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-2- <br />WHEREAS, the Operator and <br />WASHINGTON INTERNATIONAL <br />INSURANCE COMPANY (the "Warrantor"), a corporation <br />organized and existing under the laws of the State of ARIZONA and duly authorized to. transact a <br />bonding and surety business in the State of Colorado are hereby and firmly bound unto the State in the sum of <br />ONE HUNDRED SIXTY * Dollars ($ 162 , 454.00----- ) for the life of mine or until such time as replacement is <br />received, for the payment of which sum, well and truly made, we hereby bind ourselves and our personal representatives, <br />successors and assigns, jointly and severally, firmly by these pmts. <br />WHEREAS, the Board has determined, in accordance with the Act, that the estimated costs of reclamation of the Affected <br />Lands are those amounts for the stated periods of time asset forth herein. S aid.amount maybe amended from time to time to <br />reflect revised estimates of said costs of reclamation. <br />WHEREAS, the Operator and the Warrantor, in accordance with the Act, has promised and hereby premises the Board that <br />it will be responsible for all the estimated costs of reclamation with 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 of <br />d sums for those periods of time as set forth herein, until this Financial Warranty is amended or released in accmbnce with <br />applicable law. <br />The Board may, for good cause shown, increase or decrease the amount and duration of this Financial Warranty. The Operator <br />shall have sixty (60) days after the date of notice of any such adjustment to increase the surety amount, but no such increase <br />shall bird the Warrantor unless and until it shall have consented thereto in writing by the issuance of an additional Financial <br />Warranty or by an endorsement to this Financial Warranty. <br />The Operator and the Warrantor shall notify the Board immediately of any event which may impair this Financial Warranty. If <br />the Board receives such notice, or otherwise has reason to believe that this Financial Warranty has been materially impaired, it <br />may convene a hearing in accordance with the Act for the purpose of determining whether impairment has occurred. <br />The obligation of the Operator and the Warrantor shall continue until the Board has released this Financial Warranty or has <br />ordered it forfeited in accordance with applicable provisions of the Act. It is understood that periods of years may necessarily <br />be required before determination can be made that reclamation of the Affected Lands has been satisfactorily completed. It is <br />also recognized that, as reclamation is accomplished, the amount of this Financial Warranty may be reduced with the approval <br />of the Board so that it reflects the then current estimated cost of the remaining reclamation of the Affected Lands. No revision, <br />extension, or renewal of the permit, or of the time allowed to complete reclamation, shall diminish the Operator's or Warrantor's <br />obligation under this Financial Warranty. No misrepresentation by the Operator which may have induced the Warrantor to <br />execute this Financial Warranty shall be any defense to demand by the State under this agreement. <br />In any single year during the life of the permit, the amount of the Financial Warranty shall not exceed the estimated cost of fully <br />reclaiming all lands to be affected in said year, plus all lands affected in previous permit years and not yet fully reclaimed. <br />RP^' amation costs shall be computed with reference to current reclamation costs. <br />t TWO THOUSAND FOUR HUNDRED FIFTY FOUR AND 00/100-------------