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-4- <br />If the Board shall notify the Warrantor that the Operator is in default, and if the Board shall initiate any <br />Financial Warranty forfeiture procedures required by law or regulation, the Warrantor may, in lieu of <br />making payment to the Board of the amount due hereunder, cause the reclamation to be timely performed <br />in accordance with all requirements of the Act and all applicable rules and regulations. In such event, <br />when and if the reclamation has been timely performed to the satisfaction of the Board or Division, this <br />Financial Warranty shall be released. If the reclamation shall not be so performed to the satisfaction of <br />the Board or Division, this Financial Warranty shall remain in full force and effect. <br />This Financial Warranty shall be subject to forfeiture whenever the Board determines that any one or <br />more of the following circumstances exist: <br />1. A Cease and Desist Order entered pursuant to Section 34-32-124 of the Act has been <br />violated, and the corrective action proposed in such Order has not been completed, although ample time <br />to have done so has elapsed; or <br />2. The Operator is in default under its Performance Warranty, and such default has not <br />been cured, although written notice and ample time 'to cure such default has been given; or <br />3. The Operator and/or the Warrantor has failed to maintain its Financial Warranty in good <br />standing as required by the Act; or <br />4. The Warrantor no longer has the financial ability to carry out its obligations in <br />accordance with the Act. <br />The description of lands herein is for convenience of reference only, and no .error in such description, <br />nor any revision of the permitted mining area, nor the disturbance by the Operator of lands outside of <br />the permitted mining area shall alter or diminish the obligations of the Operator and/or Warrantor <br />hereunder, which shall extend to the reclamation of all such lands disturbed. <br />If this Financial Warranty applies to National Forest System lands, and if this Financial Warranty is <br />accepted by the United States Forest Service ("U.S.F.S. ") as the bond required under 36 C.F.R. 252.13, <br />then the Operator, having requested that the Board and the U.S.F.S. accept this single Financial Warranty <br />in lieu of the separate bonds which would otherwise be required by applicable law, hereby agrees that, <br />notwithstanding any other provision hereof, or of law, this Financial Warranty shall remain in full force <br />and effect until U.S.F.S. has advised the Board by written notice that the Operator's obligations to <br />U.S.F.S., for which this Warranty is executed, have been satisfied, and until the financial warranty has <br />been released by the Board. <br />If this Financial Warranty applies to lands under the jurisdiction of the State Board of Land <br />Commissioners ("Land Board"), and if this Financial Warranty, in whole or in part, is accepted by the <br />Land Board as the bond required under its applicable law and procedures, then the Operator, having <br />requested that the State accept this Financial Warranty in lieu of the separate bonds which would <br />otherwise be required by the Colorado Mined Land Reclamation Board or Division of Minerals and <br />Geology and by the Land Board, hereby agrees that, notwithstanding any other provision hereof, or of <br />law, this Financial Warranty shall remain in full force and effect until the Board is notified in writing by <br />the Land Board that the Operator's obligations to the Land Board, for which this Warranty is executed, <br />have been satisfied, and until the financial warranty has been released by the Board.