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2 - <br /> WHEREAS,as part ofthe application for the permit,the Operator has agreed to be bound by all requirements <br /> of the Act.and all applicable rules and regulations of the Board,as amended from time to time. <br /> WHEREAS, in its application for the permit, the Operator has agreed with the Board to provide for <br /> reclamation of the Affected Lands that are now,or may become,subject to the permit, as required by law. <br /> WHEREAS,the Board has determined,in accordance with the Act,that the estimated costs of reclamation of <br /> the Affected Lands are those amounts for the stated periods of time as set 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,in accordance with the Act,has promised and hereby promises the Board that it <br /> will be responsible for all of the estimated costs of reclamation with regard to the Affected Lands.' <br /> WHEREAS,the Board has determined that the Financial Warranty by the Operator equals the estimated costs <br /> of reclamation,as approved by the Board,with regard to the Affected Lands. <br /> WHEREAS, as proof of its financial responsibility, the Operator has proceeded pursuant to Section <br /> 34-32-117(3)(a)(11)of the Act and has caused the FIRST SOUTHWEST <br /> Bank of ALAMOSA State of COLORADU (the "Bank") to issue its <br /> Irrevocable Letter of CreditNo3492702302 dated NOVEMBER 3, 2008 payable to the Board <br /> in the amount offwenty eight thousand thirty fgKlars($28,034.06 )for the period from <br /> NOVEMBER 3 2008 throughNOVEMBER 3 and has delivered it to the Board <br /> to be held by the Board as proof of the Operator's financial responsibility under this financial warranty. The <br /> Bank is not a party to this agreement;its obligations are set forth in its Letter of Credit. Nothing in this Financial <br /> Warranty diminishes or qualifies the Bank's obligation under its Letter of Credit. . <br /> NOW THEREFORE,the Operator is held hereby firmly unto the State of Colorado in the.amount of those <br /> suins for those periods of time as set forth herein, until this financial warranty is amended-or released in <br /> accordance with applicable law. <br /> The Board may, for good cause shown, increase or decrease the amount and duration of this financial <br /> warranty. The Operator shall have sixty(60)days after the date of notice of any such adjustment to fulfill all new <br /> requirements. <br /> The Operator shall notify the Board immediately of any event which may impair this financial warranty. <br /> Additionally, the Warrantor reserves the right to cancel this Financial Warranty, effective only upon an. <br /> anniversary date, and only by giving written notice to the effect, mailed by Certified Mail, at least ninety(90) <br /> days prior to such anniversary date,addressed to both the operator at its address herein stated,and to the Board or <br /> Division at the address herein stated. If the Board receives such notice,or otherwise has reason to believe that <br /> this Financial Warranty has been materially.impaired,it may convene a hearing in accordance with the Act for the <br /> purpose of determining whether impairment has occurred. <br /> No misrepresentation by the Operator which may have induced the Bank to deliver its Letter of Credit shall be <br /> any defense to any draft by the State under such letter of Credit. <br /> 1 <br />