2009-02-05_REVISION - M1991081 (7)

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a t' , -2- 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 arnount 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 CHART EE KFFT TN' ,=JR. *9ihfi4ty or its successor has neglected, failed, or ret ised to pay such'amount although "requested 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; This credit refers to CHARLES KEELING, JR. company's application for a permit to engage, in ruining 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 arid each future .expiration" date unless the HUERFANO CQ "RR. FTRST NATIONAL Bank of TRINIDAD (,the Bank"), shall notify the Director at least 90 days prior to an expiration date in writing by registered mail, at the above address, that the Bank elects not to extend the.credit for.such additional period. In such event, in addition to his power to draw ,hereon under the.precedirig 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 held as a cash deposit in lieu._of"financial warranty, as provided in applicable Colorado statutes governing mined land and reclamation. The original signed letter of credit will be presented to the Bank by the beneficiary along with any draft presented pursuant to this letter of.cxedit_, and will be suriendered to the Bank with any draft which draws the full amount, or-the balance remaining available, render this letter of credit. If any expiration date specified'herein shall fal! upon a day other than a regular business day of the Bank, the expiration date shall ipss_o_ facto be extended to-, the close of business on the next successive business day of the Bank. The HUERFANO COUNTY BRAN s? By Date _ AUGUST 14, 1997 Aiith ed signature r " VIR IA CUSIMANO,, CH MANAGER- CH FIRST NATIONAL Balk of TRINIDAD