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NOW THEREFORE, effective upon the execution of this agreement by all parries, for value received, and in <br />consideration of the approval and execution of this self -bond, it is agreed by and between the Operator, the <br />State and OSM as follows: <br />I. The Operator, their successors and assigns, jointly and severally do hereby covenant and agree to <br />indemnify the State and OSM from and against any and all demands, liabilities, charges, costs, and <br />expenses of whatsoever kind or nature, which the State and OSM may sustain or incur in <br />consequence of the failure by the Operator to faithfully perform all the requirements of the Act, <br />and rules and regulations pursuant to the Act, and applicable federal laws and regulations as they <br />apply to mining operations under the aforesaid mining permit and the mining and reclamation <br />plans approved therewith. With the exception of litigation costs as referenced in paragraph VI, the <br />Operator's liability hereunder shall not exceed the principal amount set forth in the Operator's <br />self -bond. <br />II. Upon this agreement becoming effective, the Board and the Division shall deliver and execute, as <br />necessary, to the Operator, any and all documents and forms needed to allow the Operator to <br />release any existing reclamation bond(s) posted with the Board or Division, pursuant to Rule <br />3.02.4 of the Rules and Regulations of the Colorado Mined Land Reclamation Board for Coal <br />Mining (Rules), that are being replaced by this self -bond and self -bonding indemnity agreement. <br />III. This indemnity agreement is continuous and is to be in full force and effect until all of the terms of <br />the Operator's self -bond have been satisfactorily performed or otherwise discharged to the <br />satisfaction of the Board and the Division, with the concurrence of OSM. <br />IV. Operator hereby fully consents and agrees that any of the following shall not affect nor change or <br />discharge the obligations of this indemnity agreement: <br />1. Any renewals, revisions, modifications or riders to the terms of the <br />self -bond, including increases or decreases in the dollar amount of the <br />bond, or the lands to which it applies, in accordance with the requirements <br />of the Act and the rules and regulations promulgated thereunder. <br />2. Any extension of time for performance of the whole or any part of the <br />conditions of the self -bond. <br />3. Any changes, revisions, modifications or renewals to the terms of the <br />Permit including the mining and reclamation plans contained therein. <br />V. If in the State's opinion, the Operator has violated any of the terms or conditions of the bond and <br />has failed to take adequate corrective action; or failed to conduct their operations in accordance <br />with the Act, Rules and permit within the time required and it is necessary to have someone other <br />than the Operator correct or complete reclamation; or the permit has been suspended or revoked <br />and the operator has not assumed liability for completion of reclamation <br />-3- <br />