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? - <br />-2- <br />WHEREAS, in its application for the permit, the Operator has agreed with the Board to provide <br />for reclamation of the Affected Lands that are now, or may become, subject to the permit, as required <br />by law. <br />WHEREAS, the Board has determined, in accordance with the Act, that the estimated costs of <br />reclamation of the Affected Lands are those amounts for the stated periods of time as set forth herein. <br />Said amount may be amended from time to time to reflect revised estimates of said costs of <br />reclamation. <br />WHEREAS, The Operator, in accordance with the Act, has promised and hereby promises the <br />Board that it will be responsible for all of the estimated costs of reclamation with regard to the <br />Affected Lands. <br />WHEREAS, the Board has determined that the Financial Warranty by the Operator equals the <br />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 plroceeded pursuant to <br />Section 3432-117(3)(a)(11) of the Act and has caused the western teat iona Bank <br />of Colorado Springs , State of Colorado (the "Bank") <br />to issue its Irrevocable Letter of Credit No. 740 dated 3/9/01 <br />payable to the Board in the amount of Five T Dusan Dollars ($ ' ?- ) <br />for the period from 3 / 9 / 01 -,through 3/9/02 <br />and has delivered it to the Board to be held by the Board as roof of the <br />Y p Operator's financial <br />responsibility under this financial warranty. The Bank is not a party to this agreement; its obligations <br />are set forth in its Letter of Credit. Nothing in this Financial Warranty diminishes or qualifies the <br />Bank's obligation under its Letter of Credit. <br />NOW THEREFORE, the Operator is 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 <br />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 financial <br />warranty. Additionally, the Warrantor reserves the right to cancel this Financial Warranty, effective <br />only upon an anniversary date, and only by giving written notice to the effect, mailed by Certified <br />Mail, at least ninety (90) days prior to such anniversary date, addressed to both the operator at its <br />address herein stated, and to the Board or Division at the address herein stated. If the Board receives <br />such notice, or otherwise has reason to believe that this Financial Warranty has been materially <br />impaired, it may convene a hearing in accordance with the Act for the purpose of determining <br />whether impairment has occurred.