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-4— <br /> If the Board shall notify the Surety that the Permittee is in default,and if the Board shall initiate any Financial Warranty <br /> forfeiture procedures required by law or regulation,the Surety may,in lieu of making payment to the Board of the amount <br /> due hereunder, cause the reclamation to be timely performed in accordance with all requirements of the Act and all <br /> applicable rules and regulations. In such event,when and if the reclamation has been timely performed to the satisfaction of <br /> the Board or Division, this Financial Warranty shall be released. If the reclamation shall not be so performed to the <br /> satisfaction of the Board or Division,this Financial Warranty shall remain in full force and effect. <br /> This Financial Warranty shall be subject to forfeiture whenever the Board determines that any one or more of the following <br /> circumstances exist: <br /> 1. A Cease and Desist Order entered pursuant to Section 34-32-124 of the Act has been violated,and <br /> the corrective action proposed in such Order has not been completed,although ample time to have done so has elapsed;or <br /> 2. The Principal or Permittee is in default under its Performance Warranty,and such default has not <br /> been cured,although written notice and ample time to cure such default has been given;or <br /> 3. The Principal and/or the Surety has failed to maintain its Financial Warranty in good standing as <br /> required by the Act; or <br /> 4. The Surety no longer has the financial ability to carry out its obligations in accordance with the Act. <br /> The description of lands herein is for convenience of reference only,and no error in such description,nor any revision of the <br /> permitted mining area,nor the disturbance by the Permittee or Principal of lands outside of the permitted mining area shall <br /> alter or diminish the obligations of the Permittee or Principal and/or Surety hereunder,which shall extend to the reclamation <br /> of all such lands disturbed. <br /> If this Financial Warranty applies to National Forest System lands,and if this Financial Warranty is accepted by the United <br /> States Forest Service("U.S.F.S.")as the bond required under 36 C.F.R.228.13,then the Permittee,having requested that <br /> the Board and the U.S.F.S. accept this single Financial Warranty in lieu of the separate bonds which would otherwise be <br /> required by applicable law,hereby agrees that,notwithstanding any other provision hereof,or of law,this Financial Warranty <br /> shall remain in full force and effect until U.S.F.S.has advised the Board by written notice that the Permittee's obligations to <br /> U.S.F.S.,for which this Surety is executed,have been satisfied,and until the fmancial warranty has been released by the <br /> Board. <br /> If this Financial Warranty applies to lands under the jurisdiction of the State Board of Land Commissioners("Land Board"), <br /> and if this Financial Warranty,in whole or in part,is accepted by the Land Board as the bond required under its applicable <br /> law and procedures,then the Permittee,having requested that the State accept this Financial Warranty in lieu of the separate <br /> bonds which would otherwise be required by the Colorado Mined Land Reclamation Board or Division of Reclamation, <br /> Mining and Safety and by the Land Board,hereby agrees that,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 the Land Board that the <br /> Permittee's obligations to the Land Board,for which this Surety is executed,have been satisfied,and until the fmancial <br /> warranty has been released by the Board. <br /> If all or any part of the Affected Lands are under the jurisdiction of the Bureau of Land Management, United States <br /> Department of the Interior(the"BLM"),and if,at the request of the Permittee on this Financial Warranty,the BLM has, <br /> pursuant to 43 C.F.R.3809.1-9,accepted this Financial Warranty in lieu of requiring a separate reclamation bond payable to <br /> the United States,then,notwithstanding any other provision of this Financial Warranty,or of law,the Permittee and Surety <br /> hereby agree that this Financial Warranty shall not be released until the Board is advised in writing by the BLM that the <br /> Permittee's obligations to the BLM,for which this Surety is executed,have been satisfied,and until the financial warranty <br /> has been released by the Board. <br />