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-2- <br /> WHEREAS,the Board has determined in accordance with the Act that the estimated costs of reclamation of the <br /> Affected Lands are those amounts for the 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 Board has determined that the financial warranty by the Operator equals the estimated costs of <br /> reclamation,as approved by the Board,with regard to the Affected Lands. <br /> WHEREAS,the Operator,in accordance with the Act has promised and hereby promises the Board that it will be <br /> responsible for all of the estimated costs of reclamation with regard to the Affected Lands. <br /> WHEREAS, as proof of its financial responsibility the Operator has proceeded pursuant to <br /> Section 34-32-117(3)(a)of the Act and has executed a personal check,business check,cashier's check,or certified check <br /> No. I O O 4 payable to the Mined Land Reclamation Board in the amount of'rw W 4�J TUJYJ3.v> tt iU 1t 4++b� <br /> dollars($ 'l�E C Sb^O). c:%(,L4-i ;.4 <br /> The Board has deposited the executed personal or business check,cashier's check or certified funds in the State of <br /> Colorado Treasury ("state treasury"). The above-mentioned sum is to be held as proof of the Operator's financial <br /> responsibility under this financial warranty. <br /> The Operator has provided to the Board as proof of its authority to execute the above-mentioned personal or <br /> business check,by one of the following methods,as it applies to the Operator: <br /> 1. Ifthe operator is a corporation,a copy ofthe corporate resolution,specifying the individuals that <br /> have authority to execute checks on behalf of the corporation. <br /> 2. If the Operator is a partnership,a copy ofthe partnership resolution,specifying the individuals that <br /> have authority to execute checks on behalf of the partnership. <br /> 3. If the Operator is an individual or a sole proprietor, confirmation from the bank stating the <br /> individuals that have authority to execute the above-mentioned check. <br /> If the Operator has elected to proceed with a personal or business check,this financial warranty is not effective <br /> until the personal or business check has cleared the bank upon which it was drawn. <br /> NOW THEREFORE,the operator is held hereby firmly unto the State of Colorado in the amount of those sums for <br /> those periods of time as set forth herein,until this financial warranty is amended or released in accordance with applicable <br /> 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 requirements. <br /> The Operator shall notify the Board immediately of any event which may impair this Financial Warranty. If the <br /> Board receives such notice or otherwise has reason to believe that this Financial Warranty has been materially impaired,it <br /> may convene a hearing in accordance with the Act for the purpose of determining whether impairment has occurred. <br /> The Board may withdraw the funds deposited in the state treasury held hereunder,if the Board determines that <br /> reclamation which ought to have been performed by the Operator,or its successors or assigns,remains unperformed. No <br /> other condition precedent need be fulfilled to entitle the Board to receive the funds deposited in the state treasury. <br />