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<br />-2- <br /> <br />WHEREAS, as proof of its financial responsibility, the Operator has <br />proceeded pursuant to Section 34-32-117(3)(a)(III) of the Act and has caused <br />the COMMERCIAL Bank of <br />T.F.AnVTT.i.F ? <br />State of COLORADO (the "Bank") to issue a Certificate of Deposit, <br />No. 007683 dated June 15 , '9n payable to the Board <br />in the amount of FIVE THOUSAND AND NO/ Dollars ($ 5.000.00 ) <br />for the period from June 15 , 190 through June 15 195_. <br />and has delivered it to the e, to be 'held by the state as proof o the <br />Operator's financial responsibility under this Financial Warranty. The Bank <br />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 <br />qualifies the Bank's obligations under its Certificate of Deposit. <br />NOW, THEREFORE, the Operator is held hereby firmly unto the State of <br />Colorado in the amount of those sums for those periods of time as set forth <br />herein, until this Financial Warranty is amended or released in accordance <br />with applicable law. <br />The Board may, for good cause shown, increase or decrease the amount and <br />duration of this Financial Warranty. The Operator shall have sixty (60) days <br />after the date of notice of any such adjustment to fulfill all new <br />requirements. <br />The Operator shall notify the Board immediately of any event which may impair <br />this Financial Warranty. If the Board receives such notice, or otherwise has <br />reason to believe that this Financial Warranty has been materially impaired, <br />it may convene a hearing in accordance with the Act for the purpose of <br />determining whether impairment has occurred. <br />The obligation of the Bank shall continue until released in writing by the <br />Board in accordance with applicable laws specifying Financial Warranty release <br />procedures. <br />The Board may present for payment any Certificate of Deposit held hereunder <br />and convert the same to cash if the Board determines that reclamation which <br />ought to have been performed by the Operator, or its successors or assigns, <br />remains unperformed. No other condition precedent need be fulfilled to <br />entitle the Board to receive the amount of any such Certificate. However, if, <br />upon completion of such reclamation by the Board, the cost of reclamation <br />shall be less than the amount received from the Bank, the excess shall be <br />promptly refunded to the Operator. <br />The obligation of the operator shall continue until the Board has released <br />this Financial Warranty, or has ordered it forfeited in accordance with <br />applicable provisions of the Act. It is understood that periods of years may <br />necessarily be required before determination can be made that reclamation of <br />the Affected Lands has been satisfactorily completed. It is also recognized <br />that, as reclamation is accomplished, the amount of this Financial Warranty