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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 Contractor Ensero Solutions U.S. Inc. of the <br /> County of Ara hoe in the State of Colorado and <br /> Atlantic Specialty Insurance Company(the " Surety"), a corporation organized and existing under the laws of the State <br /> of New York and duly authorized to transact a bonding and surety business in the <br /> State of Colorado are hereby and firmly bound unto the State in the sum of Four Hundred Thousand and <br /> 00/1000 Dollars($ 400.000.00 )to <br /> complete the 2023 Scope of Work(SOW)discussed in Exhibit A in the Memorandum of Understanding(MOU)attached <br /> hereto as Attachment A, for the payment of which sum,well and truly made,we hereby bind ourselves and our personal <br /> 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 completion of the <br /> SOW is the amount for the stated period of time as set forth herein and discussed in the MOU, Exhibit A,incorporated <br /> herein by reference. <br /> WHEREAS,the Contractor 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 cost and completion of the SOW. <br /> WHEREAS, the Board has determined that this Financial Warranty by the Surety equals the estimated cost of the <br /> SOW, as approved by the Board, with regard to this operation. <br /> NOW,THEREFORE,the Contractor and the Surety are held hereby firmly unto the State of Colorado in the amount <br /> of$400,000.00 for those period of time as set forth herein and in the SOW, until this Financial Warranty is amended, <br /> reduced or released in accordance with applicable law. <br /> The Operator, Contractor and/or the Surety shall notify the Board and Division of Reclamation Mining and Safety <br /> immediately of any event which may impair this Financial Warranty. If the Board or Division receives such notice, or <br /> otherwise has reason to believe that this Financial Warranty has been materially impaired, it may convene a hearing in <br /> accordance with the Act for the purpose of determining whether impairment has occurred. <br /> The obligation of the Operator, Contractor and the Surety shall continue until the Board has released this Financial <br /> Warranty or has ordered it forfeited in accordance with applicable provisions of the Act. It is also recognized that, as <br /> tasks identified in the SOW are accomplished,the amount of this Financial Warranty may be reduced with the approval <br /> of the Board so that it reflects the then current estimated cost of the remaining work under the SOW. No revision, <br /> extension, or renewal of the permit, or of the time allowed to complete the SOW, shall diminish the Principal's or <br /> Surety's obligation under this Financial Warranty. No misrepresentation by the Principal which may have induced the <br /> Surety to execute this Financial Warranty shall be any defense to demand by the State under this agreement. <br /> Page 2 of 6 <br />