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-4- <br />This Financial Warranty shall be subject to forfeiture whenever the Board determines that any one or more of thefollowing <br />circumstances exist: <br />1. A Cease and Desist Order entered pursuant to Section 34-32-124 of the Act has been violated, and <br />the corrective action proposed in such Order has not been completed, although ample time to have done so has elapsed; or <br />2. The Operator is in default under its Performance Warranty, and such default has not been aned, <br />although written notice and ample time to cure such default has been given; or <br />3. The Operator and/or the Warrantor has failed to maintain its Financial Warranty in good standing as <br />required by the Act; or <br />Ack <br />4. The Warrantor no longer has the financial ability to carry out its obligations in accordance with the <br />The description of lands herein is for comreoience of reference only, and no error in such description, nor a~ revision oftbe <br />permitted mining azea, nor the disturbance by the Operator of lands outside of the permitted mining area shall alter or <br />diminish the obligations of the Operator and/or Warrantor hereunder, which shall extend to the reclamationof all such lands <br />disturbed <br />If this Financial Warranty applies to National Forest System ]ands, and if this Financial Warranty is accepted by iheUnited <br />States Forest Service ("U. S.F.S.' as the bond required under 36 C.F.R 228.13, then the Operator, havingrequested that the <br />Board and the U.S.F.S. accept this single Financial Warranty in lieu of the separate bonds which would otherwise be <br />rey-uircd b-y applicable taw, hereby agrees that, notwithstanding a~ other provision hereof, or of taw, this Financial <br />Warranty shall remain in full force and effect until U.S.F.S. has advised the Board by written notice that the Operator's <br />obligations to U. S.F. S., for which this Warranty is executed, have been satisfied, and until the financial warranty has been <br />released by the Boazd. <br />L`this Financial Warranty applies to lands under the jurisdiction of the State Board ofLand Commissioners ("Land Board"), <br />and if this Financial W arranty, in whole or in part, is accepted by the Land Boazd as the bond required under its applicable <br />law and procedures, then the Operator, having requested that the State accept this Financial Warranty inlieu oftlae separate <br />bonds which would otherwise be required by the Colorado Mined Land Reclamation Boazd or Division of Minerals and <br />Geology and by the Land Board, hereby agrees that, notwithstanding any other provision hereof or of law, this Financial <br />Warranty shall remain in full force and effect until the Board is notified in writing by the Land Board that the Operator's <br />obligations to the Land Board, for which this Warranty is executed, Lave been satisfied, and until the financial warranty has <br />been released by the Board <br />If all or a~ part of the Affected Lands are under the jurisdiction of the Bureau of Land Management, United States <br />Department of the Interior (the 'BLM"), and ~ at the request of the Operator on this Financial Warranty, the BLM Las, <br />p~4s~nt to 43 C.F.R 3809.1-9, accepted this Financial Warranty in lieu ofrequiring a separate reclamation bond payable to <br />the United States, then, notwithstanding arty otter provision of this Financial Warranty, or of law, the Operator and <br />Warrantor hereby agree that ails Financial Warranty shall not be released until the Board is advised in writing by the BLM <br />that the Operator's obligations to the BLM, for which this Warranty is executed, have been satisfied, and until the financial <br />warranty has been released by the Boazd. <br />J <br />