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-2- <br />WHEREAS, the Board has determined in accordance with the Act that the estimated costs of rrodamation of the <br />Affected Lands are those amounts for the stated periods of time as set forth herein. Said amounimay be amended from time to <br />time to reflect revised estimates of said costs of reclamation. <br />WHEREAS, the Board has determined that the financial warranty by the Operator equals the estimated costs of <br />reclamation, as approved by the Board, with regazd to the Affected Lands. <br />WHEREAS, the Operator, in accordance with the Act has promised and hereby promises the Boazd that it will be <br />responsible for all of the estimated costs of reclamation with regard to the Affected Lands. <br />WHEREAS, as proof of its financial responsibility the Operator has proceeded pursuant to Section 34-32-117(3)(a) of <br />the Act and has executed a personal check, business check, cashier's check, or certtfied check No. <br />payable to the Mined Land Reclamation Boazd in the amount ofNi:ne Thousand Four Hundred Eighty' One <br />dollars ($ 9 , 481.00 ). Dollars <br />The Board has deposited the executed personal or business check, cashier's check or certified funds in the State of <br />Colorado Treasury ("statetreasury"). The above-mentioned sumis to beheld as proofof the Operator's financial responsibility <br />under this financial warranty. <br />The Operator has provided to the Board as proof of its authority to execute the above-mentioned personal or business <br />check, by one of the following methods, as it applies to the Operator: <br />1. If the operator is a corporation, a copy of the corporate resolution, specifying the individuals that have <br />authority to execute checks on behalf of the corporation. <br />2. If the Operator is a partnership, a copy of the partnership resolution, specifying the individuals that <br />have authority to execute checks on behalf of the partrership. <br />3. If the Operator is an individual ora sole proprietor, confirmation from the bank stating the individuals <br />that have authority to execute the above-mentioned check. <br />If the Operator has elected to proceed with a personal or business check, this financial warranty is not effective until <br />the personal or business check has cleared the bank upon which it was drawn. <br />NOW THEREFORE, the operator is held hereby firmly unto the State of Colorado in the amount of those sums for <br />those periods of lima as set forth herein, until this financial warranty is amended or released in accordance with applicable law. <br />'Che Boazd may, for good cause shown, increase or decrease the amount and duration of this Financial Warranty. The <br />Operator shall have sixty (60) days after the date of notice of arty such adjustment to fulfrIl all new requirements. <br />The Operator shall notitythe Bo»rr! immediately of any event which may impair this Financial 6arranty, Ifthe Board <br />receives such notice or otherwise has reason to Uelieve that this Financial Warranty has been materially impaired, it may <br />convene a hearing in accordance with the Act for the purpose of determining whether impairment has occurred. <br />The Board may withdraw the funds deposited in the state treasury held hereunder, if the Board determines that <br />reclamation which ought to have been performed by the Operator, or its successors or assigns, remains unperformed. No other <br />condition precedent need be fulfilled to entitle the Board to receive the funds deposited in the state treasury. <br />