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-2- <br />WHEREAS, the Operator and SAFECO INS CO. OF AMERICA <br />(the "Warrantor"), a corporation <br />organized and eadstimg under the laws of the State of WASHINGTON and duly authorized to transact a <br />bonding and surety.bushms in the State of Colorado are hereby and firmly bound unto the State in the sum of <br />FIFTY ,EIGHT THOUSAND AND <br />00 7100 * * Dollars ($ 58,000.00** <br />) for the life of mine or until such time as <br />replacement is received, for the payment of which sum, well and truly made, we bereby bind ourselves and our personal <br />representatives, successors and assigns, jointly and severally, firmly by these presents. <br />WHEREAS, the Board has determined, in accordance with the Azt, that the estimated costs of re lamation of the <br />Affected Lands are arose amounts for the stated periods of time asset forth bet+ein. Said amormtmay be amended from time <br />to time to reflect revised estimates of said costs of reclamation. <br />WHEREAS, the Operator and the Warrantor, in accordance with the Act, has promised and hereby promism the Board <br />that it will be responsible for all the estimated costs of reclamation wide regard to the Affected Lands. <br />WHEREAS, the Board has determined that this Financial Warranty by the Warrantor equals the estimated costs of <br />reclamation, as approved by the Board, with regard to the Affected Lands. <br />NOW, THEREFORE, the Operator and the Warrantor are 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 released in <br />accordance with applicable law. <br />The Board may, fcw good seise shown, increase or daaease the amore andduratm of this Financial Warranty. The <br />Operator shall have scdy (60) days after the date of notice of any such adjustment to Maease the surety amount, but no such <br />increase shall bind the Warrantor unless and until it shall have consented drtreto in writing by the issuance of an additional <br />Financial Warranty or by an endorsement to this Financial Warranty. <br />The Operator and the Warrantor shall notify the Hoard immediately of any event which may impair this Financdal Warranty. <br />If the Board receives such notice, or odic w= has reason to believe that this Finandal Warranty has been materially <br />impaired, it may convene a hearing in accordance with the Act for the pugx= of determining whether impaknicnt has <br />occurred. <br />The obligation of the Operator and the Warrantor shall continue until the Board has released this Financial Wwwly orbas <br />ordered it h rfmW in acmdanee with applicable provisions of the Act. It is understood that periods of years may <br />necessarily be required before deteannima m can be made that reclamation of the Affected Lands has been satisfactorily <br />comple toi It is also recognmd tbat, as redamation is accomplished, the amount of&s Finandal Waaantymacy be reduced <br />with the approval of the Board so that it reflects the then current estimated cost of the remainingred ma Lion of the Affected <br />Lands. No revision, cacusion, or r e ewal of the permit, or of the time allowed to complete reclamation, shall diminish the <br />Operator's or Warrantor's obligation under this Fmsacial Warranty. No oration by the Opaatorwhichmay have <br />induced the Warrantor to execute this Financial Warranty shall be any defense to demand by the State umderdus agreement <br />In any single year during the life of the permit; do amount of the Financial Warranty shall not eeceood the estimated cost of <br />fully reclaiming all lands to be affected in said year, pie all lands aff xwd in previous permit yews and not yet filly <br />reclaimed. Reclarnatiom.costs shall be computed with rdamace to cm. reclamation costs.