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-2- <br />WHEREAS, as proof of its financial responsibility and pursuant to <br />Section 34-32-117(3)(IV) of the Act, the Operator has, as Grantor, executed <br />and delivered to the State this Financial Warranty and Conditional Promissory <br />Note (the "Financial Warranty") for the original principal sum of <br />Sixty=two H~indred and Thirteen Dollars (E 6,213.00 ), <br />secured by Deed of Trust dated December 11 19 84, originally <br />recorded December 11, 19 84, Reception No. 357928 Book <br />No. 661 Page No. 215-21.7 in favor of the Public <br />Trustee of Garf field County, Colorado, conveying certain lands in <br />said county and state, as assurance for the faithful performance by the <br />Operator of the Operator's obligations to the State as evidenced by this <br />Financial Warranty. <br />NOW, THEREFORE, the Operator is held hereby and firmly bound unto the <br />State of Colorado, in the sum of 'Si'xty-two Hundred and Thirteen Dollars <br />(E 6,213.00 ) for the period of time from October 13 , 1989 <br />to Life of Permit for the payment of which sum, well and truly <br />ma e, a pera or ereby in s itself, its representatives, successors and <br />assigns, jointly and severally, firmly by these presents, which obligation is <br />represented by this Financial Warranty and the Deed of Trust. <br />The Board may, for good cause shown, increase or decrease the amount and <br />duration of this Financial Warranty and the Deed of Trust. The Operator shall <br />have sixty (60) days after the date of notice of any such adjustment to <br />fulfill all new requirements. The principal sum of this Financial Warranty <br />shall be amended in writing to reflect the revised amount of this Financial <br />Warranty, and the Deed of Trust shall be similarly amended. <br />The Operator shall notify the Board immediately of any event which may impair <br />this Financial Warranty. If the Board receives such notice, or otherwise has <br />reason to believe that this Financial Warranty has been materially impaired, <br />it may convene a hearing in accordance with the Act for the purpose of <br />determining whether impairment has occurred. <br />The State may exercise its rights under this Financial Warranty and the Deed <br />of Trust and foreclose for the principal sum of S 6;213.00 , <br />as previously set forth in this Financial Warranty, p us rn eres an <br />allowable costs of foreclosure, in accordance with the terms thereof and in <br />accordance with applicable provisions of law, if the Board determines that <br />this Financial Warranty shall be subject to forfeiture on account of existence <br />of any one or more of the circumstances hereinafter set forth. No other <br />condition precedent need be fulfilled to entitle the State to foreclose upon <br />the Deed of Trust, but before instituting foreclosure proceedings, demand in <br />writing shall be made upon the Operator. If, upon completion of reclamation <br />by the Board, the amounts expended for reclamation (together with any amounts <br />payable under the following paragraph) shall be less than the amount received <br />upon foreclosure, the excess shall be prromptly refunded to the Operator. <br />If the Board has made a determination of forfeiture on account of any one or <br />more of the circumstances hereinafter set forth, the Operator agrees to pay <br />the State, in addition to the amount demanded, all reasonable costs of <br />collection, including reasonable attorneys' fees and interest on the Financial <br />