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In any single year during the life of the permit, the amount of the Financial Warranty <br /> shall not exceed the estimated cost of fully reclaiming all lands to be affected in said year, plus <br /> all lands affected in previous permit years and not yet fully reclaimed. Reclamation costs shall <br /> be computed with reference to current reclamation costs. <br /> This Financial Warranty shall be subject to forfeiture whenever the Board determines that <br /> any one or more of the following circumstances exist: <br /> 1. A Cease and Desist Order entered pursuant to Section 34-32-124 of the Act has <br /> been violated, and the corrective action proposed in such order has not been completed although <br /> ample time to have done so has elapsed; or <br /> 2. The Operator is in default under its Performance Warranty, and such default has <br /> not been cured although written notice and ample time to cure such default has been given; or <br /> 3. The Warrantor has failed to maintain its Financial Warranty in good standing as <br /> required by the Act; or <br /> 4. The Warrantor no longer has the financial ability to carry out its obligations in <br /> accordance with the Act. <br /> The description of lands herein is for convenience of reference only, and no error in such <br /> description, nor any revision of the permitted mining area, nor the disturbance by the Operator of <br /> lands outside of the permitted mining area shall alter or diminish the obligations of the Warrantor <br /> and Operator hereunder and under law, which shall extend to the reclamation of all such lands <br /> disturbed. <br /> If this Financial Warranty applies to National Forest System lands, and if this Financial <br /> Warranty is accepted by the United States Forest Service ("U.S.F.S.") as the bond required <br /> under 36 C.F.R. 228.13, then, the Operator and Warrantor hereby agree that, because the <br /> U.S.F.S. has accepted this single Financial Warranty in lieu of the separate bonds which would <br /> otherwise be required by applicable law, notwithstanding any other provision hereof, or of law, <br /> this Financial Warranty shall remain in full force and effect until U.S.F.S. has advised the Board <br /> by written notice that the Operator's obligations to U.S.F.S. for which this warranty is executed <br /> have been satisfied and until its release has been approved by the Board. <br /> If this Financial Warranty applies to lands under the jurisdiction of the State Board of <br /> Land Commissioners ("Land Board"), and if this Financial Warranty, in whole or in part, is <br /> accepted by the Land Board as the bond required under its applicable law and procedures, then, <br /> the Operator and Warrantor hereby agree that, because the Land Board has accepted this <br /> Financial Warranty in lieu of the separate bonds which would otherwise be required by the <br /> Board and by the Land Board, notwithstanding any other provision hereof, or of law, this <br /> Financial Warranty shall remain in full force and effect until the Board is notified in writing by <br /> the Land Board that the Operator's obligations to the Land Board, for which this warranty is <br /> executed, have been satisfied and until its release is approved by the Board. <br /> - 4 - <br />