2010-09-27_REVISION - M2003037 ‎(7)‎

• Permit No: M2003037
• IBM Index Class Name: REVISION
• Doc Date: 9/27/2010
• Doc Name: Succession of Operators Approval, Revision No. SO-2
• From: DRMS
• To: Sky Ute Sand & Gravel, LLC
• Type & Sequence: SO2
• Email Name: GRM
• Media Type: D
• Archive: No

JPMorganChase C p
JPMorgan Chase Bank, N.A.
Global Trade Services
One Chase Tower
Mail Code IL1-0236
Chicago, IL 60670
Tel: [phone] Fax: [phone]
SWIFT: CHASUS33
Telex: ITT420120 CNIBUI
IRREVOCABLE STANDBY LETTER OF CREDIT NO. CTCS-331974.
BENEFICIARY:
STATE OF COLORADO
DIVISION OF RECLAMATION, MINING AND SAFETY
DEPARTMENT OF NATURAL RESOURCES
1313 SHERMAN ST, ROOM 215
DENVER; CO 80203
RE: THE MINE PERMIT # M2003037
LETTER OF CREDIT NUMBER:
AMOUNT U.S. $ 91,100.00
DATE OF ISSUANCE JUNE 22, 2007
INITIAL EXPIRY DATE: JUNE 28, 2008
APPLICANT:
SKY UTE SAND & GRAVEL, LLC
P.O. BOX 3268
13279 6200 ROAD
MONTROSE, CO 81402
2-003-
RECEIVED
JUL 3.0 2007
Division OT Reclamation,
Mining and Safety
WE HEREBY ISSUE AND ESTABLISH OUR IRREVOCABLE LETTER OF CREDIT NO. CTCS-331974, THE
AMOUNT OF WHICH IS AVAILABLE BY BENEFICIARY'S DRAFT OR DRAFT(S) DRAWN UPON US,
WHICH SHALL BE PAID AT SIGHT, WHEN ACCOMPANIED BY THE FOLLOWING DOCUMENT:
A WRITTEN STATEMENT OF THE DIRECTOR ("THE DIRECTOR") OF THE DIVISION OF
RECLAMATION, MINING AND SAFETY 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 AMOUNT OF THE ACCOMPANYING SIGHT DRAFT IS DUE AND
PAYABLE TO THE STATE OF COLORADO PURSUANT TO APPLICABLE PROVISIONS OF COLORADO
STATUES GOVERNING MINED LAND RECLAMATION AND THAT SKY UTE SAND & GRAVEL, LLC.
OR ITS SUCCESSOR HAS NEGLECTED, FAILED, OR REFUSED 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. THE
BANK SHALL MAKE PAYMENT BY WIRE TRANSFER TO THE BENEFICIARY. THIS LETTER OF
CREDIT REFERS TO SKY UTE SAND & GRAVEL, LLC'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 EXPIRATION DATE UNLESS JPMORGAN CHASE BANK, N.A. OF CHICAGO, IL ("THE
BANK") SHALL NOTIFY THE DIRECTOR AT LEAST NINETY (90) DAYS PRIOR TO AN EXPIRATION
DATE IN WRITING BY REGISTERED MAIL, AT THE ABOVE ADDRESS, THAT THE BANK ELECTS NOT
TO EXTEND THE LETTER OF CREDIT FOR SUCH ADDITIONAL PERIOD. IN SUCH EVENT, IN
ADDITION TO HIS POWER TO DRAW HEREON UNDER THE PRECEDING PARAGRAPHS, THE
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