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<br />-2- <br />(The phrase "Board or Division" in this bond means that organ of State <br />government which has the authority to act in the circumstance referred to, and <br />recognizes that the Mined Land Reclamation Act (34-32-101 et seq.) and the <br />Colorado Surface Coal Mining Reclamation Act (34-33-101 et se .) confer <br />distinctive and sometimes differeht responsibilites upon the Board and the <br />Division.) <br />NOW THEREFORE, the conditions of this obligation are such that, if the <br />above-bonded Principal shall, in conducting such mining and reclamation <br />operations, faithfully perform the requirements of the Plan, as amended from <br />time to time, and comply with the conditions of the Permit and with all <br />applicable laws and regulations of the State, and if the Board or the Division <br />shall make a finding that the lands upon which such operations have been <br />conducted hoe been satisfactorily reclaimed, then the Board or the Division <br />shall, upon receipt of a request for bond release on such lands or a request <br />for partial release as to any portion thereof, and upon the completion of <br />applicable procedures of law and regulation governing release of bond, release <br />the Principal and the surety to the extent that it determines such reclamation <br />to have been accomplished. <br />ADDITIONAL PROVISIONS <br />(1) The amount of this bond is based upon estimates as to the cost of <br />reclamation, and does not operate to liquidate, limit, enlarge, or restrict <br />the Principal's obligations to complete the reclamation plan and to comply in <br />all respects with the Permit and with applicable laws and regulations <br />governing reclamation, even though the actual cost thereof may substantially <br />exceed the amount of this bond. <br />(2) The surety shall not be liable under this bond for an amount <br />greater than the sum designated in the first paragraph hereof, unless <br />increased by a later amendment to this bond. This bond shall be reviewed by <br />the Board or the Division from time to time, and the Board or the Division may <br />require an increase in the principal sum of this bond (and a corresponding <br />increase in the surety amount) to cover increases in the estimated costs of <br />reclamation, but no such increase shall bind the surety unless and until it <br />shall have consented thereto in writing by the issuance of an additional <br />surety bond or by an endorsement to this bond. <br />(3) Surety reserves the right to cancel this bond, effective only <br />upon an anniversary date, and only by giving written notice to that effect, <br />mailed by certified mail, at least ninety (90) days prior to such anniversary <br />date, addressed to both the Principal, at its address herein stated, and to <br />the Division at 1313 Sherman Street, Room 423, Denver, Colorado 80203. In the <br />event of such cancellation, this bond shall nevertheless remain in full force <br />and effect as respects the reclamation of all areas disturbed prior to the <br />effective date of such cancellation, unless and until the Principal shall file <br />a substitute bond which: 1) assumes liability for all reclamation obligations <br />which shall have arisen at any time while this bond is in force, and 2) is <br />accepted in writing by the Board or Division. <br />