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If the Board shall notify the Warrantor that the Operator is in default, and if the Board shall initiate any
<br /> Financial Warranty forfeiture procedures required by law or regulation, the Warrantor may, in lieu of
<br /> making payment to the Board of the amount due hereunder, cause the reclamation to be timely performed
<br /> in accordance with all requirements of the Act and all applicable rules and regulations. In such event,when
<br /> and if the reclamation has been timely performed to the satisfaction of the Board or Division,this Financial
<br /> Warranty shall be released. If the reclamation shall not be so performed to the satisfaction of the Board or
<br /> 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
<br /> of the following 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
<br /> done so has elapsed;or
<br /> 2. The Operator is in default under its Performance Warranty, and such default has not been cured,
<br /> although written notice and ample time to cure such default has been given; or
<br /> 3. The Operator and/or the Warrantor has failed to maintain its Financial Warranty in good standing
<br /> as required by the Act;or
<br /> 4. The Warrantor no longer has the financial ability to carry out its obligations in accordance with the
<br /> Act.
<br /> The description of lands herein is for convenience of reference only, and no error in such description, nor
<br /> any revision of the permitted mining area, nor the disturbance by the Operator of lands outside of the
<br /> permitted mining area shall alter or diminish the obligations of the Operator and/or Warrantor hereunder,
<br /> which shall extend to the reclamation of all such lands disturbed.
<br /> If this Financial Warranty applies to National Forest System lands, and if this Financial Warranty is
<br /> accepted by the United States Forest Service("U.S.F.S.")as the bond required under 36 C.F.R.228.13,then
<br /> the Operator, having requested that the Board and the U.S.F.S.accept this single Financial Warranty in lieu
<br /> of the separate bonds which would otherwise be required by applicable law, hereby agrees that,
<br /> notwithstanding any other provision hereof, or of law, this Financial Warranty shall remain in full force
<br /> and effect until U.S.F.S.has advised the Board by written notice that the Operator's obligations to U.S.F.S.,
<br /> for which this Warranty is executed,have been satisfied,and until the financial warranty has been released
<br /> by the Board.
<br /> If this Financial Warranty applies to lands under the jurisdiction of the State Board of Land Commissioners
<br /> ("Land Board"), and if this Financial Warranty, in whole or in part, is accepted by the Land Board as the
<br /> bond required under its applicable law and procedures, then the Operator, having requested that the State
<br /> accept this Financial Warranty in lieu of the separate bonds which would otherwise be required by the
<br /> Colorado Mined Land Reclamation Board or Division of Reclamation,Mining and Safety and by the Land
<br /> Board, hereby agrees that, notwithstanding any other provision hereof, or of law, this Financial Warranty
<br /> shall remain in full force and effect until the Board is notified in writing by the Land Board that the
<br /> Operator's obligations to the Land Board,for which this Warranty is executed,have been satisfied,and until
<br /> the financial warranty has been released by the Board.
<br /> If all or any part of the Affected Lands are under the jurisdiction of the BLM, and if, at the request
<br /> of the Operator on this Financial Warranty, the BLM has, pursuant to 43 C.F.R., 3809.570,accepted this
<br /> Financial Warranty then, notwithstanding any other provision of this Financial Warranty, or of law, the
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