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<br />WEREAS, the Board has determined that the Financial Warranty by the Warrantor equals the estimated <br />costs of reclamation, as approved by the Board with regard to the Affected Lands. <br />WEREAS, as proof of its financial responsibility, the Warrantor has proceeded pursuant to <br />Section 34-32-117(3)(a)(III) of the Act and has caused the WELD C 0 U N T Y Bank <br />of P L A T T E V I L L E State of .C O L O R A D O (the `Bank') to issued a Certificate <br />of Deposit No. dated SEPTEMBER 25, 2 p 03 , payable to the Board <br />in the a m o u n t of T H I R T Y- T H R E E THOUSAND Dollars ($ 33 , 000 - 00 ) for the period from <br />SEPTEMBER 25, 2003 through SEPTEMBER 25, 20P5 , and has delivered it to the <br />State, to be held by the State as proof of the Operator's financial responsibility under this financial Warranty. <br />The Bank is not a party to this agreement. Its obligations are set forth in its Certificate of Deposit. Nothing in <br />this Financial Warranty diminishes or qualifies the Bank's obligations under its Certificate of Deposit. <br />NOW, THEREFORE, the Operator and the Warrantor are held hereby firmly unto the State of Colorado <br />in the amount of those sums for those periods of time as set forth herein, until this Financial Warranty is <br />amended or released in accordance with the applicable law. <br />The Board may, for good cause shown, increase or decrease the amount and duration of this Financial Warranty. <br />The Operator shall have sixty (60) days after the date of notice of any such adjustment to fulfill all new <br />requirements. <br />The Operator and the Warrantor shall notify the Board immediately of any event which may impair this <br />Financial 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 purpose of <br />determining whether impairment has occurred. <br />The obligation of the Bank shall continue until released in writing by the Board in accordance with <br />applicable laws specifying Financial Warranty release procedures. <br />The Board may present for payment any Certificate of Deposit held hereunder and convert the same to <br />cash if the Board determines that reclamation which ought to have been performed by the Operator, or its <br />successors or assigns, remains unperformed. No other condition precedent need be fulfilled to entitle the Board <br />to receive the amount of any such Certificate. However, if, upon completion of such reclamation by the Board, <br />the cost of reclamation shall be less than the amount received from the Bank, the excess shall be promptly <br />refunded to the Warrantor. <br />The obligation of the Operator and the Warrantor shall continue until the Board has released this <br />Financial Warranty, or has ordered it forfeited in accordance with the applicable provisions of the Act. It is <br />understood that periods of years may necessarily be required before determination can be made that reclamation <br />of the 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 that it <br />reflects the then current estimated cost of the remaining reclamation of the Affected Lands. No revision, <br />extension, or renewal of the permit or of the time allowed to complete reclamation shall diminish the Operator's <br />obligation under this Financial Warranty. <br />In any single year during the lift of the permit, the amount of the Financial Warranty shall not exceed <br />the estimated cost of fully reclaiming all lands to be affected in said year, plus all lands affected in previous <br />permit years and not yet fully reclaimed. Reclamation costs shall be computed with reference to current <br />reclamation costs. <br />The amount of this Financial Warranty is based upon estimates as to the cost of reclamation, and does <br />not operate to liquidate, limit, enlarge, or restrict the Operator's obligations to complete the reclamation, even <br />though the actual costs thereof may substantially exceed the amount of this Financial Warranty.