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RULE 2 PERMITS <br />BOND NO. 11127471685 <br />-3- <br />hereof) and the Board or Division shall concurrently identify such areas in writing, and notify the <br />Principal and the surety thereof. Thereafter, the obligation of the surety shall be limited to reclamation <br />of the areas so identified. <br />(5) The consideration for surety's execution of this agreement is the promise of the <br />Principal to pay the premiums, but failure by the Principal to pay such premiums shall not invalidate <br />or diminish surety's obligation hereunder. <br />(6) The description of lands herein set forth is for convenience of reference only, and no <br />error in such description, nor any revision of the permitted mining area, nor the disturbance by the <br />Principal of lands outside of the permitted mining area shall alter or diminish the obligation of the <br />Principal or the surety hereunder, which shall extend to the reclamation of all such lands disturbed. <br />(7) The obligation of this bond shall continue (unless cancelled pursuant to paragraph (3) <br />hereof) until released in writing by the State, with the concurrence of OSMRE, in accordance with <br />applicable laws specifying bond release procedures. The parties understand that periods of years may <br />necessarily be required before determination can be made that reclamation work has been <br />satisfactorily completed. No revision, extension, or renewal of the Operator's mining permit, or of the <br />time allowed the Operator to complete reclamation shall diminish surety's obligation hereunder. No <br />misrepresentation by the Principal which may have induced the surety to execute this bond shall be <br />any defense to demand by the State under this agreement. <br />(8) The surety will give prompt written notice, mailed by certified mail, to the Principal, at <br />its address herein stated, and to the Division at 1313 Sherman Street, Room 215, Denver, Colorado <br />80203, of any notice received or action filed alleging the insolvency or bankruptcy of the surety, or <br />alleging any violations of regulatory requirements which could result in suspension or revocation of <br />the surety's license to do business. <br />(9) In the event the surety becomes unable to fulfill its obligations under the bond for any <br />reason, written notice shall be mailed immediately, by certified mail, to the Principal and the Division. <br />(10) The State may make demand upon the surety for payment hereunder if the Board or the <br />Division determines, and the OSMRE concurs, that reclamation which ought to have been performed <br />pursuant to the Plan by the Principal, or its successors or assigns, remains unperformed, and if surety <br />forfeiture procedures required by law have been initiated. No other condition precedent need be <br />fulfilled to entitle the State to receive the amount so demanded. However, if, upon completion of <br />reclamation, the amounts expended for reclamation shall be less than the amount received from the <br />surety, the excess shall be promptly refunded to the surety. <br />(11) If demand is made upon the surety for payment of an amount due to the State <br />hereunder, and if the surety fails to make payment of such amount within ninety (90) days after the <br />date of receipt of such demand by the surety, and if it should thereafter be determined, by agreement <br />of the surety of by final judgement of court, that the amount demanded was properly payable, surety <br />agrees to pay to the State, in addition to the amount demanded, interest a the prime rate in effect from <br />time to time at The First National Bank of Denver for the period commencing at the end of such <br />ninety-day period and ending on the date of actual payment. <br />Rule 2 Permits 2-15 Revision Date: 6/23/08 <br />Revision No.: MR-91