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aOND NO. 6AS10355751B9CM <br />-3- , <br />(3) Surety reserves the right to r'^cel this bond, effective only upon a~ anniversary date, <br />and only by going written notice to that effect, mailed by certified mail, at least aunety (vo) days prior <br />to such anniversary date, addressed to both the Principal, at its address heteiri stated, and w ttrc <br />Aivision at 1313 Sherman Street, Room 215, Aenver, Colorado 80203. In the e~Fent of such <br />cancelation, this baud stall uevttihelcss remain in full force and effect as respects the reclamation of <br />all areas disturbed prior to the effective date of such cancellation, unless and unfit the Principal shall <br />file a substitute bond which: (1}assumes liability for all reclamation obligations which shall have <br />arisen at any time while this bond is in force, and (2} is accepted in writing by the Board or Division. <br />(4) In the event of such cancellation, if the bond is not fully released, the amount of the <br />continuing bond available for the reclamation of areas disturbed and unreclaimed,at the date of <br />cancellation, shall be Sxed by the Board or the bivision at the amount it determines necessary to <br />complete such reclamation (which amount may not exceed the sum designated in the first paragraph <br />hereof] and the Board or Division shall concurrently identify such areas in writing, and notify the <br />Principal and the surety thereof. Thereafter, the obligation of the surety shall be limited to reclamation <br />afthe areas so identified. <br />(5) The consideration for surety's execution of this agreement is the p#omise of the <br />Principal to pay the premiums, but failure by the Principal to pay such premiums shall not invalidate <br />or diminish surety's obligation hereunder. <br />... <br />(b7 T'he description of lands herein set forth is for convenience of reference only, and no <br />error in such description, nor any revision of the permitted mining area, nor the disturbance by the <br />Principal of lands outside of the permitted mining area shall alter or diminish the obligation of the <br />Principal or the surety hereunder, which shall extend to the reclamation of all such lands disturbctt, <br />(7) The oblf$atfon of this bond shall cuntinuc (unless cancelled pursuant to paragraph (3) <br />hereof) until released in writing by the State, with the concurrence of OSMRE, in accordance with <br />applicable laws apaoifying bond release procedures.. The,parties understand that periods of years rrnay <br />necessarily be required before determination can be made that reclamation work has been <br />satisfactorily completed. Nn revision, extension, or renewal of the Operator's mining permit, or of the <br />time allowed the Operator to complete reclamation shaA dininish,surety's obligatior< hereunder. No <br />misrepresentation by the Principal which may have induced the surety to execute~this bond shall be <br />any defense to demand by the State under this agreement. <br />i <br />(8) The surety will give prompt wrinen notice, mailed by certified msul,.tu tlu Principal, at <br />its address herein stated, and to the Division at 1313 Sherman Street, Room 215, Denver, Colorado <br />80203, of any notice received or action filed alleging the insolvency or banlavptcy of the surety, or <br />alleging any violations of regulatory requirements which could result in suspension or revocation of <br />the surety's license to do businoss. <br />(9). Ya the event the .cnrety beeorijes umable #ti. fulfill. its obligations.,under the bond for any <br />reason, written notice shall be mailed immediately, by certifted mail, to the Principal and the Division. <br />R/0721 <br />60 39F/d Wf11G1 WIP 65509786 LL ZEST L00Z/6S/L0 <br />