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Home My WebLink About20211228_ISLOC Application and Agreement for Commercial FIRST BANK Standby Irrevocable Letter of Credit To: FIRST BANK Credit Reference Number the Issuing Bank("Bank") Issuing Bank Advisina Bank FIRST BANK Letter of Credit Department Applicant Wayne's Backhoe Service,Inc. Attn: 20 Thomasboro Rd.,SW Advising Bank(where applicablo) Calabash,NC 28467 in the amount of Eleven thousand dollars Dollars$ 11 000.00 Effective Date: 12/23/2021 Beneficiary Q If checked,this Letter of Credit is subject to reduction as set forth State of North Carolina on Schedule A attached hereto. Department of Environmental Quality Letter of Credit to expire at 5:00 p.m.local time:®Issuing Bank 1612 Mail Service Center ❑Advising Bank(if not checked,then at Issuing Bank) Raleigh,NC 27699-1612 Expiry date(latest date on which drafts may be presented at the Attn:David Miller 919 707-9228 Designated Bank office above) Account Party(if different from Applicant) December 23. 20 22 The undersigned Applicant hereby requests you to issue and transmit by the method indicated below your irrevocable Letter of Credit(hereafter called 'the Letter of Credit-)subject to the Terns and Conditions set forth below,on the reverse hereof and on Schedule A hereto,as applicable: 1. In favor of the Beneficiary, 2. For the Account Party/Applicant set forth above: 3. Available by the Beneficiary's draft(s)drawn at sight on the Bank at the above address; 4. Up to the aggregate amount and for the time period set forth above,or on Schedule A hereto; 5. For the purpose of Letter of credit for the purpose of credit for a dirt pit bond with the state of NC. 6. Each such draft to be accompanied by a certificate signed by a duty authorized officer(or one describing himself therein as such officer)of the Beneficiary stating that(describe exactly as to be described In the Letter of Credit): "An event of default has occurred under that certain agreement between(Beneficiary's Name)('Beneficiary')and(Applicant's Name) licant"L and Beneficiary has sent Applicant notice of such event of default and the amount of this drawing represents indebtedness due Boneficiary from Applicant under such agreement,which indebtedness has not been paid 7. The aforementioned certificate to be accompanied by(describe exactly as to be described In the Letter of Credit): 8. Transmit this Letter of Credit via: ®mail ❑telex ❑other(specify) 9. Opening fee:$400.00; 10. Commissions: Subject to paragraph 2 of the'Terms and Conditions'.the annual,non-refundable commission rate payable on this Letter of Credit initially will be: % Commission rates changes(indicate one): Either. 0 The commission rate is subject to change upon renewal or amendment: or ❑The commission rate is subject to change as follows: This commission Is due and payable (annually,in advance if left blank). Is this commission to be debited on the due date from the Applicant's DDA account?❑Yes ❑No. If yes,indicate account# Applicant: Wayne's Backhoe Service,Inc. Date: 12/23/2021 By: f.! j �(- client: Wayne's Backhoe Service,Inc. IMPORTANT By: t L If a Bank or Trust Company is a signatory hereto,the Bank or Signature Trust Company should sign as APPLICANT and the signature of Its CLIENT should be affixed here op Title: President Guarantor(s) For value received,payment of this Letter of Credit is Guaranteed.The following Parties also acknowledge that they have read and agreed to be bound by the terms and conditions set forth above and on the reverse of this Agreement,and any @xtenslon,amendments,modifications or renewals thereof,as guarantors thereof. 1 20 Thomasboro Rd.,SW Calabash,NC 28467 Address a (!�plilAuthdfized Signature) Address (Seal/Authorized Signature) For Bank Use Only ACCEPTED: ANK ("the Bank") By: f Title: Area Executive Date: 12/23/2021 Approval of Designated Reviewer Rwsod e? Y2004 FIRST BANK Gr Bosb Greensboro,Greensboro, NC 27404 800-572-8769 phone IRREVOCABLE STANDBY LETTER OF CREDIT 336-286-8758 fax RECEIVED LETTER OF CREDIT NO.: 77-941 DEC 29 102I EFFECTIVE DATE: December 23, 2021 LAND QUALITY MINING PROGRAM AMOUNT: $11,000.00 ISSUING INSTITUTION: First Bank Name 101 N. Spring Street Address Greensboro NC 27401 City State Zip Code Guilford County BENEFICIARY: State of North Carolina Department of Environmental Quality 1612 Mail Service Center Raleigh, North Carolina 27699-1612 APPLICANT/OPERATOR: Wayne's Backhoe Service, Inc. Name 20 Thomasboro Rd SW Address Calabash NC 28420 City State Zip Code Brunswick County Rev. April 2018 Page 1 Member FDIC Local First Bank.corn 1 866-792-4357 tQEqual Housing Lender 10209 FIRST BANK Box Gr Greensboro,oro, NC 27404 800-572-8769 phone Dear Sir or Madam: 336-286-8758 fax (1) The APPLICANT/OPERATOR desires to engage in mining operations within the State of North Carolina, under the provisions of the Mining Act of 1971, N. C. Gen. Stat. 74-46, et seq., and the administrative rules promulgated there