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-2- <br />WHEREAS, in its 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 of the estimated costs of reclamation with regard to <br />the 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 proceeded pursuant to <br />Section 34-32-117(3)(a)(H) of the Act and has caused the Centennial <br />Bank of Pueblo , State of Colorado <br />(the "Bank") to issue its Irrevocable Letter of Credit No. 135 dated <br />June 24. 1998 , payable to the Board in the amount <br />of twenty-'thousand six-hundred Dollars ($ 20,600.00 ) for the period from <br />June 24, 1998 f , through June 24, 1999 <br />and has delivered it to the Board to be held by the Board as proof of the <br />Operator's financial responsibility under this financial warranty. The Bank is not a parry to this <br />agreement; its obligations are set forth in its Letter' of Credit. Nothing in this Financial <br />Warranty diminishes or qualifies the Bank's obligation under its Letter of Credit. <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 <br />financial warranty. Additionally, the Warrantor reserves the right to cancel this Financial <br />Warranty, effective only upon an anniversary date, and only by giving written notice to the <br />effect, mailed by Certified Mail, at least ninety (90) days prior to such anniversary date, <br />addressed to both the operator at its address herein stated, and to the Board or Division at the <br />address herein stated. If the Board receives such notice, or otherwise has reason to believe that <br />this Financial Warranty has been materially impaired, it may convene a hearing in accordance <br />with the Act for the purpose of determining whether impairment has occurred.