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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 Colorado East Bank and Trust ("the Bank") shall notify the Director at least <br />90 days prior to an expiration date in writing by certified mail, at the above address, that <br />the Bank elects not to extend the credit for such additional period. In such event, in <br />addition to his power to draw hereon under the preceding paragraphs, the Director may <br />draw the full or any lesser amount hereof at any time prior to such expiration date by <br />sight draft, or drafts, accompanied by the written statement of the Director certifying that <br />the amount drawn will be held as a cash deposit in lieu of financial warranty, as provided <br />in applicable Colorado statutes governing mined land and reclamation. <br />The original signed letter of Credit and any amendments will be presented to the Bank by <br />the Beneficiary along with any draft presented pursuant to this letter of credit, and will be <br />surrendered to the Bank with any draft which draws the full amount, or the balance <br />remaining available, under this letter of credit. Delivery of the original letter of credit, <br />sight draft(s) and all other documents required as a condition precedent for payment, may <br />be made by overnight courier to the Bank. Each payment on a draft shall reduce the <br />aggregate above written amount by the amount drawn. <br />This Letter of Credit is subject to Uniform Customs and Practice for Documentary <br />Credits (1993 Revision), International Chamber of Commerce-Publication No. 500 (the <br />"UCP500") and shall be governed by the laws of the State of Colorado with respect to <br />subject matters not addressed by the UCP500. In the event of an action between the <br />beneficiary and the Bank regarding this letter of credit, the Bank submits to the <br />jurisdiction and venue of the Denver District Court, State of Colorado. The Bank agrees <br />to accept service of process in any such action, if service is made by registered or <br />certified mail (return receipt requested) or courier service, postage or delivery fee <br />prepaid, to the address of the Bank set forth above. <br />If any expiration date specified herein shall fall upon a day other than a regular business <br />day of the Bank, the expiration date shall Aso facto be extended to the close of business <br />on the next successive business day of the Bank. <br />COLD O EAST BANK AND TRUST <br />~---~ <br />By: -~-" Date: March 6, 2008 <br />Its: President, Lamar Branch <br />