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-17- <br />WHEREAS, in the application for the permit, the Operator has agreed with the Board to provide <br />for reclamation of the Affected Lands that are now, or may become, subject to the permit, as required by <br />law. <br />WHEREAS, the Board has determined, in accordance with the Act, that the estimated costs of <br />reclamation of the Affected Lands are those amounts for the stated periods of time as set forth herein. Said <br />amount may be amended from time 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 <br />that it will be 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 <br />estimated costs of reclamation, as approved by the Board, with regard to the Affected Lands. <br />WHEREAS, as proof of its financial responsibility, the Operator has proceeded pursuant to Section <br />34-32-117(3)(a)(III) of the Act and has caused the Wells Fargo Bank <br />of Littleton , State of Colorado (the "Bank") to issue a Certificate <br />of Deposit, , dated September 12 2000 <br />payable <br />) <br />to the Board in the amount of Five-thousand Dollars ($ 5, 000 -.00 <br />for the life of the nine or the period from September 12 2000 through September 12 2001 <br />and has delivered it to the State, to be held by the State as?proof of the Operator's financial responsibility <br />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 <br />under its Certificate of Deposit. <br />NOW, THEREFORE, the Operator is held hereby firmly unto the State of Colorado in the amount <br />of those sums for those periods of time as set forth herein, until this Financial Warranty is amended or <br />released 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 <br />all new requirements. <br />The Operator shall notify the Board immediately of any event which may impair this Financial Warranty. <br />If the Board receives such notice, or otherwise has reason to believe that this Tinancial'Warr nay has bj?e_ n <br />materially impaired, it may convene a hearing in accordance with the Act for the purpose of determ <br /> 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.