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', <br /> <br />-2- <br />WHEREAS, the Board has determined, in accordance with the Act, that the <br />' estimated costs of reclamation of the Affected Lands are those amounts for the <br />stated periods of time as set forth herein. Said amount may be amended from <br />time to time to reflect revised estimates of said costs of reclamation. <br /> WHEREAS, the Operator and the Warrantor, in accordance with the Act, has <br />' pranised and hereby pranises the Board that it will be responsible for all the <br /> estimated costs of reclamation with regard to the Affected Lands. <br /> WHEREAS, the Board has determined that this Financial Warranty by the <br /> Warrantor equals the estimated costs of reclamation, as approved by the Board, <br /> with regard to the Affected Lands. <br />' NOW, THEREFORE, the Operator and the Warrantor are held hereby firnly <br /> unto the State of Colorado in the amount of those sums for those periods of <br />' timr. as set forth herein, until this Financial Warranty is amended or released <br />in accordance with applicable law. <br /> The Board may, for good cause shown, increase or decrease the amount and <br />' duration of this Financial Warranty. The Operator shall have sixty (60) days <br /> after the date of notice of arty such adjustment to increase the surety amount, <br /> but no such increase shall bind the Warrantor unless and until it shall have <br /> consented thereto in writing by the issuance of an additional Financial - <br /> Warr•anty or by an endorsement to this Financial Warranty. <br /> The Operator and the Warrantor shall notify the Board inmediately of any event <br />' which may impair this Financial Warranty. If the Board receives such notice, <br /> or .otherwise has reason to believe that this Financial Warranty has been <br /> materially impaired, it may convene a hearing in accordance with the Act for <br />' the purpose of determining whether impairment has occurred. <br /> The obligation of the Operator and the Warrantor shall continue until the <br />' Board has released this Financial Warranty or has ordered it forfeited in <br />accordance with applicable provisions of the Act. It is understood that <br /> periods of years may necessarily be required before determination can be made <br /> that: reclamation of the Affected Lands has been satisfactorily completed. It <br />' is also recognized that, as reclamation is accomplished, the amount of this <br />' Financial Warranty malt' be reduced with the approval of the Board so that it <br /> reflects the then current estimated cost of the remaining reclamation of the <br /> Affected Lands. No revision, extension, or renewal of the permit, or of the <br />' times allowed to complete reclamation, shall diminish the Operator's or <br /> Warrantor's obligation under this Financial Warranty. No misrepresentation by <br /> the Operator which may have induced the Warrantor to execute this Financial <br /> Warranty shall be arty defense to demand by the State under this agreement. <br /> In aqy single year during the life of the permit, the amount of the Financial <br /> Warranty shall not exceed the estimated cost of fully reclaiming all lands to <br />' be affected in said year, plus all lands affected in previous permit years and <br /> not yet fully reclaimed. Reclamation costs shall be computed with reference <br /> to current reclamation costs. <br />' <br />1 _ <br />