Laserfiche WebLink
permit years and not yet fully reclaimed. Reclamation costs shall be computed with reference to current <br />reclamation costs. <br />The amount of this Financial Warranty is based upon estimates as to the cost of reclamation, and does not <br />operate to liquidate, limit, enlarge or restrict the Operator's obligations to complete reclamation and to <br />comply in all respects with the permit and with applicable laws and regulations governing reclamation, <br />even though the actual cost thereof may substantially exceed the amount of this Financial Warranty. <br />The Warrantor shall not be liable under this Financial Warranty