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11/29/2006 15;59 IFAX FAX@EBERLS.COM <br />f~(005/032 <br />- 3 - <br />The Board may present drafts upon the Bank for payment under the Letter of Credit if the Board determines <br />that reclamation which oui~rt to have been perfotrned by the Operator, or its successors or assigns, remains <br />unpcrforned. No other cor~dition precedent need be ful5lled to entitle the Board to receive the amounts of such <br />drafts. However, if, upon completion of such reclamation by the Hoard, the amounts expended for reclamation . <br />shall be less than the amount received from the Bank, the excess shall be promptly refunded to the Operator. <br />If or to the extent that the Bank shall cancel its Letter of Credit and such assurance shall not concurrently be <br />reduced to a cash deposit as substitute asstuance, the Operator agrees that it will forthwith provide substitute <br />assurance, in font and sub,>tance approved by the Board, equal to the amount of the Letter of Credit which has <br />been so canceled and not n;duced to a cash deposit. <br />With the prior consent of the Board, which consent shall not be unreasonably withheld, the Operator may <br />from time to time change the Bmtk whose Letter of Credit is held by the State as assurance or alter the form of <br />assurance of ftnancial responsibility held by the State for the faithful performance by the Operator of its <br />obligations hereunder, provided that at all times there shall ba in existence and delivered to the Board such <br />assurance orother evidence of fmancial respomaibilityas shall be required by applicable laws and regulations of <br />the State of Colorado and :rs shall be, in farm and substance, approved bylhc Board or the Division <br />The obligation of the Operator shall continue until the Board has released this Financial Warranty or has <br />ordered it forfeited in accordance with applicable provisions of the Act. It is understood that periods of years <br />may necesseritybe required before determination can be made that reclamation ofthe Affected Lartda has been <br />satisfactorily completed. It is also recognized that, as reclamation is accomplished, the amount of this Financial <br />Warranty may be reduced with the approval afthe Hoard so that it reflects ohe then cutt+ent estimated wst ofthe <br />remaining reclamation of the Affected lands. No revision, extension, or renewal of the permit or of the time <br />allowed to complete reclaznation shall diminish the Operator's obligation under this Financial Warranty. <br />In any single year during the life of rho permit, the amount of the Financial Warranty shall not exceed the <br />estimated cost of fully reclaiming all lands to be affected in said year, plus all lands affected in previous permit <br />years and not ya fully reclaimed. 1Zeclamation costs shall be wmputed with reference to current reclamation <br />costs. <br />The amount of this Financial Warranty is based upon estimates as to the cost of reclamation, and does not <br />operate to liquidate, limit, enlarge or restrict the Operator's obligations to complete the reclamation, even though <br />the actual casts thereof may substantially exceed the amount of this Financial Warranty. <br />This Financial Warranty shall be subject to forfeiture whenever the Board determines that any ono ormore of <br />the following circumstances exist: <br />1. A G'ase and Desist Order entered pursuant to Section 34-32-t24 of the Act has been <br />violated, and the corrective action proposed in such Order Iran not been completed, although ample time to have <br />done so has elapsed; or <br />