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_.~. <br />If the Board shall notify the Warrantor that the Operator is in default and if the Board shall initiate any Financial <br />Waranty forfeiture procedures required bylaw or regulation, the Warrantor may, in lieu of malirtg payment to <br />the Board of the amount due hereunder. cause the reclamation ro be timel.• performed in accordance with all <br />requirements of the Act and all applicable rules and regulations. In such event. when and if the reclamation has <br />been timely performed to the satisfaction of the Board or Division, this Financial Warranty shall be released. <br />tf the reclamaton shall not be so performed to the satisfaction of the Board or Division, this Financial Waranty <br />shall rerttain in full force and effect. <br />This Financial Warranty shall be subject to farfeiture,wheneverlhe Board determines that any one or more of <br />the following circumstances exist: <br />1. A Cease and Desist Order entered pursuant to Section 34-32-124 of the Act has been <br />violatod, and the corrective action proposed in such Order has not been completed, although ample time to have <br />done so has elapsed: or <br />2. The Operator is in default under its Performance Warranty, and such default has not been <br />cured, although written notice and ample time to cure such default has been given; or <br />3. The Operatce and/or the Warcantor has failed to maintain its Financial Warranty in good <br />standing as required by the Act; or <br />4. The Warrantor no Longer has the financial abi[iry to carry out its obligations in <br />accordance with the Act. <br />The description of lands herein is for convenience of reference only, and no error in such description, nor any <br />revision of the permitted mining area, nor the disturbance by the Operator of lands outside of the permitted <br />mining arcs shall alter or diminish the obligations of the Operator and/or Warrantor hereunder, which shall <br />extend to the reclamation of all such lands disturbed. <br />If this Financial Warranty applies to National Forest System lands, and if this Financial Waranry is aceepted <br />by the Unitod States Forest Service ("U.S.F.S.'~ as the bond required under 36 C.F.R 252.13, then the Operator, <br />having requested that the Board aced the U.S.F.S. accept this single Financial Warranty in lieu of the separate <br />bonds which would otherwise be required by applicable law, hereby agrees that, notvvithstmding any other <br />provision hereof; or of law, this Financial Warranty shall remain in full force and effect until U.S.F.S, has <br />advised the Board by written notice that the Operator's obligations to U.S.F.S., for which this Warranty is <br />e:cecuted, have been satisfied, and until the financial warranty has been released by the Board. <br />!f this Financial Warranty applies to lands under thejurisdiction ofthe State Board of Land Coaunissioners <br />("Land Board"), and if this Financial Warranty, in whole or in part, is accepted by the Land Board as the pond <br />required order its applicable law and procedures, then the Operator, having requested that the State accept this <br />Financial WaranN in fieu of the separate bonds which would otherwise be required by the Colorado Mined Land <br />Reclamation Board or Division of Minerals and Geology and by the Land Board, hereby agrees that <br />notwithstanding arty other provision hereof, a of law, this Financial Warranty shall remain in full force and <br />effect until the Board is notified in writing by the Land Boazd that the Operator's obligations to the Land 8oazd, <br />forwfiich this Warranty is e:cecuted. have been satisfied, and antis the financial warranty has been released b' <br />the Board <br />