2008-07-11_REVISION - M1996052 ‎(8)‎

• Permit No: M1996052
• IBM Index Class Name: REVISION
• Doc Date: 7/11/2008
• Doc Name: SO Approval
• From: DRMS
• To: Ready Mixed Concrete Company
• Type & Sequence: SO2
• Media Type: D
• Archive: No

ECEIVED
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Division •f Misetals and 080109Y
IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER
LETTER OF_CREDTT AMOUNT
ISSUE DATE ? EXPIRY DATE }
- - _ -------------------------------------.---_-----------------
USD 49,450.00 03/31/05 j 04/01/06
a= --__- __•«_____- __-_-_-=-==s....--_-=.=-as=-=--- a-=---_- cza----- =x==?a---
BENEFICIARY: APPLICANT:
STATE OF 'COLORADO BORAL INDUSTRIES INC.
MINED LAND.RECLAMATION BOARD 200 MANSELL COURT'EAST
215-CENTENNIAL BUILDING SUITE 310
1313 SHERMAN STREET ROSWELL, GA 30076
DENVER, CO 80203
WE HEREBY ISSUE AND ESTABLISH OUR IRREVOCABLE LETTER OF CREDIT, THE AMOUNT OF
WHICH IS AVAILABLE BY BENEFICIARY'S` DRAFT OR DRAFTS DRAWN UPON US, WHICH SHALL,
BE PAID AT SIGHT, WHEN ACCOMPANIED BY THE FOLLOWING DOCUMENT:
A WRITTEN STATEMENT OF THE DIRECTOR ("THE DIRECTOR") OF THE DIVISION OF
MINERALS AND GEOLOGY OF THE STATE OF COLORADO (THE "DIVISION") CERTIFYING
THAT HE IS 'A DULY AUTHORIZED OFFICIAL ACTING ON BEHALF OF THE STATE OF
COLORADO AND THAT THE AMOUNT OF THE ACCOMPANYING' SIGHT DRAFT IS DUE AND
PAYABLE TO THE.STATE OF COLORADO PURSUANT TO APPLICABLE PROVISIONS OF
COLORADO STATUTES,GOVERNING MINED LAND RECLAMATION AND THAT
READY; MIXED CONCRETE COMPANY (OPERATOR'S NAME)_ OR ITS SUCCESSOR HAS
NEGLECTED, FAILED, OR REFUSED TO PAY SUCH AMOUNT' ALTHOUGH<REOUESTED TO DO
SO BY THE DIRECTOR.
EACH SIGHT DRAFT SO DRAWN AND PRESENTED SHALL BE HONORED BY US IF PRESENTED
PRIOR TO THE CLOSE OF BUSINESS ON THE EXPIRATION `DATE OF THIS LETTER OF
CREDIT. THE BANK SHALL MAKE A PAYMENT BY WIRE TRANSFER TO THE BENEFICIARY.
THIS LETTER OF CREDIT REFERS TO READY MIXED CONCRETE COMPANY'S (OPERATOR'S
NAME,) APPLICATION FOR A PERMIT TO ENGAGE IN MINING AND RECLAMATION ACTIVITIES
WITHIN THE STATE OF COLORADO.
IT `IS AN..EXPRESS CONDITION OF THIS LETTER OF CREDIT THAT IT SHALL BE
AUTOMATICALLY EXTENDED FOR SUCCESSIVE' ADDITIONAL 'PERIODS OF ONE YEAR EACH,
FROM THE INITIAL AND EACH FUTURE EXPIRATION DATE UNLESS'WACHOVIA BANK,
NATIONAL ASSOCIATION OF 401 LINDEN STREET, WINSTON-SALEM, NC 27101 ("THE,BANK")
SHALL NOTIFY THE DIRECTOR AT LEAST 90 DAYS PRIOR TO AN EXPIRATION DATEIN
WRITING BY 'REGISTERED MAIL/COURIER AT THE ABOVE ADDRESS,
THAT THE BANK ELECTS NOT TO EXTEND THE LETTER OF CREDIT FOR SUCH
ADDITIONAL PERIOD, IN SUCH EVENT, IN ADDITION TO HIS POWER TO DRAW HEREON
UNDER THE PRECEDING' PARAGRAPHS, ;THE'DIRECTOR MAY DRAW THE FULL OR ANY LESSER
AMOUNT HEREOF AT ANY TIME PRIOR TO SUCH EXPIRATION DATE BY SIGHT DRAFT, OR
DRAFTS, ACCOMPANIED BY THE WRITTEN STATEMENT OF THE DIRECTOR CERTIFYING THAT
THE AMOUNT'. DRAWN WILL BE HELDAS ; A CASH DEPOSIT IN LIEU OF FINANCIAL - WARRAN'T'Y,
AS PROVIDED IN APPLICABLE COLORADO STATUTES GOVERNING MINED LAND AND
RECLAMATION.
CONTINUED ON NEXT PAGE'WHICH.FORMS:AN INTEGRAL PART OF THIS
LETTER OF CREDIT