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WHF.PEAS, as proof of its financial responsibility, the Opp' <br /> at <br /> o <br /> r <br /> has <br /> pr pursuant to Section 34-32-117(3)(2)(II) of the Act an has caused <br /> the Bank of Grand Junction , State <br /> of (the "Bark") to issue its irrpvnc hle Letter of <br /> Credit Ho. LC 0050 dated Mar. 31, 1990 , payable to the <br /> Board in the amount of Twenty-one Thousanaollars ($ 21,000.00- — ) for the <br /> pprind from Mar. 31 f 90 through Mar. 31 91 <br /> and has deiivpred it to the Board to by held by the Board as p of of the <br /> Operator's financial responsibility under this financial warran y, The Bank <br /> is not a party to this agreement; its obligations are set forth in its Letter <br /> of Credit. Nothing in this Financial Warranty diminishes or qu lifies the <br /> Bank's obligation under its Letter of Credit. <br /> NOW THEREFORE, the Operator is held herphy firmly unto the State of <br /> Colorado in the amount of those sums for those periods of time s set forth <br /> herein, until this financial warranty is amended or released in accordance <br /> with applicable law. <br /> The Bnard may, for good cause shown, increase or decrease he amount and <br /> duration of this financial warranty. The Operator shall have s xty (60) days <br /> after the date of notice of any such adjustment to .fulfill all pw <br /> m ouirempnts. <br /> The Operator shall notify the Board immediately of any eve t which may <br /> impair this financial warranty. If the Board receives such notice, or <br /> otherwise has reason to believe that this Financial Warranty ha been <br /> materially impaired, it may convene a hearing in accordance wit the Act for <br /> the purpose of determining whether impairment has occurred. <br /> No misrepresentation by the Operator which may have induced the Bank to <br /> deliver its Letter of Credit shall be any defense to any draft the State <br /> under such Letter of Credit. <br /> The Board may present drafts upon the Bank for payment and r the Letter <br /> of Credit if the Board determines that reclamation which ought have been <br /> performed by the Operator, or its successors or assigns, remain unperformed. <br /> No other condition precedent need be fulfilled to entitle the B and to rpcpive <br /> the amounts of such drafts. However, if, upon completion of suc reclamation <br /> by the Board, the amounts expended for reclamation shall he less than the <br /> amount received from the Bank, the excess shall be promptly retu ded to the <br /> Operator. <br /> If or to the extent that the Bank shall cancel its Letter o Credit and <br /> such assurance shall not concurrently be reduced to a cash depos t as <br /> substitute assurance, the Operator agrees that it will forthwith provide <br /> substitute assurance, in form and substance approved by the Boar , eoual to <br /> the amount of the Letter of Credit which has been so cancelled a d not reduced <br /> to a cash deposit. <br />