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circurnstances exist:
<br />_d-
<br />1. A. Cease and Desist Order entered pursuant to Section 34-32-124 of the Act has beeuviolated, and
<br />the corrective action proposed in such Order has not been completed, although ample time to have done so has elapsed; or
<br />2, The Operator is in default under its Performance Warranty, and such default has not been cured,
<br />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 standing as
<br />required by the Act; or
<br />Act,
<br />4. The Warrantor no longer has the financial ability to carry out its obligations in accordance with the
<br />The description of lands herein is for convenience of'reference only, and no error in such description, nor any revision of the
<br />permitted mining area, nor the disturbance by the Operator of lands outside of the permitted muting area shall alter or
<br />diminish the obligations of the Operator and/or Warrantor hereunder, which shall extend to the reclamation ofall such lands
<br />disturbed.
<br />I€'this Financial Warrantyapplies to National Forest System lands, and if this Financial Warranty is accepted by the United
<br />States Forest S ervice ("U. S.F.S") as the bond required under 36 C:.F,R. 228.13, then the Operator, having requested that the
<br />Board and the U..S,F S. accept this single Financial Warranty in lieu of the separate bonds which would otherwise be
<br />required by applicable law, hereby agrees that, notwithstanding any other provision hereof, or oflaw, this Financial Warranty
<br />shall remain in lull force 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 warrantyhas been released by the
<br />Board.
<br />If this Financial Wm mtyapplies to lands under the jurisdiction ofthe State Board ofl andComtnissioners {'Land Board"),
<br />and if this Financial Warranty, in whole or in part, is accepted by the Land Board as the bond required under its applicable
<br />law and procedures, then the Operator, having requested that the State accept this Financial Warranty in lieu of the separate
<br />bonds which would 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, notwitbstuding any other provision hereof, or of law, this Financial
<br />Warranty shall remain in full force and effect until the Board is notified in writing bythe Land Board that the Operator's
<br />obligations to the 14md Board, for which this Warranty is executed, have been satisfied, and until the financial wart arty has
<br />been released by the Board.
<br />If all or any part of the Affected Lands are under the ituisdiction of the Bureau of Land Management United States
<br />Department of the Interior (the "BLM"), and if, at the request of the Operator on, this Financial Warranty, the BLM has,
<br />pursuant to 43 C,F?K 3809.1-9, accepted this Financial Warranty in lieu o f requiring a separate reclamation bond payable to
<br />the United States, then, notwithstanding any other provision of this Financial Warranty, or of law, the Operator and
<br />Warrantor bereby agree that this Financial Warranty shall not be released until the Board is advised in writing by the DIM
<br />that the Operator's obligations to the BLM, for which this Warmty is executed, have been satisfied, and until the financial
<br />warranty has been released by the Board.
<br />This Financial Warranty may be executed in multiple copies, each ofwhich shall be treated as an original, but together they
<br />constitute only one agreement, the validity and interpretation of which shall be governed by the laws of the State of
<br />Colorado.
<br />The provisions hereof shall bind and inure to the benefit of the parties hereto and their successors acrd assigns.
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