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<br /> <br />Western National Bank <br />DOING RIGHT by THE SPRINGS <br />LETTER OF CREDIT # 740 <br />BENEFICIARY: State of Colorado, Mined Land Reclamation Board <br />215 Centennial Building <br />1313 Sherman Street <br />Denver, CO 80203 <br />AMOUNT: $5,000.00 <br />DATE: March 9, 2001 <br />EXPIRY DATE: March 9, 2002 <br />IRREVOCABLE LETTER OF CREDIT <br />Gentlemen: <br />RECEIVED <br />MAR 12 2001 <br />Division of Minerals and Geology <br />We hereby issue and establish our Irrevocable Letter of Credit, in the amount of $5,000.00 which <br />is available by beneficiary's draft or drafts drawn upon us, which shall be paid at sight, when <br />accompanied by the following document. <br />A written statement of the Director ("the Director") of the Division of Minerals and <br />Geology of the State of Colorado ("the Division") certifying that he is a duly authorized <br />official acting on behalf of the State of Colorado and that the amount of the <br />accompanying sight draft is due and payable to the State of Colorado pursuant to <br />applicable provisions of Colorado statutes governing mined land reclamation and that <br />Rocky Mountain Materials & Asphalt, Inc. or its successor has neglected, failed or <br />refused to pay such amount although requested to do so by the Director. <br />Each sight draft so drawn and presented shall be honored by us if presented prior to the close of <br />business on the expiration date of this letter of credit. This credit refers to Rocky Mountain <br />Materials & Asphalt, Inc. application for a permit to engage in mining and reclamation activities <br />within the State of Colorado. <br />It is an express condition of this letter if credit that it shall be automatically extended for <br />successive additional periods of one year each from the initial and each future expiration date <br />unless Western National Bank of Colorado ("the Bank") shall notify the Director at least 90 days <br />prior to an expiration date in writing by registered mail, at the above address, that the Bank <br />P.O. Box 9250 • Colorado Springs, CO 80932-0250 • (719) 473-0111 <br />102 North Cascade Ave. ¦ 1130 North Circle Dr. ¦ 3485 North Academy Blvd. ¦ 2835 Briargate Blvd. ¦ 1095 Garden of the Gods Road <br />www.western-national.com Member FDIC