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-2- <br />WHEREAS. as proof of its financial responsibility the Operator has proceeded pursuant to <br />Section 34-=2-1 l7(3)(a) of the Act and has executed a personal check, business check, cashier's check, or <br />certified check No. 456227983 ,payable [o the Mined Land Reclamation Board in the amount <br />of Two hundred thirty-six thousand & no/100 dollazs($ 236,000.00 ), <br />The Board has deposited the executed personal or business check, cashier's check or certified funds in <br />the State of Colorado Treasury ("state treasury"). The above-mentioned sum is to be held as proof of the <br />Operator's financial responsibility under this financial warranty. <br />The Operator has provided to the Board as proof of its authority to execute the above-mentioned <br />personal or business check, by one of the following methods, as it apphes to the Operator: <br />I. If the operator is a wrporation, a wpy of the corporate resolution, specifying the <br />individuals that have authority to execute checks on behalf of the corporation. <br />2. If the Operator is a partoership, a wpy of the parUtership resolution, specifying the <br />individuals that have authority to execute checks on behalf of the partnership. <br />3. If the Operator is an individual or a sole proprietor, confirmation from the book stating <br />the individuals that have authority to execute the above-mentioned check. <br />If the Operator has elected to procced with a personal or business check, this financial waaanty is not <br />effective until the personal or business check has cleared the bank upon which it was drawn. <br />NOW THEREFORE, the operator is held hereby frrmly unto the State of Colorado in the amount of <br />those sums for those periods of time as set forth herein, until this 5nancial warranty is amended or released in <br />accordance with apphcable law. <br />The Board may, for good cause showy, increase or decrease the amount and duration of this Financial <br />Warranty. The Operator shall have sixty (60) days after the date of notice of any such adjustment to fulfill all <br />new requirements. <br />The Operator shall notify the Board immediately of any event which may impair this Financial <br />Wartanty. if the Board receives such notice or otherwise has reason to believe that this Financial Wan-ante has <br />been materially impaired, it may convene a hearing in accordance with the Act for the purpose of derP.n,~.,+*+g <br />whether impartment has occurred. <br />The Board may withdraw the funds deposited in the state treasury held hereunder, if the Board <br />determines that reclamation which ought to have bean performed by the Operator, or its successors or assigns, <br />remains unperformed. No other condition precedent need be fulfilled to entitle the Board to receive the funds <br />deposited in the state treasury. <br />In the event of forfeiture of this financial warranty by the Board, if upon completion of reclamation by <br />the Board the cost of reclamation shall be less than the amount received from the state treasury, the excess shall <br />be promptly refunded to the Operator. <br />