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- 2 - <br />WHEREAS, as part of the application for the permit, the Operator has ageed to be bound by al]requirements <br />of the Act and all applicable rules and regulations of the Boazd, as amended from time to time. <br />WHEREAS, in its application for the permit, the Operator has agreed with the Board to provide For <br />r~lamation of the Affected Lands that are now, or may become, subject to the permit, as required by law. <br />WHEREAS, the Board has determined, in accordance with the Act, that the estimated costs of reclamation of <br />the Affected Lands are those amounts for the stated periods of time as set forth herein. Said amount maybe <br />amended from time to time to reflect revised estimates of said costs of reclamation. <br />WHEREAS, The Operator, in accordance with the Act, has promised and hereby promises the Board that it <br />will be responsible for all of the estimated costs of reclamation with regard to the Affected Lands. <br />WHEREAS, the Board has determined that the Financial Warranty by the Operator equals the estimated costs <br />of reclamation, as approved by the Board, with regard to the Affected Lands. <br />WHEREAS, as proof of its financial responsibility, the Operator has proceeded pursuant to Section <br />34-32-117(3)(a)(I)) of the Act and has caused the First Pioneer National Bank <br />Bank of Holyoke ,State of Colorado (the "Bank") to issue its <br />Irrevocable Letter of Credit No. dated May 29 2007 payable to the Board <br />in the amount of Sixteen Thousand Dollars ($ 16,000.00 1 for the period from <br />May 29 - ~ 2007 ,through I'IsY 29 2008 and has delivered it to the Board <br />to be held by the Boazd as proof of the Operator's financial responsibility under this financial warranty. The <br />Bank is not a party to this agreement; its obligations are set forth in its Letter of Credit. Nothing in this Financial <br />Warranty diminishes or qualifies the Bank's obligation under its Letter of Credit. <br />NOW THEREFORE, the Operator is held hereby firmly unto the State of Colorado in the amount of those <br />sums for those periods of time as set forth herein, until this financial watanty is amended or released in <br />accordance with applicable law. <br />The Board may, for good cause shown, increase or decrease the am and duration of this financial <br />warranty. The Operator shall have sixty (60) days after the date ofnotice of any such adjustment to fulfill a!1 new <br />requirements. <br />The Operator shall notify the Board immediately of any event which may impair this financial watanty. <br />Additionally, the Warrantor reserves the right to cancel this Financial Warranty, effective only upon an <br />anniversary date, and only by giving written notice to the effect, mailed by Certified Mail, at least ninety (90) <br />days prior to such anniversary date, addressed to both the operator at its address herein stated, and to the Board or <br />Division at the address herein stated. If the Board receives such notice, or othe~vise has reason to believe that <br />this Financial Warranty has been materially impaired, it may convene a heating in accordance with the Act for the <br />purpose of determining whether impairment has occurred. <br />No misrepresentation by the Operator which may have induced the Bank to deliver its Letter of Credit shall be <br />arty defense to any draft by the State under such Letter of Credit. <br />