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MAY,05 '94 02:58PM DIV/MINERALS&GEOLOGY P.2/2' <br /> %A% <br /> -2- <br /> WHEREAS, the Board. has determined, in accordance with the Act, that the <br /> estimated costs of reclamation of the Affected Lands are those amounts for the <br /> stated periods of time as set forth herein. Said amount may be amended from <br /> time to time to reflect revised estimates of said costs of reclamation. <br /> WHEREAS, the Operator, in accordance with the Act, has promised and <br /> hereby promises the Board that it will be responsible for all the estimated <br /> costs of reclamation with regard to the Affected .Lands. <br /> WHEREAS, the Board has determined that the Financial Warranty by the <br /> Operator equals the estimated costs of reclamation, as approved by the Board, . <br /> with regard to the Affected Lands. <br /> WHEREAS, as proof of its financial responsibility, the Operator has <br /> proceeded pursuant to Section 34-32-11l(3)(a)(III) of the Act and has caused <br /> the FIRST NATIONAL Bank of AT.AMCL A <br /> State of COLORADO : (the "Bank") to issue a Certificate of Deposit, <br /> No. 7899 , dated 4/22 , QA. , payable to the Board <br /> in the amount of TWENTY-FIVE THOUSAND Dollars ($75_nnn .00 ) <br /> for the life of the mine or the period from 4/22 , 94 through <br /> 4/22 , 95 , and has delivered it to the State, to be held by <br /> the State as proof of the Operator' s financial responsibility under this <br /> Financial Warranty. The Bank is not a party to this agreement. Its <br /> obligations are set forth in its Certificate of Deposit. Nothing in this <br /> Financial Warranty diminishes or qualifies the Bank's obligations under its <br /> Certificate of Deposit. <br /> NOW, THEREFORE, the Operator is held hereby firmly unto the State of <br /> Colorado in the amount of those sums for those periods of time as set forth <br /> herein, until this Financial Warranty is amended or released in accordance <br /> with applicable law. <br /> The Board may, for good cause shown, increase or decrease the amount and <br /> duration of this Financial Warranty. The Operator shall have sixty (60) days <br /> 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 <br /> this Financial Warranty. If the Board receives such notice, or otherwise has <br /> reason to believe that this Financial Warranty has been materially impaired, <br /> 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 Bank shall continue until released in writing by the <br /> Board in accordance with applicable laws specifying Financial Warranty release <br /> procedures. <br />