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-3- <br />The Board may present for payment any Certificate of Deposit held hereunder and convert the same to cash <br />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 <br />Board to receive the amount of any such Certificate. .However, if, upon completion of such reclamation by <br />the Board, the cost of reclamation shall be less than the amount received from the Bank, the excess shall be <br />promptly refunded to the Operator. <br />The obligation of the Operator shall continue until the Board has released this Financial Warranty, or has <br />ordered it forfeited in accordance with applicable provisions of the Act. It is understood that periods of <br />years may necessarily be required before determination can be made that reclamation of the Affected Lands <br />has been satisfactorily completed. It is also recognized that, as reclamation is accomplished, the amount of <br />this Financial Warranty may be reduced with the approval of the Board so that it reflects the then current <br />estimated cost of the remaining reclamation of the Affected Lands. No revision, extension, or renewal of <br />the permit or of the time allowed to 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 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 <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 not <br />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. <br />This Financial Warranty shall be subject to forfeiture whenever the Board determines that any one or more <br />of the following circumstances exist: <br />1. A Cease and Desist Order entered pursuant to Section 34--32-124 of the Act has been <br />violated, and the corrective action proposed in such Order has not been completed, although ample time to <br />have done so has elapsed; or <br />2. The Operator is in default under its Performance Warranty, and such default has not <br />been cured, although written notice and ample time to cure such default has been given; or <br />3. The Operator has failed to maintain its Financial Warranty in goo standing <br />required by the Act; or <br />4.- The Operator no longer has the financial ability to carry out its obligations in <br />accordance with the Act. <br />The description of lands herein is for convenience of reference only, and no error in such description, nor <br />anv revision of the permitted mining area, nor the disturbance by the Operator of lands outside of the <br />permitted mining area shall alter or diminish the obligations of the Operator hereunder, which shall extend <br />to the reclamation of all such lands disturbed.