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-2- <br />WHEREAS, the Board has determined that the Financial Warranty by the Warrantor equals the estimated costs <br />of reclamation, as approved by the Board, with regard to the Affected Lands. <br />WHEREAS, as proof of its financial responsibility, the Warrantor has proceeded pursuant to <br />Section 34-32-117(3)(a) of the Act and has caused the B A N K O F C H O I C E Bank of <br />P L A T T E V I L I F , State of c n i n R A O n (the "Bank") to issue a Certificate of <br />Deposit, No. , dated _,1 A N l i A R y 19, 2005 payable to the <br />Board in the amount of $27.469.00********* Dollars ($ 271, 4 6 q op ) for <br />the period from 1-19 - 0 5 through 19 - 0 7 , and <br />has delivered it to the State, to be held by the State as proof of the Operator's financial responsibility under this <br />Financial Warranty. The Bank is not a party to this agreement. Its obligations are set forth in its Certificate of <br />Deposit. Nothing in this Financial Warranty diminishes or qualifies the Bank's obligations under its Certificate of <br />Deposit. <br />NOW, THEREFORE, the Operator and the Warrantor are held hereby firmly unto the State of Colorado in the <br />amount of those sums for those periods of time as set forth herein, until this Financial Warranty is amended or released <br />in accordance with applicable law. <br />The Board may, for good cause shown, increase or decrease the amount and duration of this Financial <br />Warranty. 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 Warranty <br />has been materially impaired, it may convene a hearing in accordance with the Act for the purpose of determining <br />whether impairment has occurred. <br />The obligation of the Bank shall continue until released in writing by the Board in accordance with applicable <br />laws specifying Financial Warranty release procedures. <br />The Board may present for payment any Certificate of Deposit held hereunder and convert the same to cash if <br />the Board 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 receive the <br />amount of any such Certificate. However, if, upon completion of such reclamation by the Board, the cost of <br />reclamation shall be less than the amount received from the Bank, the excess shall be promptly refunded to the <br />Operator. <br />The obligation of the Operator and the Warrantor shall continue until the Board has released this Financial <br />Warranty, or has ordered it forfeited in accordance with applicable provisions of the Act. It is understood that periods <br />of years may necessarily be required before determination can be made that reclamation of the Affected Lands has <br />been satisfactorily completed. It is also recognized that, as reclamation is accomplished, the amount of this Financial <br />Wairan?rn?Y - ham it- rcfteo a en c s <br />remaining reclamation of the Affected Lands. No revision, extension, or renewal of the permit or of the time allowed <br />to complete reclamation shall diminish the Operator's obligation under this Financial Warranty. <br />In any single year during the life of the permit, the amount of the Financial Warranty shall not exceed the <br />estimated cost of fully reclaiming all lands to be affected in said year, plus all lands affected in previous permit years <br />and not yet fully reclaimed. Reclamation costs shall be computed with reference to current reclamation costs.