2016-12-02_PERMIT FILE - C1984065A

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-2- WHEREAS, as part of the application for such permit, Principal has agreed with the State to complete a specified Plan ( "the Plan ") for the reclamation, as required by law, of the area or areas of lands disturbed by reason of mining operations. Such plan may be amended from time to time with the approval of the State, acting through the Department of Natural Resources, Division of Minerals and Geology ( "the Division ") or the Mined Land Reclamation Board ( "the Board"). The phrase "Board or Division" in this bond means that organ of State government which has the authority to act in the circumstance referred to, and recognizes that the Mined Land Reclamation Act and the Colorado Surface Coal Mining Reclamation Act confer distinctive and sometimes different responsibilities upon the Board and the Division. NOW, THEREFORE, the conditions of this obligation are such that if the above - bonded Principal shall, in conducting such mining 'and reclamation operations, faithfully perform the requirements of the Plan, as amended from time to time, the conditions of the permit issued for such operations and all applicable provisions of law including the regulations adopted pursuant to applicable statutes, and if the Board or the Division shall.make a finding that the lands upon which such operations have been conducted have been satisfactorily reclaimed, and if the Board or the Division shall recelve a request for a bond release on such lands or a request for partial release as to any portion thereof, then this obligation shall be exonerated and discharged and become null and void to the extent released in writing by the Board or the Division; otherwise, to remain in full force and effect. ADDITIONAL PROVISIONS (1) The amount of this bond is based upon estimates as to the cost of reclamation, and does not operate as a limit upon or otherwise restrict, the'Principal's obligations to complete the reclamation plan and to comply in all respects with the permit and with applicable laws and regulations governing reclamation, even though the actual cost thereof may substantially exceed the amount of this bond. (2) This bond shall be reviewed by the Board or the Division from time tq time, and the Board or the Division may require an increase in the principal sum of this bond (and a corresponding increase in the surety amount) to cover increases in the costs of reclamation, but no such increase shall bind the Bank unless and until it shall have consented thereto in writing by the issuance of an additional Certificate of Deposit or by a substitute Certificate of Deposit in an increased amount. (3) The description of lands above set forth is for convenience of reference only, and no error in such description nor any revision of the permitted mining area, nor the disturbance by the Principal of lands outside of the permitted mining area shall alter or diminish the Principal's obligation hereunder or the Bank's obligation under its Certificate of Deposit, which shall extend to the reclamation of all such lands disturbed. (4) The obligation of the Bank shall continue until released in writing by the State in accordance with applicable laws specifying bond release procedures. The parties understand that periods of years may necessarily be required before determination can be made that reclamation work has been satisfactorily completed. No revision, extension or renewal of the Operator's mining permit or of the time allowed the Operator to complete reclamation shall diminish the Bank's obligation under its Certificate of Deposit.