2007-09-25_REVISION - M1984041 (9)

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~- If the Boazd shalt notify the Warrantor that the Operator is in default, and if the Board shall initiate any Financial Warranty forfeiture procedures required by law or regulation, the Warrantor may, lII lieu of making payment to the Board of the amount due hereunder, cause the reclamation to be timely performed in accordance with a!! requirements of the Act and all applicable rules and zegulatioas. In such event, when and if the reclamation has bcen timely performed to the satisfaction of the Board or Divisioti, this Financial wamanry shall be released. If the reclamation shall not be so performed to the satisfaction of the Board or Division, this Fiw strati 'al Warranty shall retnaia in full force and effect. This Financial Wartxnty shall be subject to forfeiture whenever the I?oazd determines that arty one or more of the following circumstances exist: i. A Cease and Desist Order entered pursuant to Section 3432-124 of the Act has been violated, and the corrective action proposed in such Order has not been compleud, although ample time to have done so has e]apsed; or 2. The Operator is in default under its Performance Warranty, and sack default has not been cured, although written notice and ample time to cure such default has been given; or 3. The Operator and/or the Warrantor has failed to malr+rain its Financial Warranty in good standing u required by the Act; or 4. The Warrantor no longer has the financial ability to carry out its obligations in accordance with the Act. The description of ]ands herein is for convenience of reference only, and no error in such description, nor any revision of the permitted mitring area, nor the disturbance by the Operator of lands outside of the permitted mining area shall alter or dltninish the obligations of the Operator and/or Wamntor hereunder, which shall extend to the reclamation of all such lands disturbed. If this Fitraacial warranty applies to National Forest System (ands, azai if this Financial warranty is accepted by the United States Forest Service ("U.S.F.S.') as the bond required under 36 C.F.R. 252.13, then the Operator, having requested that the Board and the U. S.F.S. accept this single Financial Wamamy in lieu of the separate bonds which would otherwise be required by applicable law, hereby agrees that, notwlthstarrding airy other provision hereof, or of law, this Financial Warranty shall remain in full force and etY'etx until U.S.F.S. has .advised the Board by written notice that the Operator's obligations to U.S.F.S., for which this Warranty is executed, have been satisfied, and until the ilnanaal warranty has been released by the Board. If this Financial Warranty applies to lands carder the jurisdiction of the State Board of land Commrissioners ("Land Board"), and if this Financial Warranty, itt whole or is part, is accepted by the Land Board as the bond requited tinder its applicable law and pmcedtrrea, 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 RecLrntation Board or Division of Minerals and Geology and by the Land Board, hereby agt'ees that, notwithstanding any other provision hereof, or of law, this Financial Warranty shall remain is full force a~ effect until the Board is notified in writing by the Land Boazd that the Operator's obligations to the Land $oard, for which this Warranty is executed, have been satisfied, and utrtii the financial warranty has been released by the Board.