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<br />I. The Operator, their successors and assigns, jointly and severally do hereby covenant and agree to <br />indemnify the State from and against any and all demands, liabilities, charges, costs, and expenses <br />of whatsoever kind or nature, which the State may sustain or incur in consequence of the failure <br />by the Operator to faithfully perform all the requirements of the Act, and rules and regulations <br />pursuant to the Act, and applicable federal laws and regulations as they apply to mining <br />operations under the aforesaid mining permit and the mining and reclamation plans approved <br />therewith. With the exception of litigation costs as referenced in paragraph VI, the Operator's <br />liability hereunder shall not exceed the principal amount set forth in the Operator's self-bond. <br /> <br />II. Upon this agreement becoming effective, the Board and the Division shall deliver and execute, as <br />necessary, to the Operator, any and all documents and forms needed to allow the Operator to <br />release any existing reclamation bond(s) posted with the Board or Division, pursuant to Rule <br />3.02.4 of the Rules and Regulations of the Colorado Mined Land Reclamation Board for Coal <br />Mining (Rules), that are being replaced by this self-bond and self-bonding indemnity agreement. <br /> <br />III. This indemnity agreement is continuous and is to be in full force and effect until all of the terms <br />of the Operator's self-bond have been satisfactorily performed or otherwise discharged to the <br />satisfaction of the Board and the Division. <br /> <br />IV. Operator hereby fully consents and agrees that any of the following shall not affect nor change or <br />discharge the obligations of this indemnity agreement: <br /> <br />1. Any renewals, revisions, modifications or riders to the terms of the <br />self-bond, including increases or decreases in the dollar amount of the <br />bond, or the lands to which it applies, in accordance with the requirements <br />of the Act and the rules and regulations promulgated thereunder. <br /> <br />2. Any extension of time for performance of the whole or any part of the <br />conditions of the self-bond. <br /> <br />3. Any changes, revisions, modifications or renewals to the terms of the <br />Permit including the mining and reclamation plans contained therein. <br /> <br />V. If in the State's opinion, the Operator has violated any of the terms or conditions of the bond and <br />has failed to take adequate corrective action; or failed to conduct their operations in accordance <br />with the Act, Rules and permit within the time required and it is necessary to have <br /> <br /> <br /> -3- <br /> <br /> someone other than the Operator correct or complete reclamation; or the permit has been <br />suspended or revoked and the operator has not assumed liability for completion of reclamation <br />work under a compliance schedule; or has failed to comply with a compliance schedule, the Board <br />or the Division may institute bond forfeiture proceedings against the Operator in accordance with <br />the forfeiture proceedings set forth in Rule 3.04. <br />