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-2- <br /> WHEREAS,the Operator and (the'Wacrantor"),a <br /> corporation organized and existing under the laws of the State of and duly <br /> authorized to transact a bonding and surety business in the State of Colorado are hereby and firmly bound <br /> unto the State or the United States Department of the Interior,Bureau of Land Management,Colorado State <br /> Office("BLM")in the sum of Dollars($ <br /> )for the life of mine or until such time as replacement is received,for the payment of which <br /> sum,well and truly made,we hereby bind ourselves and our personal representatives,successors and assigns, <br /> jointly and severally,firmly by these presents. <br /> WHEREAS, the Board has determined, in accordance with the Act, that the estimated costs of <br /> reclamation of the Affected Lands are those amounts for the stated periods of time as set forth herein. Said <br /> amount may be amended from time to time to reflect revised estimates of said costs of reclamation. <br /> WHEREAS, the Operator and the Warrantor, in accordance with the Act, has promised and hereby <br /> promises the Board that it will be responsible for all the estimated costs of reclamation with regard to the <br /> Affected Lands. <br /> WHEREAS,the Board has determined that this Financial Warranty by the Warrantor equals the estimated <br /> costs of reclamation,as approved by the Board,with regard to the Affected Lands. <br /> NOW,THEREFORE,the Operator and the Warrantor are held hereby firmly unto the State of Colorado <br /> and BLM in the amount of those sums for those periods of time as set forth herein, until this Financial <br /> Warranty is amended or released in accordance with applicable law. <br /> The Board may, for good cause shown, increase or decrease the amount and duration of this Financial <br /> Warranty.The Operator shall have sixty(60)days after the date of notice of any such adjustment to increase <br /> the surety amount, but no such increase shall bind the Warrantor unless and until it shall have consented <br /> thereto in writing by the issuance of an additional Financial Warranty or by an endorsement to this Financial <br /> Warranty. <br /> The Operator and the Warrantor shall notify the Board immediately of any event which may impair this <br /> Financial Warranty. If the Board receives such notice,or otherwise has reason to believe that this Financial <br /> Warranty has been materially impaired,it may convene a hearing in accordance with the Act for the purpose <br /> of determining whether impairment has occurred. <br /> The obligation of the Operator and the Warrantor shall continue until the Board has released this Financial <br /> Warranty or has ordered it forfeited in accordance with applicable provisions of the Act. It is understood that <br /> periods of years may necessarily be required before determination can be made that reclamation of the <br /> Affected Lands has been satisfactorily completed. It is also recognized that,as reclamation is accomplished, <br /> the amount of this Financial Warranty may be reduced with the approval of the Board so that it reflects the <br /> then current estimated cost of the remaining reclamation of the Affected Lands. No revision,extension,or <br /> renewal of the permit, or of the time allowed to complete reclamation, shall diminish the Operator's or <br /> Warrantor's obligation under this Financial Warranty. No misrepresentation by the Operator which may have <br /> induced the Warrantor to execute this Financial Warranty shall be any defense to demand by the State or the <br /> Colorado State Director,BLM under this agreement. <br />