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c. Pond reclamation, as may be necessary pursuant to ~ III(2) - <br />540; <br />d. Pit 4 regrading - 52,516. <br />4. The Division shall not release any bond monies to Rockcastle until <br />Rockcastle has reduced the reclamation cost by 5125,320 by reducing the volume <br />of Pit 4 by 150,988 bank cubic yards. <br />5. The Division shall retain 550,000 as a performance bond for the <br />Grassy Gap Mine upon completion of the reclamation activities described in 4y <br />II, III and IV of this Agreement. The Division acknowledges that it has reviewed <br />the remaining reclamation requirements at the Site and estimated that 550,000 <br />is sufficient to provide for site maintenance and to complete all remaining <br />reclamation activities at the Site contemplated in the Reclamation Plan pursuant <br />to the criteria in s 34-33-113, C.R.S. <br />VI. CONVERSION OF CURRENT RECLAMATION BOND -- Within 30 days of commencing <br />reclamation activities under this Agreement, Rockcastle shall replace its current <br />5446,680 reclamation bond in the form of a letter of credit with a collateral <br />bond in the form of cash, negotiable bonds or certificates of deposit acceptable <br />to the Division pursuant to 2 CCR 407-2, Rule 3.02.4(2)(c). <br />VII. BOND FORFEITURE -- Upon completion of the reclamation activities required <br />pursuant to 4 II, III and IV of this Agreement Rockcastle will voluntarily <br />forfeit ttie remaining 550,000 of its performance bond. The forfeited funds shall <br />-10- <br />