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-z- <br />Hartford Accident and Indemnity <br />WHEREAS, the Operator and Company (the "Warrantor'), a corporation <br />organized and existing under the laws of the State of Connecticut and duly authorized to transact a <br />bondmg and surety business in the State of Colorado are hereby and finm}y bound into the State in the sum of <br />Eighty Nine Thousand and <br />No/ 100--------------------Dollars ($ 89 , 000.00------------)for the life of mine or until such time as <br />replacement is received, for the payment of which sum, well and tnrly made, we hereby bind ourselves and our personal <br />representatives, successors and assigns, jointly and severally, firmly by these presents. <br />WHEREAS, the Board has determined, in accordance with the Act, that the estimated costs of reclamation of the <br />Affected Lands are those amounts for the stated periods of tone as set forth herein. Said amount may be amended from tone <br />to time to reflect revised estimates of said costs of reclamation. <br />WHEREAS, the Operator and the Warrantor, in accordance with the Act, has promised and herebypromises the Board <br />that it will be responsible for all the estimated costs of reclamation with regard to the Affected Lands. <br />WHEREAS, the Board has determined that this Financial Warranty by the Warrantor equals the estimated costs of <br />reclamation, as approved by the Board, with regard to the Affected Lands. . <br />NOW, THEREFORE, the Operator and the Warrantor are held hereby firmly unto the State of Colorado in the amount <br />of those sums for those periods of time as set forth harem, until this Financial Warranty is amended or released in <br />accordance with applicable law. <br />Tv Bc^„rd aray, for~rod vaase shara,;BKesse or decrease the amount aed~iuraiion of this Fiffincial Warranty. T'ne <br />Operator shall have sixty (60) days after the date of notice of a~ such adjustment to iacaease the surety amount, but no such <br />increase shall bind the W arrantor unless and until it shall have consented thereto in writing by the issuance of an additional <br />Financial Warranty or by an endorsement to this Financial Warranty. <br />The Operator and the Warrantor shall notify the Board immrf#;atrly of any event which may impair this Financial Warranl5~. <br />If the Board receives such notice, or otherwise has reason to believe that this Financial Warranty has been materially <br />impaired, it may convene a hearing in accordance with the Act for the purpose of detenn;,,;ng whether impairment has <br />occurred. <br />The obligation of khe Operator and the Warrantor shall ccaliaue ®til the Board has released this Financial Warranty others <br />ordered it forfeited in accordance widr applicable provisions of the Act. It is understood that periods of years may <br />necessarily be required before determination can be made that reclamation of the Affected Lands has been satisfactorily <br />completed. It is also recognued that, as reclamation is accomplished, the amount ofthis Financial Wmranty may be reduced <br />with the approval of the Board so that it reflects the then current estimated cost of the rema;n;ng reclamation ofthe Affected <br />Lands. No revision, extension, or renewal of the permit, or of the time allowed to complete reclamation, shall diminish the <br />Operator's or Warrantor's obligation render this Financial Warranty. No misrepresentation by the Operator which may have <br />induced the Warrantor to execute this Financial Warranty shall be arty defense to demand by the State coder this agmemenk <br />In a~ single year during the life ofthe permit, the amount ofthe Financial Warranty shall not exceed the estimated cost of <br />fully reclaiming all lands to be affected in said year, plus all lands affected in previous permit years and not yet frilly <br />reclaimed. Reclamation costs shall be computed with reference to current reclamation costs. <br />3 <br />