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ONFIRMATION OF TIME DEPOSIT
<br />, Financial Institution:
<br />First National Bank of Durango, Not Just A Bank, Your Banking Partner
<br />259 West Ninth Street, PO Box L, Durango, CO 81302
<br />Number: 13764
<br />Account Name: State of Colorado Mined Land Reclamation Board TED R SSN/TIN: 33-6101853
<br />HUBBS FAMILY TRUST, Barbara Hubbs Trustee PDPA 010004005101
<br />Account Number Issue Date Deposit Amount Term Maturity Date
<br />13764 August 9, 1996 $27,008.00 91 Days November 8, 1996
<br />Rate Information: This account is an interest bearing account. The interest rate paid on the entire balance in the account will be 3.90% with an
<br />annual percentage yield of 3.98%.
<br />The interest rate and annual percentage yield will not change for the term of the account. The interest rate will be in effect until November 8, 1996.
<br />Interest begins to accrue on the business day you deposit noncash items (for example, checks). Interest will be credited monthly to your account
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<br />Balance Information: We use the daily balance method to calculate the interest on the account. This method applies a daily periodic rate to the
<br />principal in the account each day. We will use an interest accrual basis of 365 for each day in the year.
<br />Limitations: You must deposit $2,500.00 to open this account. You may not make additional deposits into this account. You may not make
<br />withdrawals from your account until the maturity date.
<br />Time Account Information: Your account will mature on November 8, 1996. If you withdraw any of the principal before the maturity date we will
<br />impose a penalty of 30 days interest on amount of withdrawal. The annual percentage yield assumes interest compounds daily and will remain on
<br />deposit until maturity. A withdrawal will reduce earnings. This account will automatically renew. You will have 10 calendar days after the maturity
<br />date to withdraw funds without penalty.
<br />Account Fees: The following fees apply to this account: Research & Account Reconcijation: $30.00/hr min. $5.00; Quick Statement: $4.00; 24 Hour
<br />Banker: No charge; Research/Officer: $75.00/Hour, $25.00 Minimum; Garnishment/Le v1? Processing: $50.00; and Special Handling Fee for Returned
<br />Mail: $5.00/mo. if no forwarding received in 90 days.. J
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<br />NON TRANSFERABLE -NON NEGOTIABLE Member
<br />FDIC sig ture VTIh
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<br />TIME CERTIFICATE OF DEPOSIT/AGREEMENT - Club 1-6 Month CD
<br />We appreciate your decision to open a time certificate of deposit account with us. This Agreement sets forth certain conditions, rates and rules that are
<br />specific to your Account. Each signer acknowledges that the Account Holder named has placed on deposit with the Financial Institution the Deposit
<br />Amount indicated, and has agreed to keep the funds on deposit until the Maturity Date. As used in this Agreement, the words "you", "your" or "yours"
<br />mean the Account Holder(s)), the word "Account" means this Time Deposit Account and the word "Agreement" means this rime Certificate of Deposit
<br />Agreement, and the words "us" and "our" mean the Financial Institution. This Account is effective as of the Issue Date and is valid as of the date
<br />we receive credit for noncash items (such as checks drawn on other financial institutions) deposited to open the Account. Deposits of foreign currency
<br />will be converted to U.S. funds as of the date of deposit and will be reflected as such on our records.
<br />INTEREST RATE. The interest rate is the annual rate of interest paid on the Account which does not reflect compounding ("Interest Rate"), and is
<br />based upon the interest accrual basis described above.
<br />AUTOMATIC RENEWAL POLICY. If the Account will automatically renew as described above the principal amount and all paid earned interest that
<br />has not been withdrawn will automatically renew on each Maturity Date for an identical period of time as the ori ginal deposit term. Interest on renewed
<br />accounts will be calculated at the interest rate then in effect for time deposits of that Deposit Amount and term. f you wish to withdraw funds from your
<br />Account, you must notify us during the grace period after the Maturity Date.
<br />EARLY WITHDRAWAL PENALTY. You have agreed to keep the funds on deposit until the Maturity Date of your Account. Any, withdrawal of all or part
<br />of the funds from your Account prior to maturity may result in an early withdrawal penalty. We will consider requests for early withdrawal and, if granted,
<br />the penalty as specified above will apply.
<br />Minimum Required Penalty. The Minimum Required Penalty is equal to seven (7) days' simple interest. If an amount in excess of the Minimum
<br />Required Penalty is specified, the early withdrawal penalty will be calculated as a forfeiture of part of the accrued interest that has or would be earned on
<br />the Account. If your Account has not yet earned enough interest so that the penalty can be deducted from earned interest, or if the interest already has
<br />been paid, the difference will be deducted from the principal amount of your Account.
<br />Exceptions. We may allow the withdrawal of all or part of your Account before the Maturity Date without imposing an early withdrawal penalty in
<br />the following circumstances: (1) one or more of you dies or is determined legally incompetent by a court or other administrative body of competent
<br />Jurisdiction; (2) where the Account is an Individual Retirement Account (IRA) and any portion is paid within seven (7) days after establishment; or where
<br />the Account is a Keogh Plan (Keogh), provided that you forfeit an amount at least equal to the interest earned on the amount withdrawn; or where the
<br />Account is an IRA or Keogh and you attain age 59 1/2 or become disabled; or (3) within an applicable grace period (if any).
<br />RIGHT OF SETOFF. Subject to applicable law, we may exercise our right of setoff against this and any and all of your Accounts (except IRA, Keogh
<br />plan and Trust Accounts) without notice, for any liability or debt of any of you, whether joint or individual, whether direct or contingent, whether now or
<br />hereafter existing, and whether arising from overdrafts, endorsements, guarantees, loans, or other obligations.
<br />OTHER ACCOUNT RULES. The following rules also apply to the Account.
<br />Surrender of Instrument. We may require you to endorse and surrender this Agreement to us when you withdraw funds, transfer or clo$e your
<br />Account. If you lose this Agreement, you agree to sign any affidavit of lost instrument, or other Agreement we may require, and agree to hold us
<br />harmless from liability, prior to our honoring your withdrawal or request. Q
<br />Page 1 of 2
<br />State of Colorado Mined Land Reclamation Board
<br />TED R HUBBS FAMILY TRUST, Barbara Hubbs
<br />TO: Trustee PDPA 010004006101
<br />367 COUNTY RD 129
<br />HESPERUS, CO 81326
<br />AIJG 2 9 1996
<br />Divigior, 0i ivilrlBrdis & (ec)109y
<br />DATE: August 26, 1996
<br />CLIENT COPY
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