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-3- <br />The obligation of the Operator shall continue until the Board has released this financial warranty <br />or has ordered it forfeited in accordance with applicable provisions of the Act. It is understood that <br />periods of years may necessarily be required before determination can be made that reclamation of the <br />Affected Lands has been satisfactorily completed. It is also recognized that, as reclamation is <br />accomplished, the amount of this financial warranty may be reduced with the approval of the board so <br />that it reflects the then current estimated cost of the remaining reclamation of the Affected Lands. No <br />revision, extension, or renewal of the permit or of the time allowed to complete reclamation shall <br />diminish the Operator's obligation under this Financial Warranty. <br />Upon completion of reclamation by the Operator, and if the Board finds the reclamation <br />satisfactory, the Board shall release the Financial Warranty and cause the state treasury to issue a check <br />payable to the Operator in the original amount of this Financial Warranty. <br />In any single year during the life of the permit, the amount of the Financial Warranty shall not <br />exceed the estimated cost of fully-reclaiming all lands to be affected in said year, plus all lands affected <br />in previous permit years and not yet fully reclaimed. Reclamation costs shall be computed with reference <br />to current reclamation costs. <br />- The amount of this Financial Warranty is based upon estimates as to the cost of reclamation, and <br />does not operate to liquidate, limit, enlarge, or restrict the Operator's obligations to complete the <br />reclamation, even though the actual costs thereof may substantially exceed the amount of this Financial <br />Warranty. <br />This Financial Warranty shall be subject to forfeiture whenever the Board determines that any <br />one or more of the following circumstances exist: <br />1. A Cease and Desist Order entered pursuant to Section 34-32-124 of the Act has <br />been violated, and the corrective action proposed in such order has not been completed although ample <br />time to have done so has elapsed; or <br />2. The Operator is in default under its Performance Warranty, and such default has <br />not been cured although written notice and ample time to cure such default has been given; or <br />3. The Operator has failed to maintain its Financial Warranty in good standing as <br />required by the Act; or <br />4. The Operator 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 <br />description, nor any revision of the permitted mining area, nor the disturbance by the Operator of lands <br />outside of the permitted mining area shall alter or diminish the obligations of the Operator hereunder, <br />which shall extend to the reclamation of all such lands disturbed.