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2- <br />WHEREAS, in the application for the permit, the Operator has agreed with the Board to <br />provide. for reclamation of the Affected Lands that are now, or may become, subject to the <br />permit, as required by law. <br />WHEREAS, the Board has determined, in accordance with the Act, that the estimated costs <br />of reclamation of the Affected Lands are those amounts for the stated periods of time as set forth <br />herein. Said amount may be amended from time to time to reflect revised estimates of said costs <br />of reclamation. <br />WHEREAS, the Operator, in accordance with the Act, has promised and hereby promises <br />the Board that it will be responsible for all the estimated costs of reclamation with regard to the <br />Affected Lands. <br />WHEREAS, the Board has determined that the Financial Warranty by the Operator equals <br />the estimated costs of reclamation, as approved by the Board, with regard to the Affected Lands. <br />WHEREAS, as proof of its financial responsibility, the Operator has pr ceeded pursuant <br />to Section 34-32-117(3)(a)(III) of the Act and has caused the f Cc c?io na <br />Bank of :U U r 11 , State of I o rn <br />(the "Bank") to issue a Cert icate of Deposit, No. dated <br />/q9 (o , payable to the Board in the amount of <br />Dollars ($??, nop. 6-40= ) for the life of the mine or the period <br />from i n , /9-/- A through --D,, -, <br />and has delivered it to the State, to be held by the State as proof of the Operator's financial <br />responsibility under this Financial Warranty. The Bank is not a party to this agreement. Its <br />obligations are set forth in its Certificate of Deposit. Nothing in this Financial Warranty <br />diminishes or qualifies the Bank's obligations under its Certificate of Deposit. <br />NOW, THEREFORE, the Operator is held hereby firmly unto the State of Colorado in the <br />amount of those sums for those periods of time as set forth herein, until this Financial Warranty <br />is amended or released in accordance with applicable law. <br />The Board may, for good cause shown, increase or decrease the amount and duration of this <br />Financial Warranty. The Operator shall have sixty (60) days after the date of notice of any such <br />adjustment to fulfill all new requirements. <br />The Operator shall notify the Board immediately of any event which may impair this Financial <br />Warranty. If the Board receives such notice, or otherwise has reason to believe that this <br />Financial Warranty has been materially impaired, it may convene a hearing in accordance with <br />the Act for the purpose of determining whether impairment has occurred. <br />The obligation of the Bank shall continue until released in writing by the Board in accordance <br />with applicable laws specifying Financial Warranty release procedures.