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<br /> <br />-3- <br />may be reduced with the approval of the Board so that it reflects the then <br />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 <br />complete reclamation shall diminish the Operator's obligation under this <br />Financial Warranty. <br />In any single year during the life of the permit, the amount of the Financial <br />Warranty shall not exceed the estimated cost of fully reclaiming all lands to <br />be affected in said year, plus all lands affected in previous permit years and <br />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 <br />of reclamation, and does not operate to liquidate, limit, enlarge, or restrict <br />the Operator's obligations to complete the reclamation, even though the actual <br />costs thereof may substantially exceed the..amount of this Financial Warranty. <br />This Financial Warranty shall be subject to forfeiture whenever the Board <br />determines that any one or more of the following circumstances exist: <br />1. A Cease and Desist Order entered pursuant to Section 34-32-124 <br />of the Act has been violated, and the corrective action proposed in such Order <br />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 <br />such default has not been cured, although written notice and ample time to <br />cure such default has been given; or <br />3. The Operator has failed to maintain its Financial Warranty in <br />good standing, as required by the Act; or <br />4. The Operator no longer has the financial ability to carry out <br />its obligations in accordance with the Act. <br />The description of lands herein is for convenience of reference only, and no <br />error in such description, nor any revision of the permitted mining area, nor <br />the disturbance by the Operator of lands outside of the permitted mining area <br />shall alter or diminish the obligations of the Operator hereunder, which shall <br />extend to the reclamation of all such lands disturbed. <br />Interest on Certificates of Deposit shall not be credited to the Certificate <br />of Deposit. The Operator shall receive all such interest: <br />The Operator may, from time to time, withdraw a Certif'icate•of Deposit which <br />is assurance hereunder if and to the extent that a substitute Certificate of <br />Deposit is simultaneously deposited as assurance hereunder in the same amount <br />as the Certificate withdrawn. <br />-,i