2017-04-14_REPORT - M1977004 - Laserfiche WebLink

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,;_ The amount of this Financial Warranty is based upon estimates as to the cost of reclamation,and does not operate to liquidate,limit,enlarge or restrict the operators obligations to complete reclamation and to cotttphY in all respects with the permit and with applicable laws and regulations governing reclamation.even though the actual cost thereof may substantially exceed the amount of this Financial Warranty. The Warrantor shall not be liable under this Financial Warranty for an.amount greater than the sum designated hertxa,unless increased by a later amendment to this Financial Warranty. This Financial Warranty shall be reviewed by the Board from time to time,and the Board may require an increase in the principal sum of this Financial Warranty(and a corresponding increase in the surety amount)to cover increases in the estimated costs of reclamation,but no 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 Warranty. Tbc Warrantor reserves the right to catneithis Financial Warranty,effective only upon an anniversary date,and only by giving written notice to that effect,marled by Certified Mail,at(cast ninety(90)days prior to such anniversary date,addressed to both the Operator at its address herein stated,and to the Board at the address herein stated. In the event of such cancellation;this Financial Warrarty$ball nevertheless remain in foil force and effect as respects the reclamation of all areas disturbed prior to the effective date of such c3tedlation,naless and until the Operator shall file a substitute Financial Warranty which: (1)assumes liability for all reclamation obligations which shall have arisca at any time while this financial Warranty is in force;and(2)is accepted in writing by the Board. In the event-of such cancellation,if the Financial Warranty is not fully rde ased,the amount of the continuing Finimciai Warranty available fox tbc.reclamation of areas disturbed and wrredaimed at the date of cancellation shall be fihtcd by the Board at the amount it determines necessary to complete such reclamation(which amount may not exceed the sum designated heron)and the Board shall coa0MVIndy identify such areas in Writing,and notify the Warrantor and the Operator thereof: Thcreafler,the obligation of the Warrantor shall be limited to reclamatiexi of the areas so identified The consideration for the Warrantor's execution of this agreement is the promise of the Operator to pay the -premiums,but failure by the Operator to pay such premiums shall not invalidate or dlt Wsh the Warrantor's obligation hereunder. The Board may matte demand upon the Warrantor for payment hereunder if the Board determines that reclamation which ought to have beat performed by the Operator,or its successors or assigns,remains unperfornhe d.and if Financial Warranty forfeiture procedures required by law have been initiated. No other condition precedent need be fulfilled to entitle the State to=ccive the amount so demanded However,iiy upon completion of reclamation by the State,the amounts expended for reclamation shall be less than the amount received from the Warrantor,the excess shall be promptly retlhrhded to the Warrantor. If demand is mate upon the Warrantor for payment of an amount due to the Board hereunder,and if tie Warrantor fails to rualte paytnonr of such amount within ninety(90)days after the date of receipt of such demand,or if it should thexeaftcr be determined,by agreemeut of the Warrantor or by final judgment of court, that the amount demanded was properly payable,the Warrantor agrees to pay to the Board,in addition to the amount demanded,interest at the prime rate in effect from time to time at The United Bank of Denver for the period commencing at the end of such ninety-day period and ending on the date of actual payment.