under. (2) N. C. Gen. Stat. E74-50 requires that operators engaged in mining shall first obtain an operating permit from the N. C. Department of Environmental Quality ("DEQ") which covers the affected land and which has not terminated, been revoked, been suspended for the period in question, or otherwise become invalid. N. C. Gen. Stat. ❑74- 54 requires that each applicant for an operating permit, orfor the renewal thereof, shall file with DEQ, and shall thereafter maintain in force, a bond in favor of the State of North Carolina in an amount as prescribed by Title 15A N.C.Administrative Code Subchapter5B. 0003. N. C. Gen. Stat. 74-54 further provides that in lieu of the surety bond, an applicant or operator may file with DEQ a cash deposit, negotiable securities, or an assignment of a savings account in a North Carolina bank. (3) Thus, this IRREVOCABLE STANDBY LETTER OF CREDIT is issued to DEQ, in lieu of the surety bond required to be filed by the APPLICANT/OPERATOR, as provided by N. C. Gen. Stat. ❑74-54. (4) The undersigned hereby establishes its IRREVOCABLE STANDBY LETTER OF CREDIT in favor of DEQ, for the account of Wayne's Backhoe Service, Inc. (APPLICANT/OPERATOR) for the amount of Eleven Thousand dollars and no 100's ($11,000.00), available by DEQ's draft(s) drawn on sight. (5) This IRREVOCABLE STANDBY LETTER OF CREDIT shall expire on December 23, 2022 The expiration date shall be extended automatically for a period of one year on December 23, 2022 and Rev. April 2018 Page 2 Member FDIC LocalFirstBank.com 1 866-792-4357 QEqual Housing Lender 10209 rFIRST BANK Box G Greensboro,oro, NC 27404 800-572-8769 phone on each successive expiration date, unless, at least sixty (60) days prior to the O�MR fax date, the undersigned notifies DEQ and the OPERATOR by certified mail, return receipt requested that the undersigned will not extend this letter of credit beyond the current expiration date. If the undersigned notifies DEQ that this letter of credit will not be extended, any unused portion of the credit shall be available upon presentation of DEQ's sight draft within sixty (60) days after DEQ's or the OPERATOR's receipt of such notification, whichever is later. (6) This IRREVOCABLE STANDBY LETTER OF CREDIT is non-transferable. (7) Draft(s) shall be marked "Drawn Under First Bank Credit No. 77-941 " and shall include the following documentation: (a) A signed certificate by DEQ, referring to the effective date and Number of this IRREVOCABLE STANDBY LETTER OF CREDIT, and stating that: "In accordance with N. C. Gen. Stat. 74-59, we have received a notice of forfeiture of part or all of the Bond Amount. The amount of our drawing does not exceed the amount of the forfeiture as set forth in such notice."; -or- (b) A signed certificate by DEQ, referring to the effective date and Number of this IRREVOCABLE STANDBY LETTER OF CREDIT, and stating that: "We have received from First Bank written notice stating (1)that this IRREVOCABLE STANDBY LETTER OF CREDIT has not been renewed; and, (2) that the amount of our drawing does not exceed the Bond Amount, less any previous forfeitures thereunder, pursuant to notices received in accordance with N.C. Gen. Stat. 74-59."; -or- (c) A signed certificate by DEC, referring to the effective date and Number of this IRREVOCABLE STANDBY LETTER OF CREDIT, and stating that: Rev. April 2018 Page 3 Member FDIC LocalFirstBank.com 1 866-792-4357 [_]Equal Housing Lender 10209 rFIRST BANK Box G Greensboro,oro, NC 27404 800-572-8769 phone 336-286-8758 fax "We have received from First Bank written notice stating (1) that there exists an Event of Default under the Credit Agreement (as defined in the IRREVOCABLE STANDBY LETTER OF CREDIT); (2) that a drawing should be made under this IRREVOCABLE STANDBY LETTER OF CREDIT; and, (3) that the amount of the drawing does not exceed the bond amount, less any previous forfeitures there under, pursuant to notices received in accordance with N. C. Gen. Stat. :774-59." (8) This IRREVOCABLE STANDBY LETTER OF CREDIT is subject to the Uniform Customs and Practice for Documentary Credits (2007 Revision), International Chamber of Commerce Publication No. 600 and the laws of the State of North Carolina. In the event of any conflict, the laws of the State of North Carolina will control. (9) First Bank hereby agrees with the drawers, endorsers, and bona fide holders that all drafts drawn under and in compliance with the terms of this IRREVOCABLE STANDBY LETTER OF CREDIT will be duly honored upon presentation to this bank/issuing institution. Very truly yours, First Bank BY: l l.ln H U wa--l-1 VI TITLE: Vice Presidenl DATE: 12I2LI21 Sworn and subscribed to before me this the c2 j� day ofc� PY 20! Q.Gii Notary Pu Ic My Commission Expires: o2f o2O23 Date **PLEASE MAIL THIS FORM TO: Division of Energy, Mineral and Land Resources, 1612 Mail Service Center, Raleigh, NC 27699-1612 Rev. April 2018 Page 4 Member FDIC Local FirstBank.com 1 866-792-4357 Q Equal Housing Lender