2014-04-17_REPORT - M1977004 - Laserfiche WebLink

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-2- WHEREAS, the Operator and Safeco Insurance Co an o America (the "Warrantor"), a corporation organized and existing under the laws of the State Of Fa.sb ing ton _ _ _ and duly authorized to transact a bonding and surety business in the State of Colorado are hereby and firmly bound unto Two Million Two Hundred sixty Three_ l7olIars ($2,263,000.00 l the Slate in the sum of thousand and no 100ths - - - -- for the life of mide or until such time as replacement is received, for the payment of which stun, viell and truly made, we hereby bind ourselves and our personal representatives, successors and assigns. jointly and severally, fumly by these presents. WHEREAS, the Board has determined, in accordance with the Act, that the estimated costs of reclamation of the Affected Lands are chose amounts for the stated periods of time as set forth herein. Said amount may be amended from time to time to reflect revised estimates of said costs of reclamation. WHEREAS, the Operator and the Warrantor, in accordance with the Act, has promised and hereby promises the Board that it will be responsible for all the estimated costs of reclamation with regard to the Affected Lands. WHEREAS, the Board has determined that this Financial Warranty by the Warrantor equals the estimated costs of reclamation, as approved by the Board, with regard to the Affected Lands. NOW, THEREFORE, the Operator and the Warrantor are held hereby firmly unto the State of Colorado iu the amount of those sutra forthose periods of time as set forth Iurein, until this Financial Warranty is amended or released in accordance with applicable law. The Board may, for good catuc shown, increase or decrease the amount and duration of this Financial Warranty. The Operator shall have sixty (60) days after the date of notice of any sucb adjustment to increase the surety amount, butno such increase shall, bind the Warrantor unless and until it shall have consented thereto in writing by'the issuance of an additional Financial Warranty or by an endorsement to this Financial Wmanty The Operator and the Warrantor shall notify the Board immediately of any event which may impair this Financial Warranty. If the Board receives such notice, or otherwise has reason to belicvc that this Financial Warranty has been materially impaired, it may convene a hearing in accordance with the Act for ;.he purpose of determining whether impairment has occurred. The obligation of the Operator and the Warrantor shall continue until the Board has released this Financial Warranty or has ordered it forfeited in accordance with applicable provisions of the Act. It is understood that periods of years may necessarily be required before determination can be trade that reclamation of the Affected Lands has been satisfactory completed. It is also recognized that, as reclamation is accomplished, the amount of this Financial Warranty may be reduced with the approval Of the Hoard so that it reflects the then current estimated cost of the remaining reclamation of the Affected Lands. No revision, extension, or renewal of the permit, or of the time allowed to complete rcclrunation, shall diminish the Operator's or Warrantor's obligation under this Financial Warranty. No misrepresentation by the Operator which may have induced the Warrantor to execum this Financial Warranty shag be any defense to demand by the State under this agreement. In any single year daring the life of the permit, the amount of the Financial Warranty shall not exceed the estimated costof firth reclaiming all lands to be affected in said vent, plus all lands affected in Previous permit years and not yet fully reclaimed. Reclamation costs shall be computed with reference to current reclamation costs.