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I <br /> WHEREAS, the Board has determined that the Financial Warranty by the Warrantor equals the <br /> estimated costs of reclamation, as approved by the Board with regard to the Affected Lands. <br /> WHEREAS, as proof of its financial responsibility, the Warrantor has proceeded pursuant to <br /> Section 34-32-1 17(3)(a)(111) of the Act and has executed a personal check, business check, cashier's check or <br /> certified check No. �:� payable to the Board or the United States <br /> Department of the Interior, Bureau of Land Management, Colorado State Office or in the amount of <br /> Dollars($ <br /> The Board has deposited the executed personal or business check, cashier's check or certified funds in <br /> the State of Colorado Treasury ("state treasury'). The above mentioned sum is to be held as proof of the <br /> Operator's financial responsibility under this financial warranty. <br /> NOW. THEREFORE, the Operator and the Warrantor are held hereby firmly unto the State of Colorado <br /> in the amount of those sums for those periods of time as set forth herein, until this Financial Warranty is <br /> amended or released in accordance with the applicable 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 all new <br /> requirements. <br /> The Operator and the Warrantor shall notify the Board immediately of any event which may impair this <br /> Financial Warranty. If the Board receives such notice, or otherwise has reason to believe that this Financial <br /> Warranty has been materially impaired, it may convene a hearing in accordance with the Act for the purpose of <br /> determining whether impairment has occurred. <br /> The obligation of the Warrantor shall continue until released in writing by the Board in accordance with <br /> applicable laws specifying Financial Warranty release procedures. <br /> The obligation of the Operator and the Warrantor shall continue until the Board has released this <br /> Financial Warranty, or has ordered it forfeited in accordance with the applicable provisions of the Act. It is <br /> understood that periods of years may necessarily be required before determination can be made that reclamation <br /> of the affected Lands has been satisfactorily completed. It is also recognized that, as reclamation is <br /> accomplished, the amount of this Financial Warranty may be reduced with the approval of the Board so that it <br /> reflects the then current estimated cost of the remaining reclamation of the Affected Lands. No revision, <br /> extension,or renewal of the permit or of the time allowed to complete reclamation shall diminish the Operator's <br /> obligation under this Financial Warranty. <br /> In any single year during the lift of the permit, the amount of the Financial Warranty shall not exceed <br /> the estimated cost of fully reclaiming all lands to be affected in said year, plus all lands affected in previous <br /> pen-nit years and not yet fully reclaimed. Reclamation costs shall be computed with reference to current <br /> reclamation costs. <br /> The amount of this Financial Warranty is based upon estimates as to the cost of reclamation, and does <br /> not operate to liquidate, limit, enlarge, or restrict the Operator's obligations to complete the reclamation, even <br /> though the actual costs thereof may substantially exceed the amount of this Financial Warranty. <br /> This Financial Warranty shall be subject to forfeiture whenever the Board determines that any one or <br /> more of the following circumstances exist: <br />