2015-04-17_REPORT - M1977004 (2)

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t --,. Lon Wl4PIiEAS the Operator and (the "Warrantor"), a corporation organized and existing under the laws of the State of g7aslaing ton —.� and dull authorized to transact a bonding and surety business in the state of Colorado are hereby and firmly bound unto Two Million Two Hundmd Sixty Three -- AollarS $2,2 63,000.00 ) the State in the sutra of Thousand a t nd no /100s--------- - ----� __ for the life of mute or until such time as replacement is received, for the payment Of which sum; well and truly made, wehereby bind ourselves and our personal representatives, successors and assigns. jointly and severally, i firmly by these presents. WHEREAS, the Board has determined, in accordance with the Act, that the estimated costs of reclamation ' of the Affected Lands are those amounts for the stated periods of time as sec forth herein. Said amount may be amended from time to time to reflect revised estimates of said costs of reclamation. l WFIEREAS, 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 esfmaated costs of reclamation with regard to the Affected Lands. WHEREAS, the Board has determined that this Financial Warranty by the Warrantor for equals the estimated costs of reclamation, as tipproved by the Board, with regard to the Affected Lands. I NOW, TBEREFOI'i1r, the Operator and the Warrantor are held hereby firmly unto the State o£Colorado in The amount of thosersums forthose periods of time as set forth herein, until this Financial Warranty is amended or released in accordance with applicable law. The Boardamay, far good Muse shown, incxcase or decrease the amount and duration of this Financial Warrant)•. The Operator shall have sErty (60) days after the date of notice of any such adjustment to increase the surety amount, butao such intreasesballbindthe 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 Waaant} The Operarot and the Warrantor shall notify the Board immediately of arty event which may impair this Financial Warranty. If the Board receives such notice, or otherwise has reason to believe that this Financial Warranty has been materially impaired, it may convene ahearing in accordance with the Act fort r a purpose of dete duftg 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 AcL It is understood that periods of years may necessatilybe required before determination can be trade that reclamation of the Affbcted Lands has been satisfactorily completed. It is also recognized that, as reclamation is accomplished, the amount of this Financial Wa ranty may be reduced with the approval of the Hoard so that it reflects the then current I estimated cost of the remaining reclamation of the Affected Lands. No mvision,'eatension, or renewal of the permit, or of the time allowed to complete reclamation, 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 execute this Financial Warranty shag be any defense to demand by the State under this agreem=L In aav single year during the life of the permit, the amount of the Financial. Warranty shall not exceed the estimated cost of My reclaiming all lands to be affected in said year, plus all lands affected in previous permit I years and not yet fully reclaimed. Reclamation costs shall be computed with refer'eaceto current reclamation noire. .