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~~~ JAN-.S-'S3 11.:1d iU:l~ "~:PIcU _ANU REC'L TEL r~0:363-c 3 o1G6 a?~e ~-3 ~- TCitizens Fidelity Bank - . ~ ~ - ~elea N~m~s ~~~ ~~~~~~~~~~~~~ ~~~ rnlernatronel DepennCM Louisville, hemuc~y 40256 $wif~: ,,, .,. ~,,,,9 ,r u STATE OP COLORADO MINED LAND RECLAMATION LETTER OF CREDIT N0. 13429 OCTOBER 11, I992 PAGE TWO OP TWO. IT IS AN EXPRESS CONDITION OF THIS LOC TNAT•IT SHALL BE AUTOMATICALLY EXTENDED FDA SUCCESSIVE ADDITIONAL PERIODS OF ONE (1) YEAR EACH FROM THE INITIAL AND EACH FUTURE EXPIRATION DATE, UNLESS CITIZENS FIDELITY BANR AND TRUST COMPANY OF LOUISVILLE, KENTUCKY ('THE BANR•) SHALL NOTIFY THE DIRECTOR AT LEAST 90 DAYS PRIOR TO AN EXPIRATION DATE IN WAFTING BY REGISTERED MAID AT THE ABOVE ADDRESS, TRAT THE BANK ELECTS NOT TD EXTEND THE CREDIT FOR SUCH ADDITIONAL PERIOD. IN SUCH EVENT, IN'ADDITION TO HIS POWER TO DRAW HFRE ON UNDER TAE PRECEDING PARAGRAPHS, THE DIRECTOR MAY DRAW THE FULL OR ANY LESSER AMOUNT HEREOF AT ANY TIRE PRIOR TO SUCH EXPIRATION DATE HY SIGAT DRAFT(S) ON US, ACCOMPANIED BY THE WRITTEN STATEMENT OP THE DIRECTOR CERTIFYING THAT THE AMOUNT DRAWN WILL BE HELD AS A CASH DEPOSIT IN LIEU OF FINANCIAL WARRANTY, AS PROVIAED IN APPLICABLE COLORADO STATUTES GOVERNING MINED LAND AND RECLAMATION. THE ORIGINAL SIGNED I.OC WILL BE PRESENTED BY TH6 BENEFICIARY TO THE BANK ALONG WITH ANY DRAFT PRESENTED PURSUANT TO THIS LOG, AND HILL BE • SURRENAERED TO THE BANR WITH ANY DRAFT WHICH DRAWS THE FULL AMOUNTS OR TAE IF ANY EXPIRATION DATE SPECIFIED HEREIN SHALL FALL ON A DAY OTHER THAN A REGULAR BUSINESS DAY OP THE BANR, THE EXPIRATION DATE SHALL IPSO ~Q BE EXTENDED TO THE CLOSE OF BUSINESS ON THE NEXT SUCCESSIVE BUSINESS DAY OF THE BANK. THE BANR WILL GIVE PROMPT NOTICE TO THE PERMITTEE AND THE DIVISION OF ANY NOTICE RECEIVED OP. A[TION FILER ALLEGING THE INSOLVENCY OR BANKRUPTCY OF THE BANR, OP. ALLEGING ANY VIOLATIONS OF REGULATORY REQUIREMENTS WHICH COULD RESULT IN THE SUSPENSION OR REVOCATION OF THE BANK'S CHARTER OR LICENSE TO DD BUSINESS. IN THE EVENT THAT THE BAhT' BECOMES UNABLE TO FULFILL ITS OBLLGATION9 UNDER THE LOC FOR ANY REASON, NOTICE SHALL BE GIVEN IMMEDIATELY TO THE PERMITTEE AND THE CIVLSION. BALANCE--REMAINING AVAILABLE, UNDER THIS LOC. THIS CREDIT IS SUBJECT TO TBE UP!IRORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS (1903 REVISION) INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 400. YOURS VERY TF Y. AME H '! SENIOR VICE PRESIDENT • A PPIC BANK ~uwsm~uANR NUN-IVtliUl IABLC