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-2- <br />NOW, THEREFORE, The conditions of this obligation are such that if the <br />above bounded Principal shall, in conducting such excavation of select materials ` <br />for backfill <br />operations, faithfully perform the requirements'of the <br />reclamation plan, the provisions of the application approved by the Mined <br />Land Reclamation Board, and the conditions of the permit issued to engage <br />for <br />in excavation of select materials/operationslby the Mined Land Reclamation <br />Board, relating to the Colorado Mined Land Reclamation Act, as amended <br />(1976 Sess. Laws H.B. 1065) and the Rules and Regulations adopted pursuant <br />thereto, upon the Mined Land Reclamation Board making a finding that the <br />lands described above, or any portion of such lands have been satisfactorily <br />reclaimed and approving the Operator's request for a bond release on such <br />lands, or any portion thereof, then this obligation shall be exonerated <br />and discharged and become null and void; otherwise to remain in full force <br />and effect. <br />PROVIDED, However, the Surety shall not be liable under this Bond for an <br />amount greater in the aggregate than the sum designated in the first <br />paragraph hereof, unless increased by a later amendment to this Bond. <br />This Bond, shall be reviewed by the Board from time to time, in accordance <br />with the provisions of the Act, and the Board may request an increase in <br />the face value of this Bond to cover increases in the costs of reclamation. <br />The Surety shall not be liable as respects any obligation related to <br />materials for backfill operations <br />excavation of seclect / and reclamation operations performed after the <br />effective date of a cancellation of this Bond pursuant to the terms of <br />C.R.S. 1973, 34-32-117(3), as amended (1976 Sess. Laws H.B. 1065). This <br />Bond shall remain in force and effect as respects all obligations for <br />materials for backfill operations <br />all excavation of select/ and reclamation operations performed <br />prior to the effective date of such cancellation unless the Principal files <br />a substitute bond which: 1) assumes liability for all obligations for <br />all excavation of select/materiana reclama ion opeiationssperformed during <br />the effective dates of this bond; and 2) is acceptable to the Mined Land <br />Reclamation Board; or unless the Mined Land Reclamation Board otherwise <br />releases this surety.