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HOND No. 6QS14355751BSCM <br />. -3- , <br />(3) Surety reserves the right to cancel this bond, effective only upon ap anniversary date, <br />and only by giving written notice to that effect, mailed by cerkiSed mail, at least ninety (90) days prior <br />to such anniversary date, adnressed to both the Principal, at its address herein sta~ed, anti to the <br />Division at 1313 Sherman Street, Roam 215, Denver, Colorado 80203. In the a ent of such <br />cancellation, this bond shall ueverthelcss remain in full force and cffcct ae respects the reclamation of <br />all areas disturbed prior to the effective date of such cancellation, unless and until the Principal shall <br />file a substitute bomd which: {1) assumes liability for all reclamation obligations which shall have <br />arisen at any time while this bond is in force, and (2} is accepted in writing by the Board or Division. <br />(4) Tn the event of such cancellation, if the bond is not fully released, the amount of the <br />continuing bond available for the reclamation of areas disturbed and unreclaimed,at the date of <br />cancellation, shall be 5xed by the Board or the Division at the amount it deterArines necessary to <br />complete such reclamation (which amount may not exceed the sum designated in the first paragraph <br />heteofj and the Board or Division shall concurrently identify' such azeas in writing, and notify the <br />Principal and the surety thereof. Thereafter, the obligation of the surety shall be limited to reclamation <br />of the azeas so identi$ed. <br />(5} The consideration for snrety'e execution of this agreement is the p~nmise of the <br />Principal to pay the premiums, but failure by the Principal to pay such premiums shall not invalidate <br />or diminish surety's obligation hereunder. <br />__ _.. <br />(t7 The description of lands herein set forth is for convenience of reference only, and no <br />error in such description, nor any revision of the permitted mining area, nor the disturbance by the <br />Principal of lands outside of the permitted mining area shall alter or diminish the obligation of the <br />Principal or the surety hereunder, which shall extend to the reclamation of all such lands disturbed. <br />(7) The obligation of this bond shall continue (unless cancelled pursuant to paragraph (3) <br />hereof) until released in writing by the State, with the conewrenee of OSMRE, in accordance with <br />applicable laws specifying bond release procedures.. The,parties understand that periods of years nray <br />necessarily be required before determination can be made that reclamation work has been <br />satisfactorily completed. Nn revision, extension, or renewal of the Operator's mining permit, or of the <br />time allowed the Operator to complete reclamation shall ditninish,surety's obligaition hereunder. No <br />misrepresentation bythe Principal which may have induced the surety to exeeute~this bond shall be <br />any defense to demand by the State under this ageement. <br />i <br />(8) The surety will give prompt written notice, mailed by certi5cd mail„ty tLe Principal, at <br />its address herein stated, and to the Division at 1313 Sherman Street, Room 215, Denver, Colorado <br />84203, of any rlotiee received or action filed alleging rho insolvency or banlonptey of the surety, or <br />alleging any violations of regulatory requirements which could result in suspension or revocation of <br />the surety's license to do bwiness. <br />(9), In the event the surety heroines unable fo.. fulfill, its obligations under the bond for any <br />reason, written notice shall be mailed iminediately,by ceitifred mail, to the Principal and the Division. <br />810721 <br />60 39t/d Wflitll WIP 65T09b86rL LL:LL L00L/6T/L0 <br />