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-2- <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 <br />time to time to reflect revised estimates of said costs of reclamation. <br />WHEREAS, the Board has determined that the financial warranty by the Operator equals the estimated costs of <br />reclamation, as approved by the Board, with regard to the Affected Lands. <br />WHEREAS, the Operator, in accordance with the Act has promised and hereby promises the Board that it will be <br />responsible for all of the estimated costs of reclamation with regard to the Affected Lands. <br />WHEREAS, as proof of its financial responsibility the Operator has proceeded pursuant to <br />Section 34-32-117(3)(a) of the Act and has executed a personal check, business check, cashier's check, or certified check <br />No. Check , payable to the Mined Land Reclamation Board in the amount of Two Hundred Ninety Eight <br />dollars (S 298.00 ) <br />The Board has deposited the executed personal or business check, cashier's check or certified funds in the State of <br />Colorado Treasury ("state treasury"). The above -mentioned sum is to be held as proof of the Operator's financial <br />responsibility under this financial warranty. <br />The Operator has provided to the Board as proof of its authority to execute the above -mentioned personal or <br />business check, by one of the following methods, as it applies to the Operator: <br />1. If the operator is a corporation, a copy of the corporate resolution, specifying the individuals that <br />have authority to execute checks on behalf of the corporation. <br />2. If the Operator is a partnership, a copy of the partnership resolution, specifying the individuals that <br />have authority to execute checks on behalf of the partnership. <br />3. If the Operator is an individual or a sole proprietor, confirmation from the bank stating the <br />individuals that have authority to execute the above -mentioned check. <br />If the Operator has elected to proceed with a personal or business check, this financial warranty is not effective <br />until the personal or business check has cleared the bank upon which it was drawn. <br />NOW THEREFORE, the operator is held hereby firmly unto the State of Colorado in the amount of those sums for <br />those periods of time as set forth herein, until this financial warranty is amended or released in accordance with applicable <br />law. <br />The Board may, for good cause shown, increase or decrease the amount and duration of this Financial Warranty. <br />The Operator shall have sixty (60) days after the date of notice of any such adjustment to fulfill all new requirements. <br />The Operator shall notify the Board immediately of any event which may impair this Financial Warranty. If the <br />Board receives such notice or otherwise has reason to believe that this Financial Warranty has been materially impaired, it <br />may convene a hearing in accordance with the Act for the purpose of determining whether impairment has occurred. <br />The Board may withdraw the funds deposited in the state treasury held hereunder, if the Board determines that <br />reclamation which ought to have been performed by the Operator, or its successors or assigns, remains unperformed. No <br />other condition precedent need be fulfilled to entitle the Board to receive the funds deposited in the state treasury. <br />