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Bond No. 107138075
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<br /> If the Board shall notify the Warrantor that the Operator is in default,and ifthe Board shall initiate any Financial Warranty
<br /> forfeiture procedures required by law or regulation, the Warrantor may, in lieu of making payment to the Board of the
<br /> amount due hereunder,cause the reclamation to be timely performed in accordance with all requirements of the Act and all
<br /> applicable rules and regulations. In such event,when and if the reclamation has been timely performed to the satisfaction of
<br /> the Board or Division, this Financial Warranty shall be released. If the reclamation shall not be so performed to the
<br /> satisfaction of the Board or Division,this Financial Warranty shall remain in full force and effect.
<br /> This Financial Warranty shall be subject to forfeiture whenever the Board determines that any one or more of the following
<br /> circumstances exist:
<br /> 1. A Cease and Desist Order entered pursuant to Section 34-32-124 ofthe Act has been violated,and the
<br /> corrective action proposed in such Order has not been completed,although ample time to have done so has elapsed;or
<br /> 2. The Operator is in default under its Performance Warranty, and such default has not been cured,
<br /> although written notice and ample time to cure such default has been given;or
<br /> 3. The Operator and/or 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 accordance with the
<br /> Act.
<br /> The description of lands herein is for convenience of reference only,and no error in such description,nor any revision ofthe
<br /> permitted mining area, nor the disturbance by the Operator of lands outside of the permitted mining area shall alter or
<br /> diminish the obligations of the Operator and/or Warrantor hereunder,which shall extend to the reclamation of all such lands
<br /> disturbed.
<br /> Ifthis Financial Warranty applies to National Forest System lands,and if this Financial Warranty is accepted by the United
<br /> States Forest Service("U.S.F.S.")as the bond required under 36 C.F.R.228.13,then the Operator,having requested that the
<br /> Board and the U.S.F.S.accept this single Financial Warranty in lieu of the separate bonds which would otherwise be required
<br /> by applicable law,hereby agrees that,notwithstanding any other provision hereof,or of law,this Financial Warranty shall
<br /> remain in full force and effect until U.S.F.S. has advised the Board by written notice that the Operator's obligations to
<br /> U.S.F.S.,for which this Warranty is executed,have been satisfied,and until the financial warranty has been released by the
<br /> Board.
<br /> Ifthis Financial Warranty applies to lands under the jurisdiction of the State Board ofLand Commissioners("Land Board"),
<br /> and if this Financial Warranty,in whole or in part,is accepted by the Land Board as the bond required under its applicable
<br /> law and procedures,then the Operator,having requested that the State accept this Financial Warranty in lieu of the separate
<br /> bonds which would otherwise be required by the Colorado Mined Land Reclamation Board or Division of Reclamation,
<br /> Mining and Safety and by the Land Board,hereby agrees that,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 the Land Board that the
<br /> Operator's obligations to the Land Board,for which this Warranty is executed,have been satisfied,and until the financial
<br /> warranty has been released by the Board.
<br /> If all or any part of the Affected Lands are under the jurisdiction of the Bureau of Land Management, United States
<br /> Department of the Interior(the "BLM"), and if, at the request of the Operator on this Financial Warranty,the BLM has,
<br /> pursuant to 43 C.F.R.3809.1-9,accepted this Financial Warranty in lieu of requiring a separate reclamation bond payable to
<br /> the United States, then, notwithstanding any other provision of this Financial Warranty, or of law, the Operator and
<br /> Warrantor hereby agree that this Financial Warranty shall not be released until the Board is advised in writing by the BLM
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