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.~ <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 ought to have been performed by the Operator, or its successors or assigns, remains <br />unperformed. No other condition precedent need be firifilled to entitle the Board to receive the amounts of such <br />drafts. However, if, upon completion of such reclamation by the Board, 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 assurance, the Operator agrees that it will forthwith provide substitute <br />assurance, in form and substance approved by the Board, equal to the amount ofthe Letter of Credit which has <br />been so canceled and not reduced to a cash deposit. <br />With the prior wnse~ ofthe Board, which consent shall not be unreasonably withheld, the Operator may from <br />time to time change the Bank whose Letter of Credit is held by the State as assurance or alter the form of <br />assurance of financial responsibility held by the State for the faithfiil performance by the Operator ofits obligations <br />hereunder, provided that at all times there shall be in existence and delivered to the Board such assurance or other <br />evidence of flnancial responsibility as shall be required by applicable laws and regulations of the State of Colorado <br />and as shall be, in form and substance, approved by the Board or the Division. <br />The obligation of the Operator shall corrtinue until the Board has released this Financial Warramy or has <br />ordered it forfeited in accordance with applicable provisions 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 completed. It is also recognized that, as reclamation is accomplished, the amount of this Financial <br />Warranty may be reduced with the approval ofthe Board so that it reflects the then currern estimated cost ofthe <br />remaining reclamation of the Affected Lands. No revision, extension, or renewal of the permit or ofthe time <br />allowed to complete reclamation shall diminish the Operator's obligation under this Financial Warranty. <br />In any single year during the life of the permit, the amount ofthe 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 pemut <br />years and not yet fully reclaimed. Reclamation costs shall be computed 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 costs thereof may substantially exceed the amount of this Financial Warranty. <br />This Financial Warranty shall be subject to forfeiture whenever the Board detemunes that any one or more of <br />the following circumstances exist: <br />1. A Cease and Desist Order entered pursuant to Section 34-32-124 of the Act has been <br />violated, and the corrective action proposed in such Order has not been completed, although ample time to have <br />done so has elapsed; or <br />