2007-08-01_REVISION - M1979181 (2)

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-3- In the even[ of forfeiture of this financial warranty by the Board, if upon completion of reclamafion by the Board fhe cost of reclamation shall be less than the amount received from the state treasury, the excess shall be promptly refunded to the Operator. The obligation of the Operator shall continue until the Board has released this financial warranty or has ordered it forfeited in accordance with applicable provisions of the Act. It is understood that periods of yeazs may necessarily be required before determination can be made that reclamation of the Affected Lands has been satisfactorily completed. It is also rewgnized that, as reclarnatian is accomplished, the amount ofthis financial warrani)~ may be reduced with the approval ofthe board so that it reflects the then current esBmated cost of the remaining reclamation of the Affected Lands. No revision, extension, or reatewal of the permit or of the lime allowed [o campleie reclamation shalt diminish the Operator's obligation under this Financial RTarraniy. lJpon completion of reclamation by the Operator, and if the Boad finds the reclamation satisfactory, the Board shall release the Financial Waaanty and cause the state treasury to issue a check payable to the Operator in the amount of the original Financia) Warranty and to include ail accrued interest. lit any single year during the life of the permit, the amount of the Financial Warranty shall not exceed the estimated cost of fully reclaiming all lands to be affected in said year, plus all lands affected in previous permit yeazs and not yet fusty reclaimed. Reciamafion costs shall be computed with reference to current reclamation casts. The amount of this Financial Warranty is based tipon estimates as to the cost ofreclamation, and does not operate to liquidate, limit, enlarge, or restrictthe Operator's obligafions to complete the reclamation, even though the actual costs thereof may substantially exceed the amount of this Financial Warranty. 'this Financial Warranty shall be subject to farfeiture whenever the Board determines that any one or more of the following circumstances exist: 1. A Cease and Desist Order entered pursuant to Section 34-32-124 of the Act has been violated, and the corrective action proposed in such order has not been eompleted although ample time to have done so has elapsed; or 2. The Operator is in default under its Performance Warranty, and such default Itas not been cured although written natice and ample time to cute such default has been given; or 3. The Operator has failed to maintain its Financial Warranty in good standing as required by the Act; or 4. The Operator no longt-r has the financial ability to carry out its obligations in accordance with the Act 'the description of lands herein is for convenience of reference only, and no error in such description, nor any revision of the permitted mining area, nor the disturbance by the Operator of lands outside of the permitted mining area shall alter or diminish the obligations of the Opemtor herr;under, which shall extend to the reclamation of all such (ands disturbed. If this Financial Warranty applies to National Forest System lands, and if this Financial Waaanty is accepted by the United States Forest Service ("U.S.F.S.") as the bond required under 36 C.F.H. 228.13; then, the Operator having requested that the Board and the U.S.F.S. accept this single Financial Warranty in (ieu afthe separate bonds which would otherwise be required by applicable law, hereby agrees that, notwithstanding any other provision hereof, or of law, this Financial Warranty sha[I remain in full force and effect until U.S.F.S. has advised the Board by written notiu; that the Operators obligations to I1.S.F.S. for which this warranty is executed have been satisfied and until its release has been approved by the Board.