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~ 4. The Division shall not release any bond monies to Rockcastle until <br />Rockcastle has reduced the reclamation cost by 5125,320 by reducing the volume <br />of Pit 4 by 150,988 bank cubic yards. <br />`~'`~ ~/5. The Division shall retain E50,000 as a performance bond for the <br />Grassy Gap Mine upon completion of the reclamation activities described in 5§ <br />II, III and IY of this Agreement. The Division acknowledges that it has reviewed <br />the remaining reclamation requirements at the Site and estimated that 550,000 <br />is sufficient to provide for site maintenance and to complete all remaining <br />i <br />reclamation activities at the Site contemplated in the Reclamation Plan pursuant <br />to the criteria in § 34-33-113, C.R.S. <br />• YI. CONVERSION OF CURRENT RECLAMATION BOND -- Within 30 days of commencing <br />• reclamation activities under this Agreement, Rockcastle shall replace its current <br />5446,680 reclamation bond in the form of a letter of credit with a collateral <br />bond in the form of cash, negotiable bonds or certificates of deposit acceptable <br />to the Division pursuant to 2 CCR 407-2, Rule 3.02.4(2)(c). <br />VII. BOND FORFEITURE -- Upon completion of the reclamation activities required <br />pursuant to 5 II, III and IV of this Agreement Rockcastle will voluntarily <br />~~ forfeit the remaining E50,000 of its performance bond. The forfeited funds shall <br />be available to the Division for the completion of the remaining reclamation ands <br />~,~ maintenance requirements at the Site. The 550,000 bond amount is a good faith <br />~\ estimate of the reclamation and maintenance costs over the liability period. <br />`~ Bond forfeiture shall be conducted pursuant to Rule 3.04. Following forfeiture <br />-10- <br />n <br />U <br />