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<br /> <br />WHEREAS. the Operator and Bond Safeguard Insurance Company. <br />organized and existing under the la%?s of the State of <br />Illinois <br />(the Warrantor"), a corporation <br />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 Ten Thousand Six Dollars ($110, 614.00 ) for the life of mine or until such time as <br />Hun re Fourteen and 00 100 <br />replacement is received; for the payment of which sum, well and truly made; we hereby bind ourselves and our personal <br />representatives, successors and assigns, jointly and severally, firmly by these presents <br />WHEREAS, the Board has determined, in accordance with the Act, that the estimated costs of reclamation of the <br />Affected Lands are those amounts for the stated periods of time as set forth herein. Said amount may be amended from time <br />to time to reflect revised estimates of said costs of reclamation. <br />WHEREAS, the Operator and the Warrantor, in accordance with the Act, has promised and hereby promises the Board <br />that it will be responsible for all the estimated costs of reclamation with regard to the Affected Lands. <br />WHEREAS, the Board his 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 <br />of those Burns for those periods of time as set forth herein, until this Financial Warranty is amended or released in accordance <br />with applicable law. <br />The Board may, for good cause shown, increase or decrease the amount and duration of this Financial Warranty. The <br />Operator shall have sixty (60) days after the date of notice of any such adjustment to increase the surety amount, but no such <br />increase shall bind the Warrantor unless and until it shall have consented thereto in writing by the issuance of an additional <br />Financial 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 Warrant)!. <br />If the Board receives 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 whether impairment has <br />occurred. <br />V hi: obh : 16cm of ilic E)peraw,.- and tht SN an ntor small Continue . nd :lie _Boaro has releas t th's t inancial 41l arr.at `r h s <br />s..: f a it t+ yA 4 d1hs.a.er` f s <br />}: tt r t: _ . T, id l ai ;'iSt`i'.t t1"'• . i:_. ,.r€. t: <br />dye a. Inxiion ca-n tt t..adcz that .l:w f<,.(I :.: ;t ?S..:f -?.F f'?c'ed ....:t4S ice `: i <br />ar..r.•li:i P iiCU, i.5 . irlitiiili iiis3.i_, 'i,ti id. 1 <br />.i.!.>t ?a.r.C.. c t .?S.? <br />.0'1 ;l < .app1c.v3l t',lr }:c?ard 4;, vhf v it -e lr„its the then current t-tiniated rc:c` ination,l? th Af octe <br />an:tS. No r;\ t foli, r.YienS;i'rrl; ,or rc.Vl 'wal of the permit, or of the tame allowed to complete reclamation, shall diminish the <br />Operator's or Warrantor's obligation under this Financial Warranty, No misrepresentation by the Operator which may have <br />induced the Warrantor to execute this Financial Warranty shall be any defense to demand by the State under this agreement.