2011-04-14_REVISION - M2008078 (3)

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}?4 t , Citywide Banks 10637 E. Briarwood Circle Centennial, CO 80112 (303) 365-3852 CITYWIDE BANICS IRREVOCABLE LETTER OF CREDIT M-2-009-- RECEIVED APR 3- 01010- -----_ Division of Reclamation, Mining & Safety Beneficiary: LETTER OF CREDIT NUMBER: STATE OF COLORADO Amount U.S. $88,802.00 MINED LAND RECLAMATION BOARD Date of Issuance: April 16, 2010 215 CENTENNIAL BUILDING Initial Expiration Date: April 7, 2011 1313 SHERMAN STREET DENVER, COLORADO 80203 Applicant: GP Ranches. LLC c/o Karl Nyquist Street: 7991 Shaffer Pkwv. #200 City: Littleton State: Colorado Area Code: 303 Gentlemen: Zip Code: 80127-3740 Telephone: 369-5100 We hereby issue and establish our irrevocable letter of credit, the amount of which is available by beneficiary's draft or drafts 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 statutes governing mined land reclamation and that GP Ranches, 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 a payment by wire transfer to the Beneficiary. This credit refers to GP Ranches, 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 Ci wide Banks ("the Bank") shall notify the Director at least 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 10637 EAST BRIARWOOD CIRCLE • CENTENNIAL, CO 80112 303-365-3600 • CITYWIDEBANKS.COM