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ERTIFICATE OF TIME DEPOSIT -NON-NEGOTIABLE AND NON-TRANSFERABLE NUMBER CERTIFICATE 22133 <br />ISSUED TO NAME(S) AND ADDRESSIES) OF DEPOSITOR(S) ("you, your") NAME AND ADDRESS OF ISSUERIFINANCIAL INSTITUTION ("we, us") <br />Shalako international THE FIRST NATIONAL BANK OF DURANGO <br />Assigned to State of Co Mined Land MAIN OFFICE <br />1313 Sherman St Rm #215 PO BOX 2910 <br /> DURANGO, CO 81302 <br />Denver CO 80203 <br />I <br />T <br />N ISSUE GATE MATURITY DATE X AUTOMATICALLY RENEWABLE TERM AMOUNT OF CERTIFICATE <br />. <br />S.S. pI <br />. <br />. <br />88-0134888 14/07/03 4/07/04 SINGLE MATURITY 12 MONTHS 421.00 <br />IN THE AMOUNT OF Four hundred twenty one & no/100 <br />INTEREST RATE. The deposit evidenced by this Certificate will earn an annual interest rate of 1.7 <br />Interest Payment Frequency cruarterly which will be ? credited to account number- <br />principal of this Certificate. <br />Interest will be calculated on a basis of ? 365 days ? Other . Interest will be compounded dai1 <br />EARLY WITHDRAWAL PENALTY: 90 Days Interest on the amount withdrawn <br />no <br />% An rc a Yield 1.76 % <br />X aid t epo s ? added to <br />X? Grace Period . Automatically Renewable Certificate: 10 days. If this Certificate is withdrawn during the grace period, the interest rate will be <br />X? 0 . 0 0 %. ? the same rate of interest that would have been paid on this Certificate if renewed. 0 interest will not be paid during the grace period. <br />? Post-Maturity Interest - Single Maturity Certificate: The interest rate paid on the deposit after the Maturity Date will be <br />? interest will not be paid after the Maturity Date. ? 71 <br />AUTHOR <br />OWNERSHIP OF ACCOUNT AND RIGHTS AT DEATH (Consumer) (Select One and Initial): <br />? Single Party ? Single Party with Pay on Death <br />? Multi-Party without Right of Survivorship <br />If account has a Pay on Death feature, name beneficiary0es): <br />OWNERSHIP OF ACCOUNT (Business): <br />? Sole Proprietorship ? <br />Other <br />NUMBER OF SIGNATURES REGLf1RED: <br />TERMS AND CONDITIONS <br />1. GENERAL TERMS. Words or phrases preceded by a ? are applicable only if the ? is marked. Phrases containing a blank space which is not filled in or completed with an NIA are not applicable. As used in the Terms and Conditions, the words "Certificate" and <br />"account" refer to this Certificate of Time Deposit. <br />2. PAYMENT AT MATURITY. The deposit is payable upon presentation of this Certificate on a maturity date. If this is a multi-party account, payment is subject to the terms discussed in paragraph 3 below. <br />3. SINGLE AND MULTI-PARTY ACCOUNTS. If the Certificate is noted as a single party account, at the death of the individual, the ownership of the funds remaining in the account will pass to the individual's estate. If the Certificate is noted as a single party with <br />pay on death account upon the death of the parry, ownership passes to the pay on death bensficiary(ies) and will not be part of the deceased parry's estate. If the Certificate has a "pay an death" designation, the Depositor may change the named beneficiary at <br />any time. If the Certificate is designated as a multi-parry account, the parties own the account in proportion to net contributions unless there is clear and convincing evidence of a different intent. If the Certificate is designated as a multi-party with right of <br />survivorship, upon the death of one of the parties to the account, ownership passes to the surviving party(iss) as his or her separate property and estate. Upon the death of the last party of a multi-parry account, ownership of the proceeds of the account passes <br />over to the deceased party's estate. If the Certificate is designated as a motti-party without right of survivorship, upon death of party, the deceased party's ownership interest passes as part of the deceased party's estate. If the Certificate is designated as <br />a multi-parry with right of survivorship and pay on death, upon the death of the last surviving parry, ownership passes to the pay on death beneficiary(ies) and is not part of the lest surviving party's estate. In the case of a Certificate where more than one <br />beneficiary is named on the account, the beneficiaries shall share equally in the funds of the account. The Financial Institution is under no obligation to permit withdrawals by anyone other than the person(s) described above. <br />4. INTEREST. The Certificate bears simple interest at the rate and basis set forth on the face of the Certificate. Interest will not be compounded unless called far on the face of the Certificate. Interest will be paid according to the payment frequency set forth on the face <br />of the Certificate and in the manner indicated on the face. Withdrawal of interest prior to maturity will affect the annual percentage yield. For any renewals of the Certificate, interest will be paid at the rate then in effect at the Financial Institution for similar deposits <br />and any such renewals will be for a time period equal to the original term and subject to these terms and conditions. Except for any Grace Period discussed in paragraph 8 or any Post-Maturity Interest discussed in paragraph 10, no interest will be paid on a deposit after <br />the Maturity Date. <br />5. TRANSFERABILITY. No right in, or title to the deposit on the Certificate is transferable, except on the books of the Financial Institution. <br />6. GOVERNING LAWS. All terms of this Certificate are subject to the applicable present and future laws and regulations of this State and of the United States or any agency or instrumentality of this State and of the United States, and all rules, regulations and practices <br />now or hereafter adopted by the Financial Institution with respect to this Certificate. <br />7. WITHDRAWAL PRIOR TO MATURITY. Depositor has contracted to keep the funds evidenced by this Certificate on deposit from the Issue Date until the Maturity Date of this Certificate. Acceptance of a request by Depositor for a withdrawal of some or all of the <br />funds prior to the Maturity Date is at the discretion of the Financial Institution. <br />8. EARLY WITHDRAWAL PENALTIES. If the Financial Institution allows a withdrawal, either partial or total, each time it allows such a withdrawal, Depositor will be assessed an early withdrawal penalty as set forth on the face of this Certificate. In no event shall such <br />penally be less than seven (7) days simple interest on the certificate amount. ' <br />9. AUTOMATICALLY RENEWABLE CERTIFICATES renew automatically on the Maturity Date. If the deposit is withdrawn during the Grace Period set forth on the face of this Certificate, the Financial Institution will not charge an early withdrawal penalty. If interest is <br />paid an the deposit until withdrawal during the Grace Period it shall be that Grace Period interest described on the face of this Certificate. <br />10. SINGLE MATURITY CERTIFICATES are not automatically renewable and mature on the Maturity Date set forth on the face of this Certificate. No interest will be paid on the deposit after maturity unless set forth on the face of this Certificate under Post-Maturity <br />Interest. <br />The Depositor(s) acknowledge(sl receipt of funds represented by this Certificate of Time Deposit <br />DEPOSITOR SIGNATUREIDATE <br />X <br />DEPOSITOR SIGNATUREIDATE <br />ITEM 578COL1 100121 (7388) Page t of 2 <br />? Multi-Party with Right of Survivorship <br />? Multi-Party With Right of Survivorship and Pay on Death <br />Partnership ? Corporation ? Limited Liability Company <br /> <br />REDEMPTION <br />DEPOSITOR SIGNATUREIDATE <br />DEPOSITOR SIGNATUREIDATE <br />©Copyright Compliance Systems, Inc. 1991, 1996, 1997, 1996, 2000