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(the "Operation"), on certain lands in Garfield County, Colorado. These lands are described in the <br /> permit application, as amended and supplemented, and are referred to herein as the "Affected Lands". <br /> WHEREAS, in the application for the permit, the Permittee has agreed to be bound by all requirements of the Act <br /> and all applicable rules and regulations of the Board, as amended from time to time. <br /> WHEREAS, in the application for the permit,the Permittee has agreed with the Board to provide for reclamation of <br /> the Affected Lands that are now, or may become, subject to the permit, as required by law. <br /> WHEREAS,the Principal Caerus Cross Timbers LLC of the County of Denver <br /> in the State of Colorado and United State Fire Insurance Company (the " Surety"), <br /> a corporation organized and existing under the laws of the State of Delaware and duly authorized <br /> to transact a bonding and surety business in the State of Colorado are hereby and firmly bound unto the State in the sum <br /> of Nine Million Five Hundred Thousand Dollars ($ 9,500,000.00 )for the life of <br /> mine or until such time as replacement is received, for the payment of which sum,well and truly made,we hereby bind <br /> ourselves and our personal representatives, successors and assigns,jointly and severally, firmly by these presents. <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 Principal and the Surety, in accordance with the Act, has promised and hereby promises the Board <br /> that it will be responsible for all the estimated costs of reclamation with regard to the Affected Lands. <br /> WHEREAS, the Board has determined that this Financial Warranty by the Surety equals the estimated costs of <br /> reclamation, as approved by the Board, with regard to the Affected Lands. <br /> NOW, THEREFORE, the Principal and the Surety are held hereby firmly unto the State of Colorado in the amount <br /> of those sums for those periods of time as set forth herein, until this Financial Warranty is amended or released in <br /> accordance with applicable law. <br /> The Board may, for good cause shown, increase or decrease the amount and duration of this Financial Warranty. The <br /> Permittee shall have sixty(60)days after the date of notice of any such adjustment to increase the surety amount,but no <br /> such increase shall bind the Surety unless and until it shall have consented thereto in writing by the issuance of an <br /> additional Financial Warranty or by an endorsement to this Financial Warranty. <br /> The Principal and the Surety shall notify the Board immediately of any event which may impair this Financial Warranty. <br /> If the Board receives such notice, or otherwise has reason to believe that this Financial Warranty has been materially <br /> impaired, it may convene a hearing in accordance with the Act for the purpose of determining whether impairment has <br /> occurred. <br /> The obligation of the Principal and the Surety shall continue until the Board has released this Financial Warranty or has <br /> ordered it forfeited in accordance with applicable provisions of the Act. It is understood that periods of years may <br /> necessarily be required before determination can be made that reclamation of the Affected Lands has been satisfactorily <br /> completed. It is also recognized that, as reclamation is accomplished, the amount of this Financial Warranty may be <br /> reduced with the approval of the Board so that it reflects the then current estimated cost of the remaining reclamation of <br /> Page 2 of 7 <br />