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-~ . / <br />WHEREAS, in its application for the pemut, the Operator has agreed with the Board toprovide <br />for reclamation of the Affected Laads that are now, or may become, subject to the pe~it, as required <br />by lavy. <br />WI~REAS, the Boazd has determined, in accordance with the Act, tha a estimated costs of <br />reclamation of the Affected Lands are those amounts for the stated periods time as set forth herein. <br />Said amount may be amended from time to time to reflect revise estimates of said costs of <br />reclamation. <br />.WHEREAS, The Operator, in accordance with the Act,~romised and hereby prorais~ the <br />Boazd that it will be responsible for all of the estimated cos of reclamation with regard to the <br />Affected Lands. <br />WHEREAS, the Boazd has determined that the F' eial Warranty by the Operator equals the <br />estimated costs of reclamation, as approved by the B azd, with regard to the Affected Lands. <br />WHEREAS, as proof of its financial respo rbility, the Operator has proceeded pursuant to <br />Section 3432-117(3)(a)(II) of the Act and has sed the HOME STATE Bank <br />of I,OVELAND fate of coroxAno (the 'Bank") <br />to issue its Irrevocable Letter of Credit No 42a dated AUGUST 1 . 2ooz <br />payable to the Board in the amount of sr THOUSAND AND NO/T00 Dollazs ($ 6000, oo ~ <br />for the period from , zoo2 ,through AUGUST 1 ,zoos <br />and has delivered it to the Boazd to be held by the Boazd as proof of the Operator's financial <br />responsibility under this financial warranty. The Bank is not a party to this agreement; its obligations <br />are set forth in its Letter of Credit. Nothing in this Financial Warranty diminishes or qualifies the <br />Bank's obligation under its Letter of Credit <br />of those sums for those p ds of time as set forth herein, until this financial warranty is amended <br />or released in accordance 'th applicable law. <br />The Board may, f r good cause shown, increase or decrease the amoum and duration of this <br />financial warranty. he Operator shall have sixty (60) days after the date of notice of any such <br />adjustmeat to fulfi~ new requirements. <br />The Operat r shall notify the Boazd immediately of any event which may impair this financial <br />warranty. Ad 'tionally, the Warrantor reserves the right to cancel this Financial Warranty, effective <br />only upon ,anniversary date, and only by giving written notice to the effect, mailed by Certified <br />Mail, at least ninety (90) days prior to such anniversary date, addressed to both the operator at its <br />address herein stated, and to the Board or Division at the address herein stated. If the Board receives <br />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 determining <br />whether impairment has occurred. <br />