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t <br />-2- <br />applicable rules and regulations of the Board, as amended from time to time. <br />W1; lEREAS, in the application for the permit, the Operator has agreed with the Board to provide for reclamation of the <br />Affected Lands that are now, or may become, subject to the permit, as required by law. <br />WHEREAS, the Operator and Employers Mutual Casualty Company (the "Warrantor"), a corporation <br />organized and existing under the laws of the State of IA and duly authorized to transact a <br />bonding and surety business in the State of Colorado are hereby and firmly bound unto the State in the sum of <br />Twenty Two Thousand Nine <br />Hundred Twenty Eight Dollars and 001100 Dollars (mm <br />3t_ 22.928.00 1 for the life of mine or until such time as <br />replacement is received, for the payment of which sum, well and truly made, we hereby bind ourselves and our personal <br />representatives, successors and assigas, jointly and severally, firmly by these presents. <br />WHEREAS, the Board bas determined, in accordance with the Act, that the estimated costs of reclamation of the <br />Affected Lands are those amounts for the stated periods of tine asset forth herein. Said amount maybe amended from time <br />to time to reflect revised estimates of said costs of'reclamation. <br />WHEREAS, the Operator and the Warrantor, in accordance with the Act, has promised and herebypromises the Board <br />that it will be responsible for all the estimated costs of reclamation with regard to the Affected Lands. <br />WHEREAS, the Board has determined that this Financial Warranty by the Warrantor equals the estimated costs of <br />reclamation, as approved by the Board, with regard to the Affected Lands. <br />NOW, THEREFORE, the Operator and the Warrantorare held hereby firmly unto the State of Colorado in the amount <br />of those sums for those periods of time as set forth herein, until this Financial Warranty is amended or releasedin accordance <br />with applicable law. <br />The Board may, for good cause shown, increase or decrease the amount and duration of this Financial Warranty. The <br />Operator shall have sixty (60) days after the date ofnotiee ofanysuch adjustment to increase the surety amount, but no such <br />increase shall bind the Warrantor unless and until it shall have consented thereto in writingby the issuance of an additional <br />Financial Warranty or by an endorsement to this Financial Warranty. <br />The Operator and the Warrantor shall notifytheBoard immediately of any event which mayimpair thisFinancial Warranty. <br />If the Board receives such notice, or otherwise has reason to believe that this Financial Warranty has been materially <br />impaired, it may convene a hearing in accordance with the Act for the purpose of determining whether impairment has <br />occurred. <br />The obligation of the Operator and the Warrantor shall continue until the Board has released this Financial Warranty orhas <br />ordered it forfeited in accordance with applicable provisions of the Act. It is understood that periods of years may <br />necessarily be required before determination can be made that reclamation of the Affected Lands has been satisfactorily <br />completed. It is also recognized that as reclamation is accomplished, the amount ofthis Financial Wmmty maybe reduced <br />with the approval of the Board so that it reflects the then current estimated cost ofthe remaining reclamation ofthe Affected <br />Lands. No revision, extension, or renewal of the permit, or of the time allowed to complete reclamation, shall diminish the <br />Operator's or Warrantor's obligation under this Financial Warranty. No misrepresentation by the Operator which mayhave <br />induced the Warrantor to execute this Financial Warranty shall be any defense to demand bythe State under this agreement. <br />In any single year during the life of the permit, the amount of the Financial Warranty shall not exceed the estimated cost of <br />fully reclaiming all lands to be affected in said year, plus all lands affected in previous permit years and not yet fully <br />reclaimed Reclamation costs shall be computed with reference to current reclamation costs.