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-2-. <br />WHEREAS, as proof of its financial responsibility the Operator has proceeded pursuant to <br />Section 34-32-117(3)(a) <br /> <br />or certified check No. ,, payable. o the Mined Land Reclamation Board in the amount of <br />F?fj/-hPal/i dollars ($ 7I ® 00 <br />). <br />The Board has deposited the executed personal or business check, cashier's check or certified <br />funds in the State of Colorado Treasury ("state treasury"). The above-mentioned sum is to.be held as <br />proof of the Operator's financial responsibility under this financial warranty. <br />The Operator has provided to the Board as proof of its authority to execute the above-mentioned <br />personal or business check, by one of the following methods, as it applies to the Operator: <br />1. If the operator is a corporation, a copy of the corporate resolution, specifying the <br />individuals that have authority to execute checks on behalf of the corporation. <br />2. If the Operator is a partnership, a copy of the partnership resolution, specifying <br />the individuals that have authority to execute checks on behalf of the partnership. <br />3. If the Operator is an individual or a sole proprietor, confirmation from the bank <br />stating the individuals that have authority to execute the above-mentioned check. <br />If the Operator has elected to proceed with a personal or business check, this financial warranty <br />is not effective until the personal or business check has cleared the bank upon which it was drawn. <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 or <br />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. If the Board receives such notice or otherwise has reason to believe that this Financial <br />Warranty has been materially impaired, it may convene a hearing in accordance with the Act for the <br />purpose of determining whether impairment has occurred. <br />The Board may withdraw the funds deposited in the state treasury held hereunder, if the Board <br />determines that reclamation which ought to have been performed by the Operator, or its successors or <br />assigns, remains unperformed. No other condition precedent need be fulfilled to entitle the Board to <br />receive the funds deposited in the state treasury. <br />In the event of forfeiture of this financial warranty by the Board, if upon completion of <br />reclamation by the Board the cost of reclamation shall be less than the amount received from the state <br />treasury, the excess shall be promptly refunded to the Operator.