2015-04-17_REPORT - M1977004 (2)

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-4- Ifthe Board shall notify the Warrantor dint the Operator is in default, and if the Board shall initiate any Financial Warranty forfeiture procedures required by law or regulation, the Warrantor may, in lieu of making payment to the Board of the amount due hereunder; cause the reclamation to be timely performed in accordance with all requirements of the Act and all applicable rules and regulations_ In such event, when and if the reclamation has been. timely performed to the satisfaction of the Board or Division, this Financial Warrantv shall be relensed. Ifthe reclamation shall not be so performed to the satisfaction of the Board or Division, this Financial Warranty shall retrain in full force and efflret. This Financi5l Warranty shall he subject to forfokuro.whenover the Board determines that anv one or more of the following circumstances exist; 1. A Cease and Desist Order entered pursuant to Section 34..32 -124 of the Act has been violated, and the corrective action proposed in such Order has not been completed, although ample time to have done so has elapsed; or 2. The: Operator is in default underits Performance Watraruy, and such default has not been cured, although written notice and ample time to cure such default has been given; oi• 3. The Operator and/or the Wwanwhas failed to maintain its Financial Warrimtp in good standing as required by the Act; or 4. The Warrantor no longer has the financial ability to carry out its obligations in accordance with the Act. The description. of lands herein is for convenience of reference oniy, and no error in such description, nor any revision of the permitted mining area, nor the disturbance by the Operator of lands outside of the Otmirted training area shall alter or diminish the obligations of the Operator and/or Wanaator hereunder, which shall extend to the reclamation of all such Dads disturbed. ` If this Financial Warranty applies to National Forest System lands, and if this Finaaeial Warranty is accepted by the Ualred States Forest SeMco CUv S,F'.S:') as the bondrequired under 36 C.F.R. 252.13, then the Operator, having requested that the Board and the U.S -F.S. accept this single Fi aancW Warranty in lieu of the separate bands which would otherwise be required by applicable law, hereby agrees that, notwithstanding any other provisionliereof, or of law, this Financial Warranty shall remain in full force and effect until U.S.1.S. has advised the Board by written notice that the Operator's obligations to U SF.S., for which this Wansrrty is executed, have been satisfied, and until the financial warranty has been released by the Board- if this Financial Warranty applies to lands under the jurisdiction of the State Board of Land Commissioners ("Land Board'), and if this Financial Warranty, is whole or in part, is accepted by the Land Board as the bond required under its applicable taw and procedures, then the Operator, having requested that the State accept this Finaacial Warranty in lieu of the separate bonds which would otherwise be required by the Colorado Mined Land Reclamation Board or Division of Mlnerals and Geology and by the Land Board, hereby assets that. notwithstanding any other provision hereof, or of law, this Financial Warranty shall remain in full force and cffectuntil the Board is notified In writing by the Land Board that the Operator's obligations to the Land Board, for which this Warranty is executed, have been satisfied, and until the financial warranty has been released by the Board.