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~~ <br />VI,A'it~E-LZ(,~~{,r~cw O <br />BAN/ff of the SOUTHK/EST <br />~ ~ ~ATf~iN/N6lON <br />IRREVOCABLE LETTER OF CREDIT #97-OS RECEIVED <br />April 24, 1997 APR 2g 1991 <br />State of Colorado <br />Mined Land Reclamation Board B)viFiF~PihlmPrPW869016QY <br />1313 Sherman Street <br />Room 215 <br />Denver, CO 80203 <br />Ladies & Gentlemen: <br />At the request of Stephen H. Kinney, and upon issuance of a <br />Reclamation Permit for ORION PIT, M-94-115, for complete acreage <br />(368 acres), we hereby open in your favor our Irrevocable Letter of <br />Credit #97-OS not exceeding an aggregate amount of Twenty Thousand <br />and No/100 Dollars ($20,000.00), available by your draft(s), at <br />sight, on Bank of the Southwest at Farmington, New Mexico- This <br />Irrevocable Letter of Credit is A FINANCIAL WARRANTY made in <br />compliance with Mineral Rules & Regulations, Amended 4/94, Section <br />1.4.11(3), Regular 112 Permit. <br />Each draft is to be accompanied by a certified copy of a <br />judgment(s) indicating that Stephen H. Kinney is delinquent in his <br />obligations to you and that all applicable time periods for appeal <br />have run. <br />We hereby agree with the drawers, endorsers and bona fide holders <br />of the drafts, under (in compliance with) the terms of this credit, <br />that such drafts will be duly honored on presentation to the Drawee <br />if negotiated on or before April 24, 1999. <br />Drafts drawn under the credit must be endorsed and contain the <br />clause "Drawn under the Bank of the Southwest Letter of Credit No. <br />97-05, dated April 24, 1997,^ and the amounts of such drafts must <br />be endorsed on the reverse side hereof. This Letter of Credit is <br />pursuant to Section 59-32-9 NMSA 1978 (1980 Supplement). <br />This credit ie subject to Uniform Customs and Practices for <br />Documentary Credits (1983 Revised) International Chamber of <br />Commerce, Publication No. 400. <br />Sincerely, <br />,dCDtE~C2 ~~0 <br />Dorella M. Truk to <br />Loan Officer <br />320 West Main Post Office Box 630 Farmington, New Mexico 87499-0630 <br />i 505325-1971 Fax 325-4538 ~ <br />00132 <br />