2007-05-29_REVISION - M1978039HR

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-z- WHEREAS, the Operator and Ilatiafrl ~~ FYxe rna,rxr,~ ~~ ~ ~~arianror"), a corporation organized and existing under the laws of the State of ~Yl`~a and duly authorized to transact a bonding and surety business in the State of Colorado aze hereby and firmly bound unto the State is the sum of ' ~~~ II~ A~t3d Dollars ($ ly.~-~ ) for the life of [nine or until such time as replacement is received, for the paymen[ of which sutra, well and truly made, we hereby bind ourselves and our personal representatives, successors and assigns, jointly and severally, firmly by these presrnu. WHEREAS, the Boazd has determined, in accordance with the Act, that the estimated costs of reclamation of the Affetted Lands aze those amounts for the stated periods of time as set forth herein. Said amount [nay be amended from time to time to reflect revised estimates of said costs of reclamation. WFIEREAS, the Operator and the Warrantor, in accordance with the Act, has promised and hereby promises the Board that it will be responsible for all the estitated costs of reclamation with regard to the Affected Lands. WHEREAS, the Boazd has determined that this Financial Warranty by the Warrantor equals the estimated costs of reclamation, as approved by the Boazd, with regazd to the Affected Lands. NOW, THEREFORE, the Operator and the Warrantor aze held hereby firmly unto the State of Colorado in the amount of those sums for those periods of time as set forth herein, until this Financial Warranty is amended or released in accordance with applicable taw. The Boazd may, for good cause shown, increase or decrease the atnaunt and duration of this Financial Warranty. The Operator shall have sixty (60) days after the date of notice of any such adjustment to increase the surety amount, but no such increase shall bind the Warrantor unless and until it shall have consented thereto is writing by the issuance of an additional Financial Warranty or by an endorsement to this.Financiat warranty. The Operator and the Warrantor shall notify the Board immediately of any event which may impair this Financial Warranty. I# the Board receives such notice, or otherwise has reason to believe thai this Financial Warranty has been materially impaired, it may convene a hearing in accordance with the Act for the purpose of determining whether imgairmrnt has occurred. The obligation of the Operator and the Warrantor shall continue until the Boazd has released this Financial Warranty or has ordered it forfeited in acoordance with applicable provisions of the Aa. It is understood that periods of years may necessarily be required before determination can be made that reclamadon of the Affected Lands has been satisfactorily completed. Tt is also recogntred that, as reclamation is accomplished, the amount of this Financial Warranty may be reduced with the approval of the Board so that it reflects the then current estimated cost of the remaining reclamation of the Affected Loads. No revision, extension, or renewal of the permit, or of the time allowed to cotaplete reclamation, shall diminish the Operator's or Warruuor's obligation under this Financial Warranty, No misrepresentation by the Operator which may have induced the Warrantor to execute this Financial Warranty shall be any defersse to demand by the State under this agreement. Ia nay single year during the life of the permit, the amount of the Financial Warranty shall not exceed the estimated cost of fully reclaiming all lands to be affected is said yeaz, plus all lands affected in previous permit years and not yet fully reclaimed. Reclamation costs shall be computed with reference to current reclamation costs.