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<br />WHEREAS, as proof of its financial responsibility and pursuant to <br />Section 34-32-117(3)(IV) of the Act, the Operator has, as Grantor, <br />executed and delivered to the State a certain Deed of Trust in the amount <br />of Forty Eiaht Thousand Five Hundred and no/100 Dollars <br />(S 48.500.00 ) in favor of the public trustee of Fremont <br />County, Colorado, conveying certain lands in said county and state, as <br />assurance for the faithful performance by the Operator of the Operator's <br />obligations to the State as evidenced by this Financial Warranty. <br />NOW THEREFORE, the Operator is held hereby and firmly bound unto <br />the State of Colorado, in the sum of Fnr y Eight Thousand Five Hundred <br />Dollars (548.500.00 ) for the period of time from <br />October 1 1992 to October 1 1995, for the payment of <br />which sum, well and truly made, the Operator hereby binds itself, its <br />representatives, successors and assigns, jointly and severally, firmly by <br />these presents. <br />The Board may, for good cause shown, increase or decrease the <br />amount and duration of this Financial Warranty. The Operator shall have <br />sixty (60) days after the date of notice of any such adjustment to <br />Fulfill all new requirements. <br />The Operator shall notify the Board immediately of any event <br />which may impair this Financial Warranty. If the Board receives such <br />notice or otherwise has reason to believe that this Financial Warranty <br />has been materially impaired, it may convene a hearing in accordance with <br />the Act for the purpose of determining whether impairment has occurred. <br />The State may exercise its rights under the Deed of Trust and <br />foreclose in accordance with the terms thereof and in accordance with <br />applicable provisions of law if the Board determines that reclamation <br />which ought to have been performed by the Operator, or its successors or <br />assigns, remains unperformed. No other condition precedent need be <br />fulfilled to entitle the State to foreclose upon the Deed of Trust, but <br />before Instituting foreclosure proceedings, demand in writing shall be <br />made upon the Operator. If, upon completion of reclamation by the Board, <br />the amounts expended for reclamation (together with any amounts payable <br />under the following paragraph) shall be less than the amount received <br />upon foreclosure, the excess shall be promptly refunded to the Operator. <br />If demand is made upon the Operator for payment of any amount due <br />to the Board hereunder, and if the Operator fails to make payment of such <br />amount within ninety (90) days after the date of receipt of such demand <br />by the Operator, and if it should thereafter be determined, by agreement <br />or by judgment of court, that ttre amount demanded was properly payable, <br />the Operator agrees to pay to the State, in addition to the amount <br />demanded, interest at the prime rate in efFect from time to time at The <br />First National Bank of Denver for the period commencing at the end of <br />such ninety-day period and ending on the date of actual payment, together <br />with all reasonable costs of collection, including reasonable attorneys' <br />fees. Page 2 of 5 pages <br />