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-2- <br />A written statement of the Director ("the Director") of the Division of <br />Minerals and Geology of the State of Colorado ("the Division") certifying Lhat <br />he is a duly authorized official acting on behalf of the State of Colorado and <br />that the amount of the accompanying sight draft is due and payable to the <br />State of Colorado pursuant to applicable provisions of Colorado statutes <br />governing mined land reclamation and that TRI COUNTY GRAVEL <br />Company or its successor has neglected, failed, or refused to pay such anr.?unt <br />although requested to do so by the Director. <br />Each sight draft so drawn and presented shall be honored by us if presented prior <br />to the close of business on the expiration date of this letter of credit. This <br />credit refers to TRI COUNTY GRAVEL company's application for a permit <br />to engage in mining and reclamation activities within the State of Colorado. <br />It is an express condition of this letter of credit that it shall be automatically <br />extended for successive additional periods of one year each, from the initial and <br />each future expiration date unless the FIRST STATE Bank <br />of HOTCHKISS ("the Bank") shall notify the Director at least 90 <br />days prior to an expiration date in writing by registered mail, at the above <br />address, that the Bank elects not to extend the credit for such additional period. <br />In such event, in addition to his power to draw hereon under the preceding <br />paragraphs, the Director may draw the full or any lesser amount hereof at any time <br />prior to such expiration date by sight draft, or drafts, accompanied by the written <br />statement of the Director certifying that the amount drawn will be held as a cast) <br />deposit in lieu of financial warranty, as provided in applicable Colorado statutes <br />governing mined land and reclamation. <br />The original signed letter of credit will be presented to the Bank by the <br />beneficiary along with any draft presented pursuant to this letter of credit, and <br />will be surrendered to the Bank with any draft which draws the full amount, or the <br />balance remaining available, urider this letter of credit. <br />If any expiration date specified herein shall fall upon a day other than a regular <br />business day of the Bank, the expiration date shall ipso facto be extended to the <br />close of business on the next successive business day of the Bank. <br />The FIRST STATE <br />Bank of HOTCHKISS <br />By 1i.4 Date c,? BOG O <br />A thorized signature , SR. <br />NOTES: 1. The Letter of Credit shall not be in excess of 10 percent of the <br />bank's capital surplus account or in excess of 30 percent if the <br />applicant has more than one Letter of Credit for different permits. <br />To demonstrate this requirement, the issuing bank should provid??.a <br />balance sheet certified by a Certified Public Accountant. <br />Generally, this is available in the Bank's most recent Annual Report <br />or Call Report. <br />2. The Letter of Credit shall be submitted on the Bank's letterhead. <br />(05/95) <br />0868F