2009-03-11_REVISION - M1983102 (9)

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a } GRAND MOUNTAIN BANKFSB "Your HOMETOWN Bank in Grand County" 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 credit refers to Thompson Properties's 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 expirations date unless the Grand Mountain Bank, FSB ("the bank") shall notify the Director at lease 90 days prior to an expiration date in writing by certified 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 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 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 and any amendments will be presented to the Bank by the beneficiary along with any draft presented pursuant to this letter of credit, and will be surrendered to the Bank with any draft which draws the full amount, or the balance remaining available, under this letter of credit. Delivery of the original letter of credit, sight draft(s) and all other documents required as a condition precedent of payment, may be made by overnight courier to the Bank. Each payment on a draft shall reduce the aggregate above written amount by the amount drawn. This Letter of Credit is subject to Uniform Customs and Practice for Documentary Credits (1993 Revision), International Chamber of Commerce-Publication No. 500 (the "UCP500") and shall be governed by the laws of the State of Colorado with respect to subject matters not addressed by the UCP500. In the event of an action between the beneficiary and the Bank regarding this letter of credit, the bank submits to the jurisdiction and venue of the Denver District Court, State of Colorado. The Bank agrees to accept service of process in any such action, if service is made by registered or certified mail (return receipt requested) or courier service; postage or delivery fee prepaid, to the address. of the Bank set forth above. If any expiration date specified herein shall fall upon a day'other than a regular,business day of the Bank, the expiration date shall ipso facto be extended to the close of business on the next successive business day of the Bank. Grand Mountain Bank, FSB By it'.?? ?1 / Date ?Zl 110 4 Authorized Signature Granby Home Office: 3 Ten Mile Drive - PO Box 964 Granby, C0,80446 970-887-1221 Phone 970-887-1233 Fax Grand Lake Office: 902 Grand Avenue - PO Box 749 Grand Lake, CO 80447 970-627-9500 Phone 970-627-9600 Fax Fraser Valley -Office: 523 Zerex Street - PO Box 429 Fraser, CO 80442 970-726-0414 Phone 970-726-0415 Fax Kreminling Office: 100 West Park Avenue PO Box 427 Kremmling, CO 80459 970-724-9445 Phone 970-724-9499 Fax www.grandmountainbank.com