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In any single year during the life of the permit, the amount of the Financial Warranty <br />shall not exceed the estimated cost of fully reclaiming all lands to be affected in said year, plus <br />all lands affected in previous permit years and not yet fully reclaimed. Reclamation costs shall <br />be computed with reference to current reclamation costs. <br />This Financial Warranty shall be subject to forfeiture whenever the Board determines that <br />any one or more of the following circumstances exist: <br />1. A Cease and Desist Order entered pursuant to Section 34 -32 -124 of the Act has <br />been violated, and the corrective action proposed in such order has not been completed although <br />ample time to have done so has elapsed; or <br />2. The Operator is in default under its Performance Warranty, and such default has <br />not been cured although written notice and ample time to cure such default has been given; or <br />3. The Warrantor has failed to maintain its Financial Warranty in good standing as <br />required by the Act; or <br />4. The Warrantor no longer has the financial ability to carry out its obligations in <br />accordance with the Act. <br />The description of lands herein is for convenience of reference only, and no error in such <br />description, nor any revision of the pennitted mining area, nor the disturbance by the Operator of <br />lands outside of the permitted mining area shall alter or diminish the obligations of the Warrantor <br />and Operator hereunder and under law, which shall extend to the reclamation of all such lands <br />disturbed. <br />If this Financial Warranty applies to National Forest System lands, and if this Financial <br />Warranty is accepted by the United States Forest Service ( "U.S.F.S. ") as the bond required <br />under 36 C.F.R. 228.13, then, the Operator and Warrantor hereby agree that, because the <br />U.S.F.S. has accepted this single Financial Warranty in lieu of the separate bonds which would <br />otherwise be required by applicable law, notwithstanding any other provision hereof, or of law, <br />this Financial Warranty shall remain in full force and effect until U.S.F.S. has advised the Board <br />by written notice that the Operator's obligations to U.S.F.S. for which this warranty is executed <br />have been satisfied and until its release has been approved by the Board. <br />If this Financial Warranty applies to lands under the jurisdiction of the State Board of <br />Land Commissioners ( "Land Board "), and if this Financial Warranty, in whole or in part, is <br />accepted by the Land Board as the bond required under its applicable law and procedures, then, <br />the Operator and Warrantor hereby agree that, because the Land Board has accepted this <br />Financial Warranty in lieu of the separate bonds which would otherwise be required by the <br />Board and by the Land Board, notwithstanding any other provision hereof, or of law, this <br />Financial Warranty shall remain in full force and effect until the Board is notified in writing by <br />the Land Board that the Operator's obligations to the Land Board, for which this warranty is <br />executed, have been satisfied and until its release is approved by the Board. <br />-4- <br />