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-2- WHEREAS, the Operator and UNITED PACIFIC INSURANCE COMPANY (the "Warruuor"), a corporation organized and existing under the laws of the State of PENNSYLVANIA and duly authorized to traruact a bonding and surety business in the State of Colorado aze hereby and fuml.y bound unto the State in the Sum of TEN THOUSAND ONE HUNDRED AND NO)nbfl®rs (S 10.100.00**+~*****1 for the life of mine or until such time as replacement is received, for the payment of which sum, well and truly made, we hereby bind ourselves and out personal representatives, successors and assigns, jointly sad severally, firmly'by these presents. WHEREAS, the Board has determined, in accordance with the Aa, that the estimated costs of reclamation of the Affected Lands are those amounts for the stated periods of time as su forth herein. Said amount may be amended from time to time to reflect revised estimates of said torts of rxl:unation. WHEREAS, the Operator and the Warrantor, in accordance with the Aa, has promised and hereby promises the Board that it will be responsible for all the estimated costs of reclamation with regard to the Afftcted Lands. w WHEREAS, the Board has determined that this Financial Warranty by the Warrantor equals the estimated costs of reclamation, as approved by the Boazd, with regrd to the Affected Lands. NOW, THEREFORE, the Operator and the Warrantor aze held hereby firmly unto thr State of Colorado in the amount of those sums for those periods of time as su forth herein, until this Financial Warranty is amended or released in accordance with applicable law. The Board may, for good txuse shown, increase or decrease the amount ,and duration of this Financial Warranty. The Operator shall have sixty (60} days after the date of notice of any such adjt~smrent to inaease the surety amount, but no such inaease shall bind the Wamntor unless and until it .shall have coasarted thereto in writing by the issuance of an additional Fitancial Warranty or by an enlotsetnent to this Financial Watraaty. The Operator and the Wamator shall notify the Board immediately of any event which may impair this Financial Warranty, If the Board receives such nodce, or otherwise has rzason to believe that this Financial Warranty has bees materially impaired, it tray convene a hearing is accordance with rho Aa for the purpose of detetatining whether impairment has occurred. The obligation of the Operator and the Warrantor shall continue until the Board has released this Financial Wamnry or has ordered it forfeited in accordance with applicable provisions of the Aa. It is understood that periods of years may necessarity be required before determination can be made that ceclamadon of the Affected Lands has been satisfactorily completed. It is also recognized that, as reclamation is accomplished, the amount of this Financial Warranty tray be reduced with dte approval of the Boazd so that it reflects the then current estimated cost of the remaining reclamation of the Affected Lands. No revision, extension, or renewal of the permit, or of the time allowed to complete rxlamation, shall diatinish the Operator's or Warrantor's obligation under this Financial Warranty. No misreptesentadon by the Operator which may have induced rho Warrantor to execute this Financial Warranty shall be any defense to demand by the State under this agreement. In any single year during the life of the permit, the atrtount of the Financial Warranty shall not exceed the estimated cost of fully reclaiming all lands to be affected in said year, plus all land: affected in previous permit years and not yet fully reclaimed. Reclamation costs shall be computed with reference to current reclarrution cosu.