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NOW THEREFORE, the Warrantor is held hereby firmly unto the State of Colorado in <br />the amount of those sums set forth herein, until this financial warranty is amended or released in <br />accordance with applicable law. <br />The amount of this Financial Warranty is based upon current best estimates as to the cost <br />of reclamation, and does not operate to liquidate, limit, enlarge, or restrict the Operator's <br />obligations pursuant to C.R.S. §§ 34- 32- 118(6) and 34- 32.5 - 118(6) to complete reclamation in <br />accordance with the performance standards set forth in the Acts, and to be liable for the entire <br />actual cost of the same, even if such actual cost substantially exceeds the amount of this <br />Financial Warranty. <br />The Board may, for good cause shown, increase or decrease the amount of this Financial <br />Warranty. The Operator shall have sixty (60) days after the date of notice of any such <br />adjustment to fulfill all new requirements. <br />The Operator and Warrantor shall notify the Board immediately upon either's discovery <br />of any event which may impair this Financial Warranty. If the Board receives such notice or <br />otherwise has reason to believe that this Financial Warranty has been materially impaired, it may <br />convene a hearing in accordance with the applicable Act for the purpose of determining whether <br />impairment has occurred. <br />The Board may withdraw the funds deposited in the state treasury held hereunder, if the <br />Board determines that reclamation which ought to have been performed by the Operator, or its <br />successors or assigns, remains unperformed. No other condition precedent need be fulfilled to <br />entitle the Board to receive the funds deposited in the state treasury. <br />In the event of forfeiture of this financial warranty by the Board, if, upon completion of <br />reclamation by the Board, the cost of reclamation shall be less than the amount received from the <br />state treasury, the excess shall be promptly refunded to the Warrantor. <br />The obligations of the Warrantor shall continue until the Board has released this financial <br />warranty or has ordered it forfeited in accordance with provisions of the applicable Act. It is <br />understood that periods of years may necessarily be required before determination can be made <br />that reclamation of the Affected Lands has been satisfactorily completed. It is also recognized <br />that, as reclamation is accomplished, the amount of this financial warranty may be reduced with <br />the approval of the Board so that it reflects the then current estimated cost of the remaining <br />reclamation of the Affected Lands. No revision, extension, or renewal of the permit or of the <br />time allowed to complete reclamation shall diminish the Warrantor's obligation under this <br />Financial Warranty. <br />Upon completion of reclamation by the Operator, and if the Board finds the reclamation <br />satisfactory, the Board shall release the Financial Warranty and cause the state treasury to issue a <br />check payable to the Warrantor in the amount of the original Financial Warranty and to include <br />all accrued interest. <br />-3- <br />