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Said Principal herein agrees that its obligation shall be non -cancelable and that the liability hereunder is for <br />the duration of the above specified coal mining and reclamation operation and continues thereafter for a <br />period coincident with the Principal's responsibility for the establishment of revegetation on the affected <br />areas pursuant to the requirements of the Act, EXCEPT THAT the obligation herein may be reduced <br />beforehand when such reduction is approved by the Board or the Division for changes in the permittee's <br />method of operation or other circumstances which reduce the estimated cost of reclamation in accordance <br />with the Act OR where a bond acceptable to the Board or the Division has been submitted to replace this <br />obligation. <br />The Principal herein further understands and agrees that the procedures for the adjustment of the amount <br />under this bond are specified in Rule 3.02: that procedures governing the release of all or part of this bond <br />are specified in Rule 3.03; and that the procedures for the forfeiture of this bond are specified in Rule 3.04 <br />NOW, THEREFORE, the conditions of this obligation are such that if the said Principal herein shall <br />comply with the terms and conditions of said Permit, the provisions of and obligations imposed by the Act, <br />and any amendments thereto, then the release of this obligation shall proceed as specified in Rule 3.03. <br />The Principal herein further agrees that this bond is posted to insure the permittee's performance upon all <br />acres specified in the above permit. Upon bond forfeiture pursuant to Rule 3.04, all bond or bonds which <br />continue to be held by the Board or the Division for all bonding within the above permit may be forfeited <br />and the forfeited bond or bond increments may be used by the Division to complete the reclamation plan or <br />a modified plan for any or all acres in the above permit and to cover associated administrative expenses. <br />The Principal herein further agrees and understands that this self -bond may continue to remain in full force <br />and effect as long as all information required by Rule 3.02.4(2)(e)(vi) is submitted within ninety (90) days <br />after the close of each fiscal year following the issuance of the self -bond to the Board or the Division and <br />demonstrates the principal and/or guarantor remains qualified. The failure by the Principal to file this <br />information in a timely manner shall in no manner impinge upon or prejudice the rights held by the State <br />and the United States under this Agreement. Further, this agreement remains in full force and effect until <br />released or substituted in accordance with the requirements of the Act. <br />The Principal herein further agrees and understands that the Board or the Division may require a <br />substitution of this self -bond by a good, corporate surety licensed to do business in the State of Colorado, <br />or other form of bond allowed by Rule 3.02.4. <br />-4- <br />