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-2- <br />WHEREAS, the Board has determined, in accordance with the Act, that the <br />estimated costs of reclamation of the Affected Lands are those amounts for the <br />stated periods of time as set forth herein. Said amount may be amended from <br />time to time to reflect revised estimates of said costs of reclamation. <br />WHEREAS, the Operator and the Warrantor, in accordance with the Act, has <br />promised and hereby promises the Board that it will be responsible for all the <br />estimated costs of reclamation with regard to the Affected Lands. <br />WHEREAS, the Board has determined that this Financial Warranty by the <br />Warrantor equals the estimated costs of reclamation, as approved by the Board, <br />with regard to the Affected Lands. . <br />NOW, THEREFORE, the Operator and the Warrantor are held hereby firmly <br />unto the State of Colorado in the amount of those sums for those periods of <br />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 <br />duration of this Financial Warranty. The Operator shall have sixty (60) days <br />after the date of notice of any such adjustment to increase the surety amount, <br />but no such increase shall bind the Warrantor unless and until it shall have <br />consented thereto in writing by the issuance of an additional Financial <br />Warranty or by an endorsement to this Financial Warranty. <br />The Operator and the Warrantor shall notify the Board immediately of any event <br />which may impair this Financial Warranty. If the Board receives such notice, <br />or otherwise has reason to believe that this Financial Warranty has been <br />materially impaired, it may convene a hearing in accordance with the Act for <br />the purpose of determining whether impairment has occurred. <br />The obligation of the Operator and the Warrantor shall continue until the <br />Board has released this Financial Warranty or has ordered it forfeited in <br />accordance with applicable provisions of the Act. It is understood that <br />periods of years may necessarily be required before determination can be made <br />that reclamation of the Affected Lands has been satisfactorily completed. It <br />is also recognized that, as reclamation is accomplished, the amount of this <br />Financial Warranty may be reduced with the approval of the Board so that it <br />reflects the then current estimated cost of the remaining reclamation of the <br />Affected Lands. No revision, extension, or renewal of the permit, or of the <br />time allowed to complete reclamation, shall diminish the Operator's or <br />Warrantor's obligation under this Financial Warranty. No misrepresentation by <br />the Operator which may have induced the Warrantor to execute this Financial <br />Warranty shall be any defense to demand by the State under this agreement. <br />In any single year during <br />Warranty shall not exceed <br />he affected in said year, <br />not yet fully reclaimed. <br />to current reclamation co <br />the life of the permit, <br />the estimated cost of f, <br />plus all lands affected <br />Reclamation costs shall <br />Sts. <br />the amount of the Financial <br />ally reclaiming all lands to <br />in previous Permit ,`Fears and <br />be computed with reference