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-2- <br />WHEREAS, in the application for the permit, the Operator has agreed with the Board to provide for reclamation of <br />the Affected. Lands that are now, or may become, subject to the permit, as required by law. <br />WHEREAS, the Board has determined, in accordance with the Act, that the estimated costs of reclamation of the <br />Affected Lands are those amounts for. the stated periods of time as set forth herein. Said amount inaybe amended from time <br />to time to reflect revised estimates of said costs of reclamation. <br />WHEREAS, the Operator, in accordance with the Act, has.promised and hereby promises the Board that it will be <br />responsible for all the estimated costs of reclamation with regard-to the Affected Lands. <br />WHEREAS, the Board has determined that the.Financial Warranty by the Operator equals the estimated.costs of <br />reclamation, as approved by the Board, with regard. to the A .ffected Lands. <br />WHEREAS, as proof of its financial. resp ibility; . the . Operator has proceeded pursuant: to <br />Section 34-32-117(3)(a) IIi)'of the Act and has caused the. <br />Bank of State of (the'Bank") to issue a <br />Certificate of Deposit, No. payableaotheBoard in <br />the amount of Dollars ($ ?o } <br />life of the mine or the perio . from l through . <br />and.has delivered it to ate: State, to be held by the State as proof of the :Operator's financial <br />responsibility under this Financial Warranty.. The Bank is not a party to this agreement. Its obligations. are. set forth in its <br />Certificate of Deposit. Nothing in this Financial Warranty diminishes or qualifies the Bank's obligations under its Certificate <br />of Deposit. <br />NOW, THEREFORE, the Operator is held hereby firmly unto the State of Colorado in.the amountofthose sums for <br />those periods of time as set forth herein, until this Financial Warranty is amended or released in accordance with applicable <br />law. . <br />The Board may, for.good cause shown, increase.or decrease the. amount and'duration of this Financial Warranty. The <br />Operator shall have sixty.(60) days after the date of notice of any such adjustment to fujfill all new requirements. <br />The Operator shall notify the Board. immediately of any event which may impair this. Financial Warranty. If the Board <br />receives such notice, or otherwise has reason to believe that this Financial Warranty has been materially.impaired, it may <br />convene a hearing in accordance with th.e Act for the purpose of determining whether impairment has occurred. <br />The obligation of the Bank shall continue until released in writing by the Board in accordance with applicable laws <br />specifying Financial Warranty release procedures. <br />In the event of forfeiture, the Board shall present a Board Order for payment of the Certificate of Deposit to the <br />Board. No other condition precedent need be fulfilled to entitle the Board to receive the amount of any such Certificate. <br />However, if, upon completion crf such reclamation by the Board, the cost of reclamation shall._be4ess?thanJhe muxr t <br />received from. the Bank, the excess shall be promptly refunded to the Operator. <br />The obligation of the Operator shall continue until the Board has released this Financial Warranty, or has ordered it forfeited <br />in accordance with applicable provisions of the Act. It is understood that periods ofyears may necessarily be required before <br />determination can be made that reclamation of the Affected Lands has been satisfactorily completed. It is also recognized <br />that, as reclamation is accomplished, the amount of this Financial Warranty may be reduced with the approval of the Board <br />so that it reflects the then current estimated cost of the remaining reclamation of the Affected Lands. No revision, extension, <br />or renewal of the permit: or of the time allowed to complete reclamation shall diminish the Operator's obligation under this <br />Financial Warranty.