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-1 <br />~oF~ <br />LAND PROPERTIES INC. <br />225 E. Cheyenne Mountain Blvd., Colorado Springs, CO 80906 (719) 226-7977 • Fax (719) 226-7981 <br />June 10, 2005 <br />~~~ !/ <br />JUN 1 32005 / <br />State of Colorado / Oiviafon at Minenls and GaolagY <br />Division of Minerals & Geology <br />Attn: Suzi Ericksen <br />1313 Sherman Street Room 215 <br />Denver, CO 80203 <br />Re: Oak Creek Gravel Pit, Permit No. M-1989-084, Transfer of Permit <br />Deaz Suzi: <br />Enclosed please find the information regarding the financial warranty, in order to <br />complete the transfer of Permit No. M-1989-084 to The Griffm Ranch, LLC for the Oak <br />Creek Gravel Pit. <br />A Certificate of Deposit has been established with Pueblo Bank & Trust, meeting the <br />requirements set forth on the Instructions for Certificate of Deposit, Minerals Program: <br />• The CD has been set up as a Public Funds Account, which is stated on the CD and the <br />signature card (see enclosed). The Division's PDPA number is included as well. <br />• The Division's address and phone number has been used on the certificate, as shown <br />on the printout from the bank's records and the signature card. <br />• The CD is automatically renewable, as stated on the CD under "Time Account <br />Information." <br />• The original signature cazd is enclosed for the Division's signature. I have signed the <br />Tax ID section of the signature card, on behalf of The Griffm Ranch, LLC. Attached is <br />the Lorraine Nolan's business cazd, to whom you may return the signature card. <br />• A printout from the bank's records shows evidence of the hold on the account. <br />The Assignment has been executed by both myself (and is notarized) and the bank. I <br />have provided a fully executed copy to the bank. The Financial Warranty/Certificate of <br />Deposit has also been completed and is enclosed. As we discussed, you already have an <br />executed Performance Warranty. <br />