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- 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 ought to have been performed by the Operator, or its successors or assigns, remains <br />ut~rfornted. No other condition precedent need be fulfilled to entitle the Board to receive the amounts of such <br />drags. However, ~ upon completion of such reclamation by the Board, the amounts expended for reclatnatiom <br />shall be less than the amourn 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 a~ such assurance shall not concurrently be <br />reduced to a cash deposit as substitute assruance, the Operator agrees that it wr71 forthwith provide substitute <br />asstuance, in form and substance approved by the Board, equal to the atnouttt of the Letter of Credit which has <br />been so canceled and not reduced to a cash deposit. <br />With the prior consent ofthe Board, which consent shall not be unreasonably withheld, the Operatormay fra~m <br />time to tip change the Bank whose Letter of Credit is held by the State as assittance or alter the form of <br />assrtrance of Snancial respoaa'bdity held by the Stater for the faithful performance bythe Opetat~ ofity obligations <br />hereunder, provided that at all times there shall be in existence and delivered to the Board such assuranceorother <br />evidence oflinancial teaponv'bility as shall be required byappficable laws and regulations ofthe State ofColorado <br />and as shall be, inform and substance, approved by the Board or the Division. <br />The obligation of the Operator shall comintre umil the Board has released this Financial Warranty or has <br />ordered it forfeited in accordance with applicable provi~ons of the Act. It is understood that periods ofyears may <br />necessarily be required before determination can be made that reclamation of the Affected Lands has been <br />satisfactorily completedl. It is also recognized that, as reclaatetian is accomplished, the amount of this Financial <br />Warrany may be reduced with the approval ofthe Board so that it reflects the then carrrent estimated cost ofthe <br />remaining reclamation of the Affected Lands. No revision, ext~on, or renewal of the permit or of the time <br />allowed to complete reclamation shall diminish the Operator's obligation under this Financial Warranty. <br />In any single year doting the life of the permit, the atnotmt of the Financial Warramy shall not exceed the <br />estimated cost of fully reclaiming all lands to be affected in said year, plus all lands afl~ected in previous permit <br />years and nat yet fully reclaimed. Reclamation costs shall be computed with reference to curreot reclamation <br />costs. <br />The amount of this Financial Waranty 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 costs 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 one or more of <br />the following circumstances exist: <br />1. A Cease and Desist Order entered punsuam to Section 3432-124 of the Ad has been <br />violated, and the corrective action proposed in such Order has not been completed, ahhough ample time to have <br />done so has elapsed; or <br />