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-2- applicablerules and regulations of the Hoard, as amended from Ume to time, WIIERLAS, in the application for the portrrit, the Operatorhas agreed with the Board to provide forrcclamation of Utc Affected Lands that are now, or may become, subject to the pemdt, as requ¢ed bylaw. WI~FtEAS, the Operator and Travelers Casualty and Surety Comoanv of America (the "Warrantor"), a corporation organized aIId existing under the laws ofthe State of CT and duly aulhorizEd to transact a bonding and surety business in the State of Colorado are hereby and firmly bound wrto the State in the stun of Twenty Thousand Dollars and 00/100 AoUtus (S 20.000.00 1 for the life of mine or until such lithe as replacement is received, for the payment of which stun, well and tmly made, we hereby bind ourselves and our personal ropresentatives, successors and assigns, jointly end severally, fumly by these presents, WIB;R);AS, the Hoazd has determined, in accordance with the Act, that the estimated costs of reclamation of rho Affected].andsazefhoseamountsfotthesfatedpetiodsoftimeassetfotthherein. Saidamountmaybeamendedfmmtime to time to reflect revised estimates of said vests ofreciatnation WI•IER$AS, the Operator and the Warrantor, in accordance withthe Act, has promised and herebypromises the Boazd that it will be responsible for all the estimated costs of reclamation with regazd to rho Affected Lands. WHAREAS, the Hoazd has determined that this Financial Warranty by the Warrantor equals the estimated costs of reclamation, az approved by the Board, wit}t regard to the Affected Lands. NOW, TAEI2EFORB, the Operator and the Warrantoram held hereby firmly unto the State of Colorado in the amount of those stuns for those periods oftime as set forth herein, until this Financial Warranty is amended or releasedin accordance with applicable law. ]Ire Board may, for good cause shown, increase or decrease the amount and duration of this Financial Warranty. Tho Operatorshall have sixty (6D)days after the date ofno5tx ofnnysuub adjusbncntto increase thestuttyamount, butnosuch increase shall bind the Wamntor unless and until it shall have consented thereto in writingby the issuance of an additional Financial Warranty or by an mdorsementto this Financial Warranty. The Operator and the Warrantor shall notifytheBoard immediately of any event which mayimpair this Financial Warranty. Tf the Board receives such notice, ttt otherwise has reason to believe that this Financial Warranty has been materially impaired, it may convene a hearing in accordance wiW the Act for the purpose of determining whether intpairmont has occurred The obligation of the Operator and the Warrantor shall continue until the Heard has releasedthis Financial Warranty orhas ordered it forfeited in accordance with applicable provisions of the Act It is understood that periods of yeazs may necessarily be required before detemrination can be made that reclamation of the Affected Lands has been satisfactorily completed, Itisalsorecog»izedtha;asreclan~ationisaccomplished,UreamountofthisFinancialWartantymaybereduced with the approval of the Board so that it reflects the ]hen current esthmated cost ofthe remaining reclamation ofthe Aflbcted Lands. No revision, extension, orrenewa] of the permit, or of the time allowed to complete reclamation, shall dimu»sh the Operator's or Warrantor'sob]igationuaderthisFinattcia]Warranty. No mistepresentationbytheOpemtotwbichmay]rave induced the Wamntor io execute this Financial Warranty shall be anydefense to demand bythe State under this agreement. Jn any single yeaz during the life of the permit, the amount of the Financial Warranty shall not exceed the estimated cost of fully reclaiming all lands to be affected in said year, plus all lands affected in previous permit years and not yet fully reclaimed Reclamatlon costs shat] be computed w1Ur reference to currentreclamation costs. . _ _..