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-2- WHEREAS, the Operator and Hartford Fire Insurance Company (the "Warrantor"). a corporation organized and existing under the laws of the State of Connecticut and dul} authorized to transact a bonding and surety business in the State of Colorado are hereby and firmh~ bound unto the Sate in [he sum of Two Hundred Sixty Thousand Five Hundred" Dollars (5260,500.00-•------ _) for the fife of mine or until such time as replacement is received. for the payment of which sum. well and trulc made, we hereby bind ourselves and our personal representatives, successors and assigns, jointly and severalk; firmly by these presents. WHEREAS, the Board has determined, in accordance with [he Act, that the estimated costs of reclamation of the Affected Lands are those amounts for the slated periods of time as set forth herein. Said amount may be amended from time to time to reflect revised estimates of said costs of reclamation. WHEREAS, the Operator and the Warrantor, in accordance with the Act, has promised and hereby promises the Board that it will be responsible for all the estimated costs of reclamation with regard to the Affected Lands. WHEREAS, the Boazd has determined that this Financial Warranty by the W arrantor equals the estimated costs of reclamation, as approved by the Board, with regard to the Affected Lands. NOW, THEREFORE, the Operator and the Warrantor aze held hereby firmly unto the State of Colorado in the amount of those sums for those periods of time as set forth herein, until this Financial Warranty is amended or released in accordance with applicable law. The Board may, for good cause shown, increase or decrease the amount and duration of this Financial Warrant'. The Operator shall have sixty (60) days aher the date of notice of any such adjustment to increase the sureR amount, but no such increase shall bind the Waaantor unless and until it shall have consented thereto in writing by the issuance of an additional Financial Warranty or by an endorsement to this Financial Warranty. The Operator and the Warrantor shall notify the Boazd immediately of any event which may impair this Financial Warranty. b`the Board receives such notice, or otherwise has reason to believe that this Financial Warranty has been materially impaired, it may convene a hearing in accordance with the Act for the purpose of determining whether impairment has occurred The obligation of the Operator and the Warrantor shall continue until the Board has released this Financial Warranty or has ordered it forfeited in accordance with applicable provisions of the Ac[. It is understood that periods ofyears may necessarily be required before determination can be made that reclamation of the Affected Lands has been satisfactorily completed. It is also recognized that, as reclamation is accomplished, the amount of this Financial Warranty may be reduced with the approval of the Board so that it reflects the then current estimated cost of the remaining reclamation of the Affected Lands. No recision, extension, or renewal of the permit, or of the time allowed to complete reclamation, shall diminish the Operator's or Warrantor's obligation under this Financial Warranty. No misrepresentation by the Operator which may have induced the Warrantor to execute this Financial Warranty shall be any defense to demand bv. the State under this agreement. [n any single year during the life of the permit, the amount of the Financial Warranty shall not exceed [he estimated cost of fully reclaiming all lands [o be affected in said year, plus all lands affected in previous permit years and not yet fully reclaimed. Reclamation costs shalt be computed with reference to current reclamation costs.