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WHEREAS, as part of the application for the permit, the Operator has agreed to be bound by all requirements <br />of the Act and all applicable rules and regulations of the Board, as amended from time to time. <br />WHEREAS, in its application for the permit, the Operator has agreed with the Board to provide for <br />reclamation of 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 <br />the Affected Lands are those amounts for the stated periods of time as set forth herein. Said amount may be <br />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 that it <br />will be responsible for all of 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 <br />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 -1 17(3)(a)(I1) of the Act and has caused the FIRST STATE <br />Bank of COLORADO DBA : COLORADO MOUNTAIN BAMK S tate of C OLORADO (the "Bank ") to issue its <br />Irrevocable Letter of Credit No. 1505001556 dated JUNE 20 , 2011 payable to the Board <br />in the amount of fifty one thousand five hundred eighty and .00 Dollars (S 51,580.00 ) for the period from <br />JUNE 20 , 2011 , through JUNE 20 , 2012 and has delivered it to the Board <br />to be held by the Board as proof of the Operator's financial responsibility under this financial warranty. The <br />Bank is not a party to this agreement; its obligations are set forth in its Letter of Credit. Nothing in this Financial <br />Warranty diminishes or qualifies the Bank's obligation under its Letter of Credit. <br />NOW THEREFORE, the Operator is held hereby firmly unto the State of Colorado in the amount of those <br />sums for those periods of time as set forth herein, until this financial warranty is amended or released in <br />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 all <br />new requirements. <br />The Operator shall notify the Board immediately of any event which may impair this financial warranty. <br />Additionally, the Warrantor reserves the right to cancel this Financial Warranty, effective only upon an <br />anniversary date, and only by giving written notice to the effect, mailed by Certified Mail, at least ninety (90) <br />days prior to such anniversary date, addressed to both the operator at its address herein stated, and to the Board <br />or Division at the address herein stated. Ifthe Board receives such notice, or otherwise has reason to believe that <br />this Financial Warranty has been materially impaired. it may convene a hearing in accordance with the Act for <br />the purpose of determining whether impairment has occurred. <br />No misrepresentation by the Operator which may have induced the Bank to deliver its Letter of Credit shall be <br />any defense to any draft by the State under such Letter of Credit. <br />