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-3- <br />in any single year during the life of the permit, the amount of the Financial Warranty shall not exceed the estimated cost of <br />fully reclaiming all lands to be affected in said year, plus all lands affected in previous permit years and not yet fully <br />reclaimed. Reclamation costs shall be computed with reference to current reclamation costs. <br />The amount of this Financial Warranty is based upon estimates as to the cost of reclamation, and does not operate to <br />liquidate, limit, enlarge, or restrict the Operator's obligations to complete the reclamation, even though the actual costs <br />thereof may substantially exceed the amount of this Financial Warranty. <br />This Financial Warranty shall be subject to forfeiture whenever the Board determines that any one or more of the following <br />circumstances exist: <br />1. A Cease and Desist Order entered pursuant to Section 34-32-124 ofthe Act has been violated, 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 has failed to maintain its Financial Warranty in good standing, as required by the Act; <br />or <br />Act. <br />4. The Operator 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 ofthe <br />permitted mining area, nor the disturbance by the Operator of lands outside of the permitted mining area shall alter or <br />diminish the obligations of the Operator hereunder, which shall extend to the reclamation of all such lands disturbed. <br />Interest on Certificates of Deposit shall not be credited to the Certificate of Deposit. The Operator shall receive all such <br />interest. <br />The Operator may, from time to time, withdraw a Certificate of Deposit which is assurance hereunder if and to the extent that <br />a substitute Certificate of Deposit is simultaneously deposited as assurance hereunder in the same amount as the Certificate <br />withdrawn. <br />If this Financial Warranty applies to National Forest System lands, and if this Financial Warranty is accepted by the United <br />States Forest Service ("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 requited <br />by applicable law, hereby agrees that, notwithstanding any other provision hereof, or of law, this Financial Warranty shall <br />remain in full force and effect until U.S.F.S. has advised the Board by written notice that the Operator's obligations to <br />U.S.17.S., for which. this Warranty is executed, have been satisfied, and until the financial warranty has been released by the <br />Board. <br />If this Financial Warranty applies to lands under the jurisdiction of the State Board of Land Commissioners ("Land Board"), <br />and ifthis 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, leaving 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 and by the Land <br />Board, hereby agrees that, notwithstanding any other provision hereof', or of law, this Financial Warranty shall remain in fall <br />force and effect until the Board is notified in writing by the Land Board that the Operator's obligations to the Land Board, for <br />which this Warranty is executed, have been satisfied, and until the financial warranty has been released by the Board.