819.00 <br />INITIAL fiXPIRATION <br />DATE: JULY 14, 1995. <br />5i.A3 ~o,J F,,.v+.~,ty R~c~~~c <br />JUG 1 B ~~~ <br />QiviSi00 Of nApeiau a Veu'UOy <br />7ONTINUED ON PAGE TWO <br />