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0 <br />BAN/ 01 the SOUTHf~YEST <br />:4Tf.4Rh1/~Y6TD~Y <br />~~ <br />IRREVOCABLE LETTER OF CREDIT #97-OS <br />July 16, 1997 <br /> <br />State of Colorado <br />?,tined Land Reclamation Board <br />1313 Sherman Street <br />Room 215 <br />Denver, CO 30203 <br />Ladies & Gentlemen: <br />AUG 1 3 1997 <br />Division of M~neia~s a ~eo:ogy <br />At the request of Stephen H. Kinney, and upon issuance of a Reclamation Permit for <br />ORION PIT, M-94-115, for complete acreage (368 acres), we hereby open in your favor <br />our Irrevocable Letter of Credit #97-OS not exceeding an aggregate amount of Twenty <br />Thousand and I~ro/100 Dollars (520,000.00), available by your draft (s), at sight, on Bank <br />of the Southwest at Farmington, New Mexico. This Irrevocable Letter of Credit is A <br />FINANCIAL WARRANTY made in compliance with Mineral Rules & Regulations, <br />Amended 4/94, Section 1.4.11 (3), Regular 112 Permit. <br />Each draft is to be accompanied by a certified copy of a judgment (s) indicating that <br />Stephen H. Kinney is delinquent in his obligations to you and that all applicable time <br />periods for appeal have run. <br />It is an express condition of this Letter of Credit that it shall be automatically extended for <br />successive additional periods of one year each, from the initial and each future expiration <br />date unless Bank ofthe Southwest, Farmington ("The Bank") shall notify the Director at <br />least 90 days prior to an expiration date in writing by registered mail, at the above address, <br />that the Bank elects not to extend the credit for such additional period. <br />This orieinal signed Letter of Credit will be presented to the Bank by the beneficiary along <br />N~ith any draft presented pursuant to this Letter of Credit, and will be surrendered to the <br />~ ~I. <br />(~ ~ r:.: -, r- <br />320 West Idain Post Cayce Box 630 Fzrmi~p;on, New IJ~ezico 6 i=9?-OE30 ~ ~ Z 2 7 <br />505 325-1971 Fzz 325-<53? ~~ <br />