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-4- <br />This Financial Warranty shall be subject to forfeiture whenever the Board determines that any one <br />or more of the following circumstances exist: <br />1. A Cease and Desist Order entered pursuant to Section 34-32-124 of the Act <br />has been violated, and the corrective action proposed in such Order has not been completed, although <br />ample time to have done so has elapsed; or <br />2. The Operator is in default under its Performance Warranty, and such default has <br />not 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 <br />required by the Act; or <br />4. The Financial Warrantor no longer has the financial ability to carry out its <br />obligations in accordance with the Act. <br />The description of lands herein is for convenience of reference only, and no error in such <br />description, nor any revision of the permitted mining area, nor the disturbance by the Operator of <br />lands outside of the permitted mining area shall alter or diminish the obligations of the Warrantor <br />and/or the Operator hereunder, which shall extend to the reclamation of all such lands disturbed. <br />If this Financial Warranty applies to National Forest System lands, and if this Financial Warranty <br />is accepted by the United States Forest Service ("U.S.F.S.") as the bond required under <br />36 C.F.R. 228.13, then the Operator, having requested that the Board and the U. S.F. S. accept this <br />single Financial Warranty in lieu of the separate bonds which would otherwise be required by <br />applicable law, hereby agrees that, notwithstanding any other provision hereof, or of law, this <br />Financial Warranty shall remain in full force and effect until U.S.F.S. has advised the Board by written <br />notice that the Operator's obligations to U. S.F. S., for which this Warranty is executed, have been <br />satisfied, and until the financial warranty has been released by the Board. <br />If this Financial Warranty applies to lands under the jurisdiction of the State Board of Land <br />Commissioners ("Land Board"), and if this Financial Warranty, in whole or in part, is accepted by the <br />Land Board as the bond required under its applicable law and procedures, then the Operator, having <br />requested that the Board accept this Financial Warranty in lieu of the separate bonds which would <br />otherwise be required by the Colorado Mined Land Reclamation Board or Division of Minerals and <br />Geology and by the Land Board, hereby agrees that, notwithstanding any other provision hereof, or <br />of law, this Financial Warranty shall remain in full force and effect until the Board is notified in <br />writing by the Land Board that the Operator's obligations to the Land Board, for which this Warranty <br />is executed, have been satisfied, and until the financial warranty has been released by the Board. <br />If all or any part of the Affected Lands are under the jurisdiction of the Bureau of Land <br />Management, United States Department of the Interior (the "BLM"), and if at the request of the <br />Operator on this Financial Warranty the BLM has, pursuant to 43 C.F.R. 3809.1-9, accepted this <br />Financial Warranty in lieu of requiring a separate reclamation bond payable to the Untied States, then, <br />notwithstanding any other provision of this Financial Warranty, or of law, the Operator hereby agrees <br />that this Financial Warranty shall not be released until the Board is advised in writing by the BLM that