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<br />-~+- <br />if the Board shall notify the Warrantor that the Operator is in default, and if the Board shall initiate any Financial <br />Wan-anh forfeiture procedures required by law or regulation, the Warrantor may. m lieu of mal:utg payment tc <br />the Board of the amount due hereunder, cause the reclamation to be timely performed in accordance with all <br />requirements of the Act and all applicable rules and regulations. In such event. when and if the re=lamation has <br />been timely performed to the satisfaction of the Board or Division, this Financial Warranty shall be released. <br />ICthe reclamation shall not be so performed to the satisfaction of the Board or Division. this Financial Warrann <br />shall remain in full Corcc and effect <br />This Financial Warranty shall be subject to forfeiture whenever the Board determines that any one or more of <br />the following circumstances exist <br />1. A Cease and Desist Order entered pursuant to Section 34-32-124 of the Act has been <br />violated, and the corrective action proposed in such Order has not been completed. althoueh ample time to have <br />done so has elapsed; or <br />Z. The Operator is in default under its Performance Warrant. and such default has not been <br />cured, although written notice and ample time to cure such default has been given: or <br />3. The Operator and/or the Warrantor has failed to rruaintain its Financial Wananty in eood <br />standing as required by the Act: or <br />4. The Warrantor no longer has the fmancial ability to cam out its obligations in <br />accordance with the Act. <br />The description of lands herein is for convenience of reference only, and no error in such description, nor any <br />revision of the peratitted mining area, nor the disturbance by the Operator of lands outside of the permitted <br />mining area shall alter or diminish the obligations of the Operator and/or Warrantor hereunder, which shall <br />extend to the reclamation of all such lands disturbed. <br />If this Financial Warranty applies to National Forest System lands, and if this Financial Warranty is accepted <br />by the United States Forest Service ("U.S.F.S.") as the bond required under 36 C. F. R 252.13, then the Operator, <br />having requested that the Board and the U.S.F.S. accept this single Financial Warrant in lieu of the separate <br />bonds which would otherwise be required by applicable law, hereby agrees that, notwithstanding any other <br />provision hereof or of law, this Financial Warranty shall remain in full force and effect until [1.S.F.S. has <br />advised the Board by written notice that the Operator's obligations to U.S.F.S._ for which this Warrant is <br />executed, have been satisfied, and until the financial warranty has been released by the Board. <br />If this Financial Warranty applies to lands under the jurisdiction of the State Board oC Land Conunissioners <br />("Land Board"), and if this Financial Warranty, in whole or al part, is accepted by the Land Board as the bond <br />required under its applicable law and procedures, then the Operator. having requested that the State accept this <br />Financial Warranty in lieu of the separate bonds which would otherwise be required by the Colorado [vtined Land <br />Reclamation Board or Division of Iviinerals and Geology and by the Land Board, hereby agrees that. <br />notwithstanding any other provision hereof. or of law, this Financial WarranR shall remain al full force and <br />effect until the Board is notified in writing by the Land Board that the Operator's obligations to the Land Board. <br />for which this Warranty is executed, have been satisfied, and until the financial warranty has been released b_w <br />the Board. <br />