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<br />-2- <br />WHEREAS, as part .of the application for such Permit, Principal has <br />agreed with the State and the United States of America to complete a specified <br />plan (the "Plan") for the reclamation, as required by law, of the area or <br />areas of lands disturbed by reason of mining operations. The Plan may be <br />amended from time to time with the approval of the State, acting through the <br />Department of Natural Resources, Division of Minerals and Geology (the <br />"Division"), or the Board, and the United States, acting through the <br />Department of the Interior Office of Surface Mining Reclamation and <br />Enforcement ("the OSMRE"). <br />the phrase "Board or Division" in this bond means that organ of State <br />government which has the authority to act in the circumstances referred to, <br />and recognizes that the. Colorado Surface Coal Mining Reclamation Act <br />(34-33-101 et sec.) confers distinctive and sometimes different <br />responsibilities upon the Board and the Division.) <br />NON, THEREFORE, the conditions of this obligation are such that if the <br />Principal shall, in conducting such mining and reclamation operations, <br />faithfully perform the requirements of the Plan, as amended from time to time, <br />and comply with the conditions of the Permit and all applicable laws and <br />regulations of the State, and if the Board or the Division shall make a <br />finding that the lands upon which such operations have been conducted have <br />been satisfactorily reclaimed,.and if the OSMRE shall concur with this <br />finding, then the Board or the Division shall, upon the receipt of a request <br />for a bond release on such land s. or a request for partial release as to any <br />portion thereof, and upon the completion of applicable procedures of law and <br />regulation governing release of bond, release the Principal and the Bank to <br />the extent that it determines such reclamation to have been accomplished. <br />Additional Provisions <br />(1> Irrevocable letters of credit shall be subject to the following <br />conditions: <br /><a> The letter may only be issued by a bank organized or authorized <br />to do business in the United States of America; <br />(b) The letter shall be irrevocable, except prospectively, and then <br />only upon the anniversary date of the letter and upon the giving, to the <br />Division and the principal, of at least ninety days prior notice of the <br />intention to revoke. Letters of credit which have been prospectively revoked <br />shall be forfeited and collected by the Division if not replaced by other <br />suitable bond at least 30 days prior to the expiration date of the letter. <br />(c) The letter must be payable to the <br />United States of America in part or in full upon <br />Division of a notice of forfeiture issued in aco <br />termination of the Cooperative Agreement entered <br />Colorado and the Department of the Interior, all <br />payable only to the United States (OSMRE) to the <br />involved. <br />State of Colorado and the <br />demand and receipt from the <br />~rdance with the law. Upon <br />into between the State of <br />bonds shall revert to being <br />extent that Federal lands are <br />