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<br />-2- <br />WHEREAS, as proof of its financial responsibility, the Operator has <br />proceeded pursuant to Section 34-32-117(3)(2)(II) of the Act and has caused <br />the UNITED <br />Bank of GRAND JUNCTION State <br />of _ o aD (the "Bank") to issue its irrevocable Letter of <br />Credit No. 403 JFP dated FEBRUARY 22 _ 1991 , payable to the <br />Board in the amount of TWENTY-FIVE THOU. Dollars ($ 25,000 ) for the <br />period from FEBRUARY 22 , 1991, through FEBRUARY 21 , 1992 <br />and has del ivere i o ffie . oar tome hel-d'by the oar as proof o he <br />Operator's financial responsibility under this financial warranty. The Bank <br />is not a party to this agreement; its obligations are set forth in its Letter <br />of Credit. Nothing in this Financial Warranty diminishes or qualifies the <br />Bank's obligation under its Letter of Credit. <br />NOW THEREFORE, the Operator is held hereby firmly unto the State of <br />Colorado in the amount of those sums for those periods of time as set forth <br />herein, until this financial warranty is amended or released in accordance <br />with applicable law. <br />The Board may, for good cause shown, increase or decrease the amount and <br />duration of this financial warranty. The Operator shall have sixty (60) days <br />after the date of notice of any such adjustment to fulfill all. new <br />requirements. <br />The Operator shall notify the Board immediately of any event which may <br />impair this financial warranty. If the Board receives such notice, or <br />otherwise has reason to believe that this Financial Warranty has been <br />materially impaired, it may convene a hearing in accordance with the Act for <br />the purpose of determining whether impairment has occurred. <br />No misrepresentation by the Operator which may have induced the Bank to <br />deliver its Letter of Credit shall be any defense to any draft by the State <br />under such Letter of Credit. <br />The Board may present drafts upon the Bank for payment under the Letter <br />of Credit if the Board determines that reclamation which ought to have been <br />performed by the Operator, or its successors or assigns, remains unperformed. <br />No other condition precedent need be fulfilled to entitle the Board to recaive <br />the amounts of such drafts. However, if, upon completion of such reclamation <br />by the Board, the amounts expended for reclamation shall be less than the <br />amount received from the Bank, the excess shall be promptly refunded to the <br />Operator. <br />If on to the extent that the Bank shall cancel its Letter of Credit and <br />such assurance shall not concurrently be reduced to a cash deposit as <br />substitute assurance, the Operator agrees that it will forthwith provide <br />substitute assurance, in form and substance approved by the Board, equal to <br />the amount of the Letter of Credit which has been so cancelled and not .educed <br />to a cash deposit.