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r- <br />Page 2 of 2 <br />A written Statement of Director ("the Director") of the Division of Minerals and Geology <br />of the State of Colorado ("the Division") certifying that he is a duly authorized official <br />acting on behalf of the State of Colorado and that the amount of accompanying sight draft <br />is due and payable to the State of Colorado pursuant to applicable provisions of Colorado <br />statutes governing mined land reclamation and the Tri County Gravel or its successor has <br />neglected , failed, or refused to pay such amount although requested to do so by the <br />Director. <br />Each sight draft so drawn and presented shall be honored by us if presented prior to the close; of <br />business on the expiration date of this letter credit. This credit refers to Tri County Gravel <br />application for permit to engage in mining and reclamation activities with the State of Colorado. <br />It is an express condition of this Letter of Credit that it shall automatically extended for <br />successive additional periods of one year each, from the initial and each future expiration date <br />unless the First State Bank of Hotchkiss ("the Bank") shall notify the Director at least 90 days <br />prior to an expiration date in writing by registered mail, at the above address, that the Bank elects <br />not to extend the credit for such additional period. In such event, in addition to his power to <br />draw hereon under the preceding paragraphs, the Director may draw the full or any lesser amount <br />hereof at any time prior to such expiration date by sight draft, or drafts, accompanied by the <br />written statement of the Director certifying that the amount drawn will be held as a cash deposit <br />in lieu of financial warranty, as provided in applicable Colorado statutes governing mined land <br />and reclamation. <br />.r?al srb..°..d .? lc+? er re:.it .?? e.p.,.,.....,,. _ <br />1 is arlg 11 b r °-t°? to the Ban'.: b,.,, ±he b:nef6 a 'r along t of,, 1;Y at_ong Nvith <br />any draft presented pursuant to this letter of credit, and will be surrendered to the Bank with any <br />draft which draws the full amount, or the balance remaining available, under this letter of credit. <br />If any expiration date specified herein shall fall upon a day other than a regular business day of <br />the Bank, the expiration date shall ipso facto be extended to the close of business on the next <br />successive business day of the Bank. <br />irst State Bank of Hotchkiss <br />By. ?fJ Date <br />J hn R. McCallis- er, President