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-4- <br />If demand is made upon the Warrantor for payment of an amount due to the Board <br />hereunder, and if the Warrantor fails to make payment of such amount within <br />ninety (90) days after the date of receipt of such demand, or if it should <br />thereafter be determined, by agreement of the Warrantor or by final judgment; <br />of court, that the amount demanded was properly payable, the Warrantor agrees' <br />to pay to the Board, in addition to the amount demanded, interest at the prime <br />rate in effect from time to time at The United Bank of Denver for the period <br />commencing at the end of such ninety-day period and ending on the date of <br />actual payment. <br />i <br />If the Board shall notify the Warrantor that the Operator is in default, and <br />if the Board shall initiate any Financial Warranty forfeiture procedures <br />required by law or regulation, the Warrantor may, in lieu of making <br />the Board of the amount due hereunder, cause the reclamation to betimelynt to <br />performed in accordance with all requirements of the Act and all applicable <br />rules and regulations. In such event, when and if the reclamation has been <br />timely performed to the satisfaction of the Board or Division, this Financial <br />Warranty shall be released. If the reclamation shall not be so performed to <br />the satisfaction of the Board or Division, this Financial Warranty shall <br />remain in full force and effect. <br />This Financial Warranty shall be subject to forfeiture whenever the Board <br />determines that any one or more of the following circumstances exist: <br />1. A Cease and Desist Order entered pursuant to Section 34-32-1241 <br />of the Act has been violated, and the corrective action proposed in such Order! <br />has not been completed, although ample time to have done so has elapsed; or <br />2. The Operator is in default under its Performance Warranty, and'i <br />such default has not been cured, although written notice and ample time to <br />cure such default has been given; or <br />i <br />3. The Operator and/or the Warrantor has failed to maintain its <br />Financial Warranty in good standing as required by the Act; or j <br />i <br />4. The Warrantor and/or Operator no longer has the financial <br />ability to carry out its obligations in accordance with the Act. <br />The description of lands herein is for convenience of reference only, and no <br />error in such description, nor any revision of the permitted mining area, nor j <br />the disturbance by the Operator of lands outside of the permitted mining area <br />shall alter or diminish the obligations of the Operator and/or Warrantor <br />hereunder, which shall extend to the reclamation of all such lands disturbed. <br />If this Financial Warranty applies to National Forest System lands, and if <br />this Financial Warranty is accepted by the United States Forest Service <br />("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 <br />Warranty in lieu of the separate bonds which would otherwise be required by