2007-09-07_REVISION - M2002094 (3)

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-3- reclaimed. Reclarrtation costs shall be computed with reference to current reclamation costs. The amount of this Financial Watrartty is based upon estimates as to the cost of reclamation, and does not operate to liquidate, limit, enlarge, or restrict the Operator's obligations to complete the reclamation, even though the actual costs thereof may substantially exceed the amount of this Financial Warranty. This Financial Warranty shall be subject to forfeiture whenever the Board determines that any one or more of the following circumstances exist: 1. A Cease and Desist Order entered pursuant to Section 34-32-124 of the Act has been violated, and the corrective action proposed in such Order has not been compieted, although ample time to have done so has elapsed; or 2. The Operator is in default under its Performance Warranty, and such default has not been cured, although written notice and ample time to cure such default has been given: or Act; of At,~t. 3. The Operator has failed to maintain its Financial Warranty in good standing, as required by the 4. The Operatorno longer has the financial ability to carryout its obligations in accordance with the The description of lands herein is for convenience of reference only, and no eaor in such description, nor any revision of the permitted mining area, nor the disturbance by the Operator of lands outside ofthe permitted n»ning area shall alter or diminish the obligations of the Operator hereunder, which shall extend to the reclamation of all such lands disturbed. Interest on Certificates of Deposit shall not be credited to the Certificate of Deposit. The Operator shall receive all such interest. The Operator may, from time to time, withdraw a Certificate of Deposit which is assurance hereunder if and to the extent that a substitute Certificate of Deposit is simultaneously deposited as assurance hereunder in the same amount as the Certificate withdrawn. If this Financial Waaanty applies to National Forest System lands, and if this Financial Warranty is accepted by the United States Fozest Service ("U.S.F.S.") as the bond required under 36 C.RR, 228.13, then the Operator, having requested flat the Board and the U.S.F.S. accept this single Financial Warranty in Lieu of the separate bonds which would otherwise be requued by applicabie law, hereby agrees drat, notwithstanding any other provision hereo or of iaw, this F•:nuscial Warranty shall remain in full force and effect until U.S.F.S. has advised the Board by writun notice that dre Operator's obligations to U.S.F.S., for which this Warranty is executed, have been satisfied, and until the financial warranty has been released by the Board. If this Financial Warranty applies to lands under the jurisdiction of the State Boazd of Land Commissioners ("Land Boazd"), and if this Financial Warranty, in whole or in part, is accepted by the Land Boazd as the bond required under its applicable law and procedures, then the Operator, having requested that the State accept this Financial Warranty in lieu of the separate bonds which would otherwise be required by the Colorado Mined Land Rechunation Board or Division and by the Land Boazd, hereby agrees that, notwithstanding any other provision hereof, or of law, this Financial Warranty shall remain in full force and effect until the Boazd is notified in writing by the Land Boazd that the Operator's obligations to the Land Boazd, for which this Warranty is executed, have bear satisfied, and until the financial warranty has been released by dre Boazd. If all or any part of the Affected Lands are under the jurisdiction of the Bureau of Land Management, United States Departrnent of the interior (the 'BLM"), and if, at the request of the Operator on this Financial Warranty, the BLM has, pursuant to 43 C.F.R., 3809.1-9, accepted this Financial Warranty in lieu of requiring a separate reclamation bond payable