Laserfiche WebLink
<br />-2- <br />A written statement of the Director ("the Director") of the Division of Minerals and Geology of <br />the State of Colorado ("the Division") certifying that he is a duly authorized official acting on <br />behalf of the State of Colorado and that the amount of the accompanying sight draft is due and <br />payable to the State of Colorado pursuant to applicable provisions of Colorado statutes governing <br />mined land reclamation and that WESTERN NUTRIENTS, INC. Company or its <br />successor has 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 business <br />on the expiration date of this letter of credit. This credit refers to WESTERN NUTRIENTS, INC. <br />company's application for a permit to engage in mining and reclamation activities within the State of <br />Colorado. <br />It is an express condition of this letter of credit that it shall be automatically extended for successive <br />additional periods of one year each, from the initial and each future expiration date unless the _ <br />CENTENNIAL Bank of BLENDE ("the Bank") <br />shall notify the Director at least 90 days prior to an expiration date in writing by registered mail, at the <br />above address, that the Bank elects not to extend the credit for such additional period. In such event, in <br />addition to his power to draw hereon under the preceding paragraphs, the Director may draw the full or <br />any lesser amount hereof at any time prior to such expiration date by sight draft, or drafts, accompanied <br />by the 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 and <br />reclamation. <br />The original signed letter of credit will be presented to the Bank by the beneficiary along with any draft <br />presented pursuant to this letter of credit, and will be surrendered to the Bank with any draft which draws <br />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 the Bank, <br />the expiration date shall ipso facto be extended to the close of business on the next successive business <br />day of the Bank. <br />The CENTENNIAL Bank of BLENDE <br />By <br /> <br />EY D. HOFF1 PRESIDENT <br />Date JUNE 23, 1998 <br />1. The Letter of Credit shall not be in excess of 10 percent of the bank's capital surplus <br />account or in excess of 30 percent if the applicant has more than one Letter of Credit <br />for different permits. To demonstrate this requirement, the issuing bank should <br />provide a balance sheet certified by a Certified Public Accountant. Generally, this is <br />available in the Bank's most recent Annual Report or Call Report. <br />2. The Letter of Credit shall be submitted on the Bank's letterhead. <br />REVISED 10/95 <br />M: \OSS\amm\0868bond. arum