Laserfiche WebLink
current published Wall Street Journal Prime Rate for the period commencing at the end of such ninety -day period <br />and ending on the date of actual payment. <br />If the Board shall notify the Warrantor that the Operator is in default, and if the Board shall initiate any Financial <br />Warranty forfeiture procedures required by law or regulation, the Warrantor may, in lieu of making payment to the <br />Board of the amount due hereunder, cause the reclamation to be timely performed in accordance with all requirements <br />of the Act and all applicable rules and regulations. In such event, when and if the reclamation has been timely <br />performed to the satisfaction of the Board or Division, this Financial Warranty shall be released. If the reclamation <br />shall not be so performed to the satisfaction of the Board or Division, this Financial Warranty shall remain in full <br />force and effect. <br />This Financial Warranty shall be subject to forfeiture whenever the Board determines that any one or more of the <br />following circumstances exist: <br />1. A Cease and Desist Order entered pursuant to Section 34-32-124 of the Act has been violated, and the <br />corrective action proposed in such Order has not been completed, although ample time to have done so has <br />elapsed; or <br />2. The Operator is in default under its Performance Warranty, and such default has not been cured, although <br />written notice and ample time to cure such default has been given; or <br />3. The Operator and/or the Warrantor has failed to maintain its Financial Warranty in good standing as required <br />by the Act; or <br />4. The Warrantor no longer has the financial ability to carry out its obligations in accordance with the Act. <br />The description of lands herein is for convenience of reference only, and no error in such description, nor any revision <br />of the permitted mining area, nor the disturbance by the Operator of lands outside of the permitted mining area shall <br />alter or diminish the obligations of the Operator and/or Warrantor hereunder, which shall extend to the reclamation <br />of all such lands disturbed. <br />If this Financial Warranty applies to National Forest System lands, and if this Financial Warranty is accepted by the <br />United States Forest Service ("U.S.F.S.") as the bond required under 36 C.F.R. 228.13, then the Operator, having <br />requested that the Board and the U.S.F.S. accept this single Financial Warranty in lieu of the separate bonds which <br />would otherwise be required by applicable law, hereby agrees that, notwithstanding any other provision hereof, or of <br />law, this Financial Warranty shall remain in full force and effect until U.S.F.S. has advised the Board by written <br />notice that the Operator's obligations to U.S.F.S., for which this Warranty is executed, have been satisfied, and until <br />the financial warranty has been released by the Board. <br />If this Financial Warranty applies to lands under the jurisdiction of the State Board of Land Commissioners ("Land <br />Board"), and if this Financial Warranty, in whole or in part, is accepted by the Land Board as the bond required under <br />its applicable law and procedures, then the Operator, having requested that the State accept this Financial Warranty <br />in lieu of the separate bonds which would otherwise be required by the Colorado Mined Land Reclamation Board or <br />Division of Reclamation, Mining and Safety and by the Land Board, hereby agrees that, notwithstanding any other <br />provision hereof, or of law, this Financial Warranty shall remain in full force and effect until the Board is notified in <br />writing by the Land Board that the Operator's obligations to the Land Board, for which this Warranty is executed, <br />have been satisfied, and until the financial warranty has been released by the Board. <br />If all or any part of the Affected Lands are under the jurisdiction of the Bureau of Land Management, United States <br />Department of the Interior (the "BLM"), and if, at the request of the Operator on this Financial Warranty, the BLM <br />has, pursuant to 43 C.F.R. 3809.1-9, accepted this Financial Warranty in lieu of requiring a separate reclamation bond <br />Page 4 of 6 <br />