2007-05-29_REVISION - M1980055HR (2)

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-4- If the Board shall notify the Warrantor thaz the Operator is in default, and if the Boazd shall initiate any Financial Warranty forfeiture procedure required by law or regulation, the Warrantor tray, in lieu of malting payment to the Boazd of the amoun[ due hereunder, cause the reclamation to be timely performed in accordance with all requirements of the Act and al] applicable Wile and regulations. In such event, when and if the reclamation has been timely performed to the satisfaction of the Boazd or Division, this Financial Warranty shall be releazed. If the reclamation shall not be so performed to the satisfaction of the Boazd or Division, this Financial Warranty shall remain is full force and effett. This Financial Warrany shall be subject to forfeiture whenever the Board de[ermine that any one or more of the following circumstances exist: 1. A Cease and Desist Order entered pursuant to Section 34-32-124 of the Act has been violated, and the corrective action proposed in such Order has not ban complaed, although ample time to have done so has elapsed; or 2. The Operator is in default under its Performance Warranty, and such default has not been cured, although written notice and ample time to cure such default has been given; or 3. The Operazor and/or the Warrantor has failed to maintain its Financial Warranty is good standing as required by the Act; or 4. The Warrantor no longer has the financial ability to carry out irs obligations in accordance with the Act. The description of lands herein is for convenience of reference only, and no error in such description, nor any revision of the permitted mining area, nor the disturbance by the Operator of lands outside of the permitted mining azea shall alter or diminish the obligations of the Operator and/or Warrantor hereunder, which shall extend to the reclamation of ail such lands disturbed. If this Financial Warranty applies to National Forest System lands, and 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 Warranty in Gar of the separate botrds which would otherwise be required by applicable law, hereby agrees that, notwithstanding any other provision ha~eof, or of law, this Financial Warranty shall remain is full force and effect utttil U.S.F.S. has advised the Board by written notice thaz the Operator's obligations to [T.S.F.S:, for which this Warranty is executed, have been satisfied, and until the financial warranty has been released by the Boazd. If this Financial Warranty applies to lands under the jurisdiction of the Staze Board of Land Cormrr+«ioners ("Land Board'), and if this F'utancial Warranty, in whole or in part, is accepted by the Land Board as the bond required under its applicable law and procedure, then the Operator, having requested that the Staze accept this Fimancial Warranty in Geu of the separate bonds which would otherwise be requited by the Colorado Turned Land Reclamation Board or Division of Minerals and Geology a~ by the Land Board, hereby agrees that, notwithstanding any other provision hereof, or of law, this Financial Warranty shall remain in full force and effect until the Boazd is notified in writing by the Land Board that the Operator's obligations to the Land Board, for which this Warranty is executed, have been satisfied, and until the financial warranty has'bra released by the Board.