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2- <br />WHEREAS, in the application for the pernut, the Operator has agreed with the Boazd to provide <br />for reclamation of the Affected Lands that are now, or may become, subject to the permit, as required <br />bylaw. <br />WHEREAS, the Board has determined, in accordance with the Act, that the estimated costs of <br />reclamation of the Affected Lands are those amounts for the stated periods of time as se[ forth herein. <br />Said amount may be amended from time to time to reflect revised estimates of said costs of reclamation. <br />WHEREAS, the Operator, in accordance with the Act, has promised and hereby promises the <br />Board that it will be responsible for all the estimated costs of reclamation with regard to the Affected <br />Lands. <br />WHEREAS, the Board has determined that the Financial Warranty by the Operator equals the <br />estimated costs of reclamation, as approved by the Board, with regazd to the Affected Lands. <br />WHEREAS, as proof of its financial responsibilit~o~o~ Oper~t~~m~s~#oceeded pursuant to <br />Section 34-32-117(3)(a)(IIn of the Ac[ and has caused the t s do y Bank of <br />Montrose ,State of Colorado (the "Bank") to issue a Certificate of Deposit, <br />No. c1~Q~0/73 ,dated )97Qr 3Oy /94B ,payable to the <br />Board in the amount o9Six Thousand nine hundred eight~ollazs ($ 6981 .00 )for the life <br />of the mine or the period from Automatically reftewal through , <br />and has delivered it to the State, to be held by the State as proof of the Operator's financial responsibility <br />under this Financial Warranty. The Bank is not a party to this agreement. Its obligations are set forth <br />in its Certificate of Deposit. Nothing in-this Financial Warranty diminishes or qualifies the Bank's <br />obligations under its Certificate of Deposit. <br />NOW, THEREFORE, the Operator is held hereby firmly unto the State of Colorado in the <br />amount of those sums for those periods of time as se[ forth herein, until this Financial Warranty is <br />amended or released in accordance with applicable law. <br />The Board may, for good cause shown, increase or decrease the amount and duration of this Financial <br />Warranty. The Operator shall have sixty (60) days after the date of notice of any such adjustment to <br />fulfill all new requirements. <br />The Operator shall notify the Board immediately of any event which may impair this Financial Warranty. <br />L` the Board receives such notice, or otherwise has reason to believe that this Financial Warranty has <br />been materially impaired, it may convene a heazing in accordance with the Act for the purpose of <br />determining whether impairment has occurred. <br />The obligation of the Bank shall continue until released in writing by the Board in accordance with <br />applicable laws specifying Financial Warranty release procedures. <br />