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-2- <br /> WHEREAS,the Operator and Safaco zusurance Comany of America (the"Warrantor"), <br /> a corporation organized and e'cisting under the laws of the State of pasha ton and ding <br /> authorized to transact a bonding and surety business in the State of Colorado are hereby and firmly bound unto <br /> Two Dtillioa TWO Hundred sixty Three 00Ila2S $2,2b3,000.00 <br /> the State in the sum of Ihouaaud end no/10Uh2------•--"""�-' <br /> for the Lille of mire or until such time as replaccarent is received,for the payrneat of which sum.well and truly <br /> made,we hereby bind ourselves and otu personal representatives,successors and assigns.jointly and severally, <br /> firmly by these presents. <br /> WHEREAS,the Board has determtintd,in accordance with the Act,that the estimated costs of reclamation <br /> of the Affected Lands are those amounts for the stated periods of time as su forth herein. Said amount may be <br /> amended from time to time to reflect revised estimates of said costs of reclamation. <br /> WHEREAS,the Operator and the Warrantor,In accordance with the Act,has promised and hereby promises <br /> the Board that it will be responsibk for all the estimated costs of rcclauaation with regard to the Affected Lands. <br /> WHERFAS,the Board has determined that this Financial Warranty by the Warrantor equals the estimated <br /> costs of reclamation,as approved by the Board,with regard to the Affected Lands. <br /> NOW,THEREFOR the Operator and the Warrantor nre held hereby Straly unto the State Of Colorado in <br /> the amount of those,sums for dme periods of time as set forth herein,until this Financial Warranty is amended <br /> or released in accordance with applicable law. <br /> The Boardmay,for good cause shown,irre XCM or decrease the amount and duration of this Finaaeral Warmty. <br /> The Operator shall have sixty(60)days after the date of notice of any such adjustment to increase the surety <br /> w mat,but no such inae=shalt bind the Warrantor unless and until it shall have consented thereto in writing <br /> by the issuance of amx additional Financial Warranty or by an endorsement to this FinancW Warranty. <br /> The Operator and the Warrantor shall notify the Board immediatelY of any event which may impair this Financial <br /> Warranty. If the Board receives such notice,or otherwise has reasca to believe that this Financial Warranty has <br /> been materially impaired,it may convene a hearing in accordance with the Act for the purpose of determrining <br /> wbodw impairment has occurred. <br /> The obligation of the Operator and the Warrantor shall continue until the Board has released this Finaaeial <br /> Warranty or has ordered it forfeited in accordance with applicable provisions of the Act. it is understood that <br /> pods of wears may necessarily be required before determiuntion can be tirade that reclarmatioa of the Affected <br /> Lands has been satisfactorily completed. It is also recognized that,as reclamation is accomplished,the amount <br /> of this Financial WmTaaty may be reduced with the approval of the Hoard so that it reflects the then cu=t <br /> estimated cost of the remaining reclamation of the Affected Lands. No revision,cteasiou.or renewal of the <br /> permit,or of the time allowed to complete reclamation,shall dimiuish the Qperatofs or Warrantor's obligation• <br /> under this Financial Warranty. No misrepresentation by the Operator which may have induced the Wmranror <br /> to execute this Financial Warranty shall be any defense to demand by the State under this agreeracmC <br /> In any single year during the life of the permit, the amount of the Financial Warranty shall not exceed the <br /> estimated cost of fullv reclaiming al!lands to be affected in said year,plus all lands affected in previous permit <br /> Years and not yet fully reclaimed. Reclamation costs shall be computed with reference io current reelauiation <br /> costs. <br /> I <br />