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.. .. • <br />-4 <br />If the Boazd shalt notify the Warrantor that the Operator is in default, and if the Board shall initiaze any <br />Financial Warranty forfeiture procedures required by law or regulation, the Warrantor may, in lieu of <br />mal~ng payment to the Board of the amount due hereunder, cause the reclamation to be timely performed <br />in accordance with all rogtfrrcments of the Act and all applicable rules and regulations. In such event, <br />when and if the ralatnation has been timely performed to the satisfaction of the Boazd or Division, this <br />Financial Warranty shall be released. If the reclamation shall not be so performed to the satisfaction of <br />the Boazd or Division, this Financial Warranty shall remain in full ford and effect. <br />This Financial Wamnty shall be subject to forfeiture whenever the Board determines that an;~ one or <br />more of the following circumstances ezisr. <br />1. A Cease a~ Desist Order eruered pursuant to Section 3432-124 of the Act ':tas been <br />violated, and the corrective action proposed in such Order has not been completed, although ample time <br />to have done so has elapsed; or <br />2. The Operator is in default under its Performance Warranty, and such default has not <br />ban sued, although written notice and ample tune to cure such default has been given; or ' <br />3. The Operator and/or the Warrantor has failed co maintain its Financial Warranty in good <br />standing as required by the Act; or <br />4. The Warrantor no longer has the financial ability to carry out its obligations in <br />at:cordance with the Act. <br />The description of ]ands herein is for convenience of rtference only, and no error is such description, <br />nor any revision of the permitted mining area, nor the disturbance by [he Operator of lands outside of <br />the permitted mining area shalt alter or diminish the obligations of the Operator and/or \Vrrantor <br />hcretmder, which shall extend to rho reclamation of alt such lands disturbed. <br />If this Financial Warranty applies to National Forest System lands, and if this Financial Warranty is <br />accepted by the United States Forest Service ("U.S.F.S.') as the bond required undo 36 C.F.F:. 252.13, <br />then the Operator, having requested that the Board and the U.S.F.S. accept this single Financial warranty <br />in lieu of the separate bonds which would otherwise be required by applicable law, hereby al;ras that, <br />notwithstanding any other provision hereof, or of law, this Financial Warranty shall remain in full force <br />and effect until U.S.F.S. has advised the Board by written notice that the Operator's obligations to <br />U.S.F.S., for which this Warranty is ezetuted, have been satisfied, and until the firtancial warranty bas <br />bees released by the Board. <br />If this Financial Warranty applies to lands under the jurisditxion of the State Boazd of Land <br />Commissioners {'Land Board'}, and if this Financial Warranty, in whole or in pan, is accepted by the <br />Land Board as the bond required under its applicable law and procedures, then the Operator, having <br />requested that the State accept this Financial Warranty in lieu of the separate bonds which would <br />otherwise be required by the Colorado Mined Land Reclamation Board of Division of Minerals and <br />Goology and by the Land Board, hereby agrees that, notwithstanding any other provision hereof, or of <br />law, this Financial Warranty shall remain in full force and effect until the Board is notified in writing by <br />the Land Board that the Opentor's obligations to the Land Board, for which this Warranty is executed. <br />have ban satisfied, and until the financial warranty has been released by the Board. <br />