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circumstances exist: -¢- 1. A Caere and Desist Order rntered pursuant to 3eetion 34-32-124 of the Act has beenviolated, and the corrective action proposed in such Order has not bean completed, although ample time to have done so has elapsed; or Z. The Operator is in default under its Performance Warranty, and such default has not been cured, although written notice and ample bate to cure such default has been given; or 3. The Operatorand/ortheWarrnntorhesfaiiedtomaintainitsFirmneialWanantyingoodstandingas required by tbe Act; or 4. The Warrantor no longerhas the fiaaacial ability to carry out its obligations in accordance with the AoL The descaption oflands heroin is forcanvatience ofrefereace only, and no e~rorin such descripiiott, noranyrevision ofthe permitted mining area, nor the disturbance by the Operator of lands outside of the perniltted ndnfrtg area shalt alter ar dim'utish the obligationsofthe Operatorandlor Warrantorheteuader, whichsbaU extend to thereclamaHonofall suchhurds disturbed. Tfthis Financial Warrantyapplies toNational Forest Systemlands, and ifthisFinancial Wazrantyis acceptedbytheUnited States Forest Service ('Tl.S.F.S ") as the bond required under 36 C.F.R 228.13, then the Operator, having requested thatthe Board and the U..S.F.S. accept this single Financial Warranty in lien of the separate bonds which would otherniso be requiredbyapplicable law,herebyagteesthat, notwitbstandingany otherprovision hereof, ar oflaw, thisFinancial Warranty shalt retttain in fitll force surd effect until U.S.F.S. has advised the Board bywtitten notice that the Operator's obligations to U.S.F.S., for which this Wanantyis executed, have bees satisfied, and until the frnanciel warrarityhas been released bythe Boazd. Ifthis Financial Warratttyapplies tolands anderthe juasdictionoftite StateBosrd ofE.aridComrnissioners('Tand Board"), aadif this Financial Warranty, iawhole orinpart, is accepted bythe LandBoardas~hobondrequiredunderits applicable lawandproceditres,then dteOperator,havingregtusted thatlheState acceptthisFinarxial Warraotyinlieuof thesepatate bonds which would otherwise be required by rho Colorado bi'med Land Reclamation Board or Division of Minerals amd t3eology and by the Land Board, hereby agrees that, nofwitbstandfagany otlrerprovision hereof, or oflaw, this Fi~aotal Warranty shall remeut in full force and effect until the Board is notified in waling bythe Land Board that fire Opesatots obl'~gationstoQtaLsndBoard,forwluchthiaWmrsatyisaceouted,havebeanaetisSed,mtdnntillhefuraneialwermntyhas _. _ bean released by the Board. Tf all or aay part of the Affected Lands are under the jtuisdiction of the Bureau of Land Management, United Stases Departrnant of the Interior (the "BLM"), and if, at the request of the Operator oa this Financial Warranty, the BLM has, pitrsuturtto 43 C.F.R 3809.1-9, accepted this Financial Warranty in lieu of requiring a separate reclamation bond payable to the United Stator, tben, notwithstanding eny other provision of this Financial Warranty, or of law, the Operator and Warrantor hereby agree that this Financial Wamnty shall not be released until the Board is advised in waling by the BLM that the Operator's obGgatioas io the BLM, for which this Warranty is oxecuted,have been satisfied, and until the fiaanctal warranty has been released by the Board. This Financial Warranty may be executed in mulfiplecapies, each afwhich shall be treated as as oaginal, builogetherthey constitute only one agreement' the validity and interpretation of which shall be governed by the laws of the State of Colorado. The provisions hereof shall bind and iniua to the benefit of the parties hereto and their successors snd assigns.