Laserfiche WebLink
<br />Each sight draft so draxx , t and presented shall be honored by its if presented prior to the close of business 011 the expiration <br />date of this letter of credit. The Bank shall make a payment by wire transfer to the Beneficiary. This letter of credit refers to <br />GRAVEL, LLC is application for a permit to engage in mining and reclamation. <br />activities within the State of Colorado. <br />It is an express condition of this letter of credit that it shall be automatically extended for successive additional periods of <br />one year each, from the initial and each future expiration date unless the FIRST NATIONAL <br />Bank of DURANGO ("the Bank") shall notify the Director at least 90 days prior to an expiration <br />date in writing by registered mail; at the above address, that the Bank elects not to extend the letter of credit, .for such <br />additional period. In such event, in addition to his power to draw hereon under the preceding paragraphs, the Director may <br />draw the :frill or any lesser amount hereof at any 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 vrill be held as a cash deposit in lieu of financial <br />warranty, as provided 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 the beneficiary along with any draft <br />presented pursuant to this letter of credit, and will be surrendered to the Bank with any draft which draws the trill amount, or <br />the balance remaining available, under this letter of credit. Delivery of the original letter of credit, sight draft(s) and all other <br />documents required as a condition precedent forpayment, may be made by overnight courier to the Bank. Each payment on <br />a draf3 shall reduce the aggegate above written amount by the amount drawn. <br />This Letter of Credit is subject to Uniform Customs and Practice for Documentary Credits (1993 Revision), International <br />Chamber of Commerce •-- Publication No. 500 (the "UCP500") and shall be governed by the laws of the State of Colorado <br />with respect to subject matters not addressed by the UCP500. In the event of an action between the beneficiary and the Bank <br />regarding this letter of credit, the bank submits to the jurisdiction and venue ofthe Denver District Court, State of Colorado. <br />The Bank agrees to accept service of process in any such action, if service is made by registered or certified mail (return <br />receipt requested) or courier service, postage or delivery fee prepaid, to the address of the Bank set fort h above. <br />If any expiration date specified herein shall fall upon a clay other than a regular business day of the Bank, the expiration date <br />shall ipso facto be extended to the close of business on the next successive business day of the Bank. <br />The _ FIRST NATIONAL. Bank of T71R "NGO <br />By Date A <br />lat re <br />NOTES. 1. The Letter of Credit shall not be in excess of 10 percent of the bank's capital surplus account or in excess of <br />30 percent if the applicant has more than tine Letter of Credit for different pen-nits. To demonstrate this <br />requirement, the issuing bank shall provide a balance sheet certified by a Certified Public Accountant. <br />Generally, this is available in the Bank's most recent Annual Report or Call Report. <br />2. The l .ettcr of Credit shall be submitted on the Bank's letterhead. <br />kl:'min;?trarc'bur;drwTns.ll.f U.hnd 0W2 4.2(H)4