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2000-10-10_REPORT - M1977348
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2000-10-10_REPORT - M1977348
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Last modified
3/31/2021 6:43:09 PM
Creation date
11/27/2007 3:06:50 AM
Metadata
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Template:
DRMS Permit Index
Permit No
M1977348
IBM Index Class Name
Report
Doc Date
10/10/2000
Doc Name
ANNUAL REPORT
Permit Index Doc Type
ANNUAL FEE / REPORT
Media Type
D
Archive
No
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NO 0 <br /> TELEX: 3772134 MNB INTL DET ONE DETROZT CENTER lAm«01 0100 Dw6ion <br /> 170363 MHB INTL DET 500 WOODWARD AVENUE <br /> SWIFT: MNBD US 33 24TH FLOOR, MC 3341 <br /> FAX : (313) 222-9115 DETROIT, MI 48226 <br /> IRREVOCABLE STANDBY LETTER OF CREDIT DATE: SEPTEMBER 9, 1994 <br /> NO. : 525291 <br /> BENEFICIARY: <br /> AMOUNT: $2,509,624.30 <br /> STATE OF COLORADO <br /> MTN= LAND RECLAMATION BQARD INITIAL EXPIRATION <br /> 215 CENTENNIAL BUILDING DATE: SEPTEMBER 8, 1995 <br /> 1313 SHERMAN STREET <br /> DENVER, COLORADO 80203 <br /> APPLICANT: <br /> HOLNAM, INC. PERMIT NO: M77-348 <br /> P.O. BOX 122 <br /> DUNDEE, MICHIGAN 48131 <br /> PHONE: 313-529-2411 <br /> GENTLEMEN: <br /> WE HEREBY ISSUE AND ESTABLISH OUR IRREVOCABLE LETTER OF.CREDIT, THE AMOUNT <br /> WHICH IS AVAILABLE BY BENEFICIARY'S DRAFT OR DRAFTS DRAWN UPON US, WHICH SHALL <br /> BE PAID AT SIGHT, WHEN ACCOMPANIED BY THE FOLLOWING DOCUMENT: <br /> A WRITTEN STATEMENT OF THE DIRECTOR ("THE DIRECTOR') OF THE DIVISION OF <br /> MINERALS AND GEOLOGY OF THE STATE OF COLORADO (•THE DIVISION") CERTIFYING <br /> THAT HE IS A DULY AUTHORIZED OFFICIAL ACTING ON BEHALF OF THE STATE OF <br /> COLORADO AND THAT THE AMOUNT OF THE ACCOMPANYING SIGHT DRAFT IS DUE AND <br /> PAYABLE TO THE STATE OF COLORADO PURSUANT TO APPLICABLE PROVISIONS OF <br /> COLORADO STATUTES GOVERNING MINED LAND RECLAMATION AND THAT HOLNAM, INC. , <br /> OR ITS SUCCESSOR HAS NEGLECTED, FAILED, OR REFUSED TO PAY SUCH AMOUNT <br /> ALTHOUGH REQUESTED TO DO SO BY THE DIRECTOR. <br /> EACH SIGHT DRAFT SO DRAWN AND PRESENTED SHALL BE HONORED BY US IF PRESENTED <br /> PRIOR TO THE CLOSE OF BUSINESS ON THE EXPIRATION DATE OF THIS LETTER OF <br /> CREDIT. THIS CREDIT REFERS TO HOLNAM, INC, IS APPLICATION FOR A PERMIT TO <br /> ENGAGE IN MINING AND RECLAMATION ACTIVITIES WITHIN THE STATE OF COLORADO. <br /> IT IS AN EXPRESS CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE <br /> AUTOMATICALLY EXTENDED FOR SUCCESSIVE ADDITIONAL PERIODS OF ONE YEAR EACH <br /> FROM THE INITIAL AND EACH FUTURE EXPIRATION DATE UNLESS COMERICA BANK <br /> (•THE BANK' ) SHALL NOTIFY THE DIRECTOR AT LEAST 90 DAYS PRIOR TO AN <br /> EXPIRATION DATE IN WRITING BY REGISTERED MAIL, AT THE ABOVE ADDRESS, THAT <br /> THE BANK ELECTS NOT TO EXTEND THE CREDIT FOR SUCH ADDITIONAL PERIOD. <br /> IN SUCH EVENT, IN ADDITION TO HIS POWER TO DRAW HEREON UNDER THE PRECEDING <br /> PARAGRAPHS, THE DIRECTOR MAY DRAW THE FULL OR ANY LESSER AMOUNT HEREOF AT ANY <br /> TIME PRIOR TO SUCH EXPIRATION DATE BY SIGHT DRAFT, OR DRAFTS, ACCOMPANIED BY <br /> THE WRITTEN STATEMENT OF THE DIRECTOR CERTIFYING THAT THE AMOUNT DRAWN WILL BE <br /> HELD AS A CASH DEPOSIT IN LIEU OF FINANCIAL WARRANTY, AS PROVIDED IN APPLICABLE <br /> COLORADO STATUTES GOVERNING MINED LAND AND RECLAMATION. <br /> THE ORIGINAL SIGNED LETTER OF CREDIT WILL BE PRESENTED TO THE BANK BY THE <br /> BENEFICIARY ALONG WITH ANY DRAFT PRESENTED PURSUANT TO THIS LETTER OF CREDIT, <br /> AND WILL BE SURRENDERED TO THE BANK WITH ANY DRAFT WHICH DRAWS THE FULL AMOUNT, <br /> OR THE BALANCE REMAINING AVAILABLE, UNDER THIS LETTER OF CREDIT. <br /> CONTINUED ON PAGE TWO <br />
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