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<br />The obligation of the Operator shall continue until the Board has released this financial warranty or has <br />ordered it forfeited in accordance with applicable provisions of the Act. It is understood that periods of years <br />may necessarily be required before determination can be made that reclamation of the Affected Lands has been <br />satisfactorily completed. It is also recognized that, as reclamation is accomplished, the amount of this financial <br />warranty may be reduced with the approval of the board so that it reflects the then current estimated cost of the <br />remaining reclamation of the Affected Lands. No revision, extension, or renewal of the permit or of the time <br />allowed to complete reclamation shall diminish the Operator's obligation under this Financial Warranty. <br />Upon completion of reclamation by the Operator, and if the Board finds the reclamation satisfactory, <br />the Board shall release the Financial Warranty and cause the state treasury to issue a check payable to the <br />Operator in the original amount of this Financial Warranty. <br />In any single year during the life of the permit, the amount of the Financial Warranty shall not exceed <br />the estimated cost of fully reclaiming all lands to be affected in said year, plus all lands affected in previous <br />permit years and not yet fully reclaimed. Reclamation costs shall be computed with reference to current <br />reclamation costs. <br />The amount of this Financial Warranty is based upon estimates as to the cost of reclamation, and does <br />not operate to liquidate, limit, enlarge, or restrict the Operator's obligations to complete the reclamation, even <br />though the actual costs thereof may substantially exceed the amount of this Financial Warranty. <br />This Financial Warranty shall be subject to forfeiture whenever the Board determines that any one or <br />more of the following circumstances exist: <br />1. A Cease and Desist Order entered pursuant to Section 34-32-124 of the Act has been <br />violated, and the corrective action proposed in such order has not been completed although ample time to have <br />done so has elapsed; or <br />2. . The Operator is in default under its Performance Warranty, and such default has not <br />been cured although written notice and ample time to cure such default has been given; or <br />3. The Operator has failed to maintain its Financial Warranty in good standing as required <br />by the Act; or <br />4. The Operator no longer has the financial ability to carry out its obligations in <br />accordance with the Act. <br />The description of lands herein is for convenience of reference only, and no error in such description, <br />nor any revision of the permitted mining area, nor the disturbance by the Operator of lands outside of the <br />permitted mining area shall alter or diminish the obligations of the Operator hereunder, which shall extend to <br />the reclamation of all 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 under 36 C.F.R. 228.13, then, <br />the Operator having requested that the Board and the U.S.F.S. accept this single Financial Warranty in lieu of <br />the separate bonds which would otherwise be required by applicable law, hereby agrees that, notwithstanding <br />any other provision hereof, or of law, this Financial Warranty shall remain in full force and effect until U.S.F.S. <br />has advised the Board by written notice that the Operator's obligations to U.S.F.S. for which this warranty is <br />executed have been satisfied and until its release has been approved by the Board.