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<br />COMMUNITJY e?1,I, 10F COLORADO <br />1V <br />IRREVOCABLE STANDBY LETTER OF CREDIT <br />State of Colorado <br />Mined Land Reclamation Board <br />Division of Reclamation, Mining and Safety <br />1313 Sherman St., Room 215 <br />Denver, CO 80203 <br />State of Colorado, Mined Land Reclamation <br />RECE"p <br />JUN .13 2011 <br />Division 01 meclamation, <br />Minim and Safety <br />Letter of Credit No. 3345901 <br />We hereby establish our Irrevocable Standby Letter of Credit # in <br />your favor and authorize you ("Beneficiary") to draw on us at sight at our office at 1100 N. Main <br />St., Gunnison, CO 81230 for the account of Deborah S. Rudibaugh ("Applicant") up to aggregate <br />amount of Eleven Thousand Five Hundred Seventy Four and no/100ths Dollars ($11,574.00) (the <br />"Available Amount"), when accompanied by the following documents: <br />1. An original copy of this Irrevocable Standby Letter of Credit. <br />2. Beneficiary's dated statement purportedly signed by one of its officers reading as <br />follows: <br />A written statement of the Director ("the Director") of the Division of Reclamation, <br />Mining and Safety of the State of Colorado ("the Division). certifying that he is a duly <br />authorized 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 provision of Colorado statutes governing mined land reclamation and that <br />Deborah Rudibaugh or her successor has neglected, failed, or refused to pay such amount <br />although requested to do so by the Director. <br />Such amounts are available by your duly completed and signed sight draft or drafts drawn <br />on us in an amount not to exceed the Available Amount. <br />This Letter of Credit shall expire on July 13, 2012 (the "Expiry Date"). <br />It is an express condition of this letter of credit that it shall be automatically extended for <br />successive additional periods of one year each, for the initial and each future expiration date <br />unless Community Banks of Colorado ("the Bank") shall notify the Director at least 90 days <br />prior to an expiration date in writing by certified mail, at the above address, that the Bank elects <br />not to extend the credit for such additional period. In su , in addition to his power to <br />Letter of Credit <br />1100 N. MAIN STREET. P O BOX 299. GUNNISON, CO 81230 <br />MAIN 970.641.9000. FACSIMILE 970.64I.3I30