2008-09-10_REVISION - M1978349 (5)

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NOW, THEREFORE, The conditions of this obligation are such that if the operator shall, in conducting such Qnen pit_ operations, faithfully perform the requirements of the reclamation plan, the provisions of the application approved by the Mined Land Reclamation-Board, and the.conditions of the permit issued to en- gage in Open Pit operations by the Mined Land Reclama- tion Board, relating to the Colorado Mined Land Reclamation Act, as amended (1976 Sess Laws H.B. 1065) and the Rules and Regulations adopted pursuant thereto, upon_ the Mined Land Reclamation Board making a finding that the lands described above, or any portion of such lands have been satisfactorily- reclaimed and approving the Operator's request for release of this surety on such lands, or any portion thereof, then this obligation shall be exonerated and discharged either in full or in part and become null and void;. otherwise to remain in. full force and effect. PROVIDED, However, the operator shall not be liable under this surety agreement for an amount greater ?i:n the aggregate than t'r_e sum designated in the first paragraph hereof, unless increased by a later amendment to this surety agreement. This surety agree- ment shall be reviewed by the Board from time to time, in accord- ance with the provisions of the Act, and the Board may request an increase in the face value of this surety agreement to cover in- creases in the costs of reclamation. In the event the effective dates of this surety, expire before the Board. finds the lands. de- scribed above to have been satisfactorily reclaimed, then on or before such. expiration date the Board shall make a. demand for pay- ment on the surety submitted to it pursuant to this agreement to the proper parties and use such funds to perform the necessary reclamation operations unless the operator files a substitute surety acceptable to the Mined Land Reclamation Board which specifically assumes liability for all obligations for all Open Pit ...... -2-