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NOW THEREFORE, the Warrantor is held hereby firmly unto the State of Colorado in <br /> the amount of those sums set forth herein, until this financial warranty is amended or released in <br /> accordance with applicable law. <br /> The amount of this Financial Warranty is based upon current best estimates as to the cost <br /> of reclamation, and does not operate to liquidate, limit, enlarge, or restrict the Operator's <br /> obligations pursuant to C.R.S. §§ 34-32-118(6) and 34-32.5-118(6) to complete reclamation in <br /> accordance with the performance standards set forth in the Acts, and to be liable for the entire <br /> actual cost of the same, even if such actual cost substantially exceeds the amount of this <br /> Financial Warranty. <br /> The Board may, for good cause shown, increase or decrease the amount of this Financial <br /> Warranty. The Operator shall have sixty (60) days after the date of notice of any such <br /> adjustment to fulfill all new requirements. <br /> The Operator and Warrantor shall notify the Board immediately upon either's discovery <br /> of any event which may impair this Financial Warranty. If the Board receives such notice or <br /> otherwise has reason to believe that this Financial Warranty has been materially impaired, it may <br /> convene a hearing in accordance with the applicable Act for the purpose of determining whether <br /> impairment has occurred. <br /> The Board may withdraw the funds deposited in the state treasury held hereunder, if the <br /> Board determines that reclamation which ought to have been performed by the Operator, or its <br /> successors or assigns, remains unperformed. No other condition precedent need be fulfilled to <br /> entitle the Board to receive the funds deposited in the state treasury. <br /> In the event of forfeiture of this financial warranty by the Board, if, upon completion of <br /> reclamation by the Board, the cost of reclamation shall be less than the amount received from the <br /> state treasury, the excess shall be promptly refunded to the Warrantor. <br /> The obligations of the Warrantor shall continue until the Board has released this financial <br /> warranty or has ordered it forfeited in accordance with provisions of the applicable Act. It is <br /> understood that periods of years may necessarily be required before determination can be made <br /> that reclamation of the Affected Lands has been satisfactorily completed. It is also recognized <br /> that, as reclamation is accomplished, the amount of this financial warranty may be reduced with <br /> the approval of the Board so that it reflects the then current estimated cost of the remaining <br /> reclamation of the Affected Lands. No revision, extension, or renewal of the permit or of the <br /> time allowed to complete reclamation shall diminish the Warrantor's obligation under this <br /> Financial Warranty. <br /> Upon completion of reclamation by the Operator, and if the Board finds the reclamation <br /> satisfactory, the Board shall release the Financial Warranty and cause the state treasury to issue a <br /> check payable to the Warrantor in the amount of the original Financial Warranty and to include <br /> all accrued interest. <br /> - 3 - <br />