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-3- <br />The Board may present for payment any Certificate of Deposit held hereunder <br />and convert the same to cash if the Board determines that reclamation which <br />ought to have been performed by the Operator, or its successors or assigns, <br />remains unperformed. No other condition precedent need be fulfilled to <br />entitle the Board to receive the amount of any such Certificate. However, if, <br />upon completion of such reclamation by the Board, the cost of reclamation <br />shall be less than the amount received from the Bank, the excess shall be <br />promptly refunded to the Operator. <br />The obligation of the Operator shall continue until the Board has released <br />this Financial Warranty, or has ordered it forfeited in accordance with <br />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 <br />the Affected Lands has been satisfactorily completed. It is also recognized <br />that, as reclamation is accomplished, the amount of this Financial Warranty <br />may be reduced with the approval of the Soard so that it reflects the then <br />current estimated cost of the remaining reclamation of the Affected Lands. No <br />revision, extension, or renewal of the permit or of the time allowed to <br />complete reclamation shall diminish the Operator's obligation under this <br />financial Warranty. <br />In any single year during the life of the permit, the amount of the Financial <br />Warranty shall not exceed the estimated cost of fully reclaiming alt lands to <br />be affected in said year, plus all lands affected in previous permit years and <br />not yet fully reclaimed. Reclamation costs shall be computed with reference <br />to current reclamation costs. <br />The amount of this Financial Warranty is based upon estimates as to the cost <br />of reclamation, and does not operate to liquidate, limit, enlarge, or restrict <br />the Operator's obligations to complete the reclamation, even though the actual <br />costs thereof may substantially exceed the amount of this Financiai Warranty. <br />This Financial Warranty shall be subject to forfeiture whenever the Board <br />determines that any one or more of the following circumstances exist: <br />1. A Cease and Desist Order entered pursuant to Section 34-32-124 <br />of the Act has been violated, and the corrective action proposed in such Order <br />has not been completed, although ample time to have done so has elapsed; or <br />2. The Operator is in default under its Performance Warranty, and <br />such default has not been cured, although written notice and ample time to <br />cure such default has been given; or <br />3. The Operator has failed to maintain its Financial Warranty in <br />good standing, as required by the Act; or <br />4. The Operator no longer has the financial ability to carry out <br />its obligations in accordance with the Act. <br />The description of lands herein is for convenience of reference only, and no <br />error in such description, nor any revision of the permitted mining area, nor <br />the disturbance by the Operator of lands outside of the permitted mining area <br />shall alter or diminish the obligations of the Operator hereunder, which shall <br />extend to the reclamation of all such lands disturbed. <br />