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a y <br />Each sight draft so drawn and presented shall be honored by us if presented prior to the close of business on the expiration <br />date of this letter of credit. The Bank shall make a payment by wire transfer to the Beneficiary. This letter of credit refers <br />to Platte Sand & Gravel, LLC is application for a permit to engage in mining and reclamation <br />activities within the State of Colorado. <br />It is an express condition of this letter of credit that it shall be automatically extended for successive additional periods of <br />one year each, from the initial and each future expiration date unless the Cent n i a1 <br />Bank of the West ("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 Bank elects not to extend the letter of credit for <br />such additional period. In such event, in addition to his power to draw hereon under the preceding paragraphs, the Director <br />may draw the full or any lesser amount hereof at any time prior to such expiration date by sight draft, or drafts, <br />accompanied by the written statement of the Director certifying that the amount drawn will be held as a cash deposit in lieu <br />of financial warranty, as provided in applicable Colorado statutes governing mined land and reclamation. <br />The original signed letter of credit and any amendments will be presented to the Bank by the beneficiary along with any <br />draft presented pursuant to this letter of credit, and will be surrendered to the Bank-with any draft which draws the full <br />amount, or the balance remaining available, under this letter of credit. Delivery of the original letter of credit, sight draft(s) <br />and all other documents required as a condition precedent for payment, may be made by overnight courier to the Bank. <br />Each payment on a draft shall reduce the aggregate above written amount by the amount drawn. <br />This Letter of Credit is subject to Uniform Customs and Practice for Documentary Credits (1993 Revision), International <br />Chamber of Commerce - Publication No. 500 (the "UCP500") and shall be governed by the laws of the State of Colorado <br />with respect to subject matters not addressed by the UCP500. In the event of an action between the beneficiary and the <br />Bank regarding this letter of credit, the bank submits to the jurisdiction and venue of the Denver District Court, State of <br />Colorado. The Bank agrees to accept service of process in any such action, if service is made by registered or certified mail <br />(return receipt requested) or courier service, postage or delivery fee prepaid, to the address of the Bank set forth above. <br />If any expiration date specified herein shall fall upon a day other than a regular business day of the Bank, the expiration <br />date shall ipso facto be extended to the close of business on the next successive business day of the Bank. <br />The Ce nn' Bankof the West <br />B Date Qut rI ed ignature <br />M:\min\share\bondforms\ILOC.bnd 08/24/2004