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-2— <br /> WHEREAS,in the application for the permit,the Permittee has agreed with the Board to provide for reclamation of the <br /> Affected Lands that are now,or may become,subject to the permit, as required by law. <br /> WHEREAS,the Principal Twentymile Coal, LLC of the County ofRoutt in <br /> the State of Massachusetts and (the"Surety"),a <br /> corporation organized and existing under the laws of the State of Massachusetts and duly authorized to <br /> transact a bonding and surety business in the State of Colorado are hereby and firmly bound unto the State in the sum of <br /> One Hundred Thirty Two Thousand and No/100 Dollars($132,273.00 )for the life of mine <br /> or until such time as replacement is received,for the payment of which sum,well and truly made,we hereby bind ourselves <br /> and our personal representatives,successors and assigns,jointly and severally,firmly by these presents. <br /> WHEREAS, the Board has determined, in accordance with the Act, that the estimated costs of reclamation of the <br /> Affected Lands are those amounts for the stated periods of time as set forth herein. Said amount may be amended from time <br /> to time to reflect revised estimates of said costs of reclamation. <br /> WHEREAS,the Principal and the Surety,in accordance with the Act,has promised and hereby promises the Board that <br /> it will be responsible for all the estimated costs of reclamation with regard to the Affected Lands. <br /> WHEREAS, the Board has determined that this Financial Warranty by the Surety equals the estimated costs of <br /> reclamation,as approved by the Board,with regard to the Affected Lands. <br /> NOW,THEREFORE,the Principal and the Surety are held hereby firmly unto the State of Colorado in the amount of <br /> those sums for those periods of time as set forth herein,until this Financial Warranty is amended or released in accordance <br /> with applicable law. <br /> The Board may, for good cause shown, increase or decrease the amount and duration of this Financial Warranty. The <br /> Permittee shall have sixty(60)days after the date of notice of any such adjustment to increase the surety amount,but no such <br /> increase shall bind the Surety unless and until it shall have consented thereto in writing by the issuance of an additional <br /> Financial Warranty or by an endorsement to this Financial Warranty. <br /> The Principal and the Surety shall notify the Board immediately of any event which may impair this Financial Warranty. If <br /> the Board receives such notice,or otherwise has reason to believe that this Financial Warranty has been materially impaired, <br /> it may convene a hearing in accordance with the Act for the purpose of determining whether impairment has occurred. <br /> The obligation of the Principal and the Surety shall continue until the Board has released this Financial Warranty or has <br /> ordered it forfeited in accordance with applicable provisions of the Act. It is understood that periods of years may <br /> necessarily be required before determination can be made that reclamation of the Affected Lands has been satisfactorily <br /> completed. It is also recognized that,as reclamation is accomplished,the amount of this Financial Warranty may be reduced <br /> with the approval of the Board so that it reflects the then current estimated cost of the remaining reclamation of the Affected <br /> Lands. No revision,extension,or renewal of the permit,or of the time allowed to complete reclamation,shall diminish the <br /> Principal's or Surety's obligation under this Financial Warranty. No misrepresentation by the Principal which may have <br /> induced the Surety to execute this Financial Warranty shall be any defense to demand by the State under this agreement. <br />