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Page Z of 3 <br />Gentlemen: <br />We hereby issue and establish our irrevocable letter of credit, the amount <br />of which is available by beneficiary's draft or drafts drawn upon us, which <br />shall be paid at sight, when accompanied by the following document: <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 <br />that he is a duly authorized official acting on behalf of the State of <br />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 <br />Colorado statutes governing mined land reclamation and that Colorado <br />Marble, L.L.C. or its successor has neglected, failed, or refused to pay such <br />amount although requested to do so by the Director. <br />Each sight draft so drawn and presented shall be honored by us if presented <br />prior to the close of business on the expiration date of this letter of credit. <br />The Bank shall make a payment by wire transfer to the Beneficiary. This <br />credit refers to Colorado Marble, L.L.C.'s application for a permit to engage <br />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 <br />automatically extended for successive additional periods of one year each, <br />from the initial and. each, fLiture expiration date.unless the Jasper Banking <br />Company ("the Bank") shall notify the Director at least 90 days prior to an <br />expiration date in writing by registered mail, at the above address, that the <br />Bank elects not to extend the credit for such additional period. In such <br />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 <br />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 <br />will be held as a cash deposit in lieu of financial warranty, as provided in <br />applicable Colorado statutes governing mined land and reclamation.