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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. payable to the Mined Land Reclamation Board in the amount ony.,seA0¢, fie hwn.Sr. <br />dollars($.-.IA-AD <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. lfthe 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 hank 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 ail 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.