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0 b. <br />sight draft, or drafts, accompanied by the written statement of the Director certifying that the amount <br />drawn will be held as a cash deposit in lieu of financial warranty, as provided in applicable Colorado <br />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 <br />along with any draft presented pursuant to this letter of credit, and will be surrendered to the Bank with <br />any draft which draws the full amount, or the balance remaining available, under this letter of credit. <br />Delivery of the original letter of credit, sight draft(s) and all other documents required as a condition <br />precedent for payment, may be made by overnight courier to the Bank. Each payment on a draft shall <br />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 (2007 <br />Revision), International Chamber of Commerce - Publication No. 600 (the "UCP600") and shall be <br />governed by the laws of the State of Colorado with respect to subject matters not addressed by the <br />UCP600. In the event of an action between the beneficiary and the Bank regarding this letter of credit, <br />the bank submits to the jurisdiction and venue of the Denver District Court, State of Colorado. The Bank <br />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 <br />set forth above. <br />If any expiration date specified herein shall fall upon a day other than a regular business day of the Bank, <br />the expiration date shall ipso facto be extended to the close of business on the next successive business <br />day of the Bank. <br />Citywide Banks <br />By: Date: <br />Brian K. Hickey, Branch dent <br />NOTES: 1. The Letter of Credit shall not be in excess of 10 percent of the bank's capital <br />surplus account or in excess of 30 percent if the applicant has more than one <br />Letter of Credit for different permits. To demonstrate this requirement, the <br />issuing bank shall provide a balance sheet certified by a Certified-Public ---- <br />Accountant. Generally, this is available in the Bank's most recent Annual <br />Report or Call Report. <br />The Letter of Credit shall be submitted on the Bank's letterhead. <br />The Mined Land Reclamation Board or the Office of Mined Land Reclamation <br />may recover the necessary costs, including attorney's fees or fees incurred in <br />foreclosing on or realizing the collateral used in the event this Letter of Credit <br />is forfeited. The face amount of this Letter of Credit shall be increased by five <br />hundred dollars ($500.00) to cover these cost.