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-2- <br />WHEREAS, as proof of its financial responsibility the Operator has proceeded pursuant to <br />Section 34-32-117(3xa) of the Act and has executed a personal check, business check, cashie's chaclS ~ certified check <br />No. ( ~`` .payable to the Mined Land Reclamation Bard in the <br />amount of Twe ~~F4n,sanid six I..,m~lv~~ a.e! tl~~d,.~Ne~ollars ($ ~)~ ln3q . (~O 1. <br />The Board has deposited the ercaurted personal a business check, cashier's check or certified funds iathe State <br />of Colorado Treasury ("state treasury"). The abovo-meu6onod sum is to be held as proof of the Operator's financial <br />responsrbilriy under this fmaocial warranty. <br />The Operator has provided to the Board as proof of its aurthauiry to execute the abovo-memioned personal or <br />business check, by o~ of the following methods, as it applies to the Operator: <br />I. If the operator is a corporation, a aPy of the corporate resolution, specifying the individuals <br />that have authority to execute c>recks ea behalf of the corporation <br />2. Ifthe Operator is a partnership, a o~py ofthe partnership resolutiaq specifying the individuals <br />that have aurtl~iry to exaarte checks ~ behalf of the partnership. <br />3. If the Operator is an individual ~ a sole proprietor, confirmation from the bank stating the <br />individuals that have authority to execobe the abovo-memiaed check. <br />Ifthe Opetatar has elated to proceed with a personal or business check, this financial warranty is not effective <br />until the persamal or busiress check has cleared the bank upon which it was drawn <br />NOW THEREFORE, the operator is held herby finely umto the State of Colorado in the amormt ad'those stuns <br />for those periods of ti~ as set forth hereiq until this fmancial warramy is amended or released in accordance with <br />applicabh;hrw. <br />The Board may, for good cause shown, itxxesso ar decrease the amount and dunationafthis Financial Warranty. <br />The Operator shall have sirdy (60) days after the date of notice of a~+sech adjustrnent to fidfill all newrequirements. <br />The Operator shall notify the Board immediately of arty event which may impair this Financial Warramy. Ifthe <br />Boardreaives suchaotice or otherwisehas reason tobelieve that this Financial Warranryhasbcenmateriallyimpaired, <br />it may ooavene a hearing in accordance with the Act for the purpose of determining whether impairment has occurred. <br />The Board may withdraw the fiords depositedm tare state treasury held hereunder, if the Board determines that <br />reclamation which arght to have boa performed by the Operator, ~ its successors ar assigns, nsnains rmperfamed No <br />othc condition precedent mad be fiilfilled to entitle the Board to receive the fiords deposited in the state treasury. <br />In the evern offarteiture of this financial warranty by the Board, if upon compldia ofreclamatien by the Board <br />the cost of reclamation shall be less than the amount received from the state treasury, the excess shall be promptly <br />refunded to the Operator. <br />