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/ 1 <br /> -3- <br /> With the prior consent of the Board, which consent shall n t ho <br /> unreasonably withheld, the Operator may from time to time chard the Bank <br /> whose Letter of Credit is held by the State as assurance or alt r the fnrm of <br /> assurance of financial responsibility held by the State for the faithful <br /> performance by the Operator of its obligations hereunder; provi ed that at all <br /> times there shall be in existence and delivered to the Board su h assurance or <br /> other evidence of financial responsibility as shall be required by applicable <br /> laws and regulations of the State of Colorado and as shall be, n form and <br /> substance, approved by the Board or the Division. <br /> The obligation of the Operator shall continue until the Bo rd has <br /> released this Financial Warranty or has ordered it. forfeited in accordance <br /> with applicable provisions of the Act. It is understood that p rinds of years <br /> may necessarily be required before determination can be made th t reclamation <br /> of the Affected Lands has been satisfactorily completed. It is also <br /> recognized that, as reclamation is accnmplished, the amount of his Financial <br /> Warranty may be reduced with the approval of the Board so that t reflects the <br /> then current estimated cost of the remaining reclamation of the Affected <br /> Lands. Mn revision, extension, or renewal of the permit or of he time <br /> allowed to complete reclamation shall diminish the Operator's o ligation under <br /> this Financial Warranty. <br /> In any single ,year during the life of the permit, the amou t. of the <br /> Financial Warranty shall not exceed the estimated cost of fully reciaiminq all <br /> lands to be affected in said year, plus all lands affected in p vio„s permit <br /> years and not yet fully reclaimed. Reclamation costs shall be omputed with <br /> reference to current reclamation costs. <br /> the amount of this Financial Warranty is based upon estims es as to the <br /> cost of reclamation, and does not operate to liquidate, limit, nlaroe or <br /> restrict the Operator's obligations to complete the reclamation, even though <br /> the actual costs thereof may substantially exceed the amount of this Financial <br /> Warranty. <br /> This Financial Warranty shall be subject to forfeiture whe ever the Board <br /> determines that any one or more of the following circumstances xist! <br /> 1 . A Cease and Desist Order entered pursuant to Sec ion 34-32-124 <br /> of the Act has been violated, and the corrective action propose 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 it Performance arranty, and <br /> such default has not been cured, although written notice and am a time to <br /> cure such default has been given; or <br /> 3. The Operator has failed to maintain it Financial arranty in <br /> good standing as required by the Act; or .r <br /> 4. The Operator no longer has the financial ability o carry out <br /> Its obligations in accordance with the Act. <br />