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7- <br />WHEREAS, in the application for the permit, the Operator has agreed with the Boar d to provide <br />for reclamation of the Affected Lands that are now, or may become, subject to the permit, as required by <br />law. <br />WHEREAS, the Board has determined, in accordance with the Act, that the estimated costs of <br />reclamation of the Affected Lands are those amounts for the stated periods of time as set forth herein. Said <br />amount may be amended from time to time to reflect revised estimates of said costs of reclamation. <br />WHEREAS, the Operator, in accordance with the Act, has promised and hereby promises 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 the Financial Warranty by the Operator equals the <br />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-proceeded pursuant to Section <br />34-32-117(3)(a)(III) of the Act and has caused the Vectra Bank Bank <br />of Montrose , State of Colorado (the "Bank") to issue a Certificate <br />ofDeposit,No. 494-950129-2 , dated September 5, 2000 , payable <br />to the Board in the amount off if teen-thousand, seven-hundred sixtMars ($ 15, 716.00 ) <br />for the life of the mine or the period from September 5 2000 through December 11 2000 <br />and has delivered it to the State, to be held by the State as proof of the Operator's financial responsibility <br />under this Financial Warranty. The Bank is not a party to this agreement. Its obligations are set forth in its <br />Certificate of Deposit. Nothing in this Financial Warranty diminishes or qualifies the Bank's obligations <br />under its Certificate of Deposit. <br />NOW, THEREFORE, the Operator is 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 <br />released in accordance with applicable law. <br />The Board may, for good cause shown, increase or decrease the amount and duration of this Financial <br />Warranty. The Operator shall have sixty (60) days after the date of notice of any such adjustment to fulfill <br />all new requirements. <br />The Operator shall notirr the Board immediately of any event which may impair this Financial Warranty. <br />If the Board receives such notice, or otherwise has reason to believe that this Financial Warranty has been <br />materially impaired, it may convene a hearing in accordance with the Act for the purpose of determining <br />whether impairment has occurred. <br />The obligation of the Bank shall continue until released in waiting by the Board in accordance with applicable <br />laws specifying Financial Warranty release procedures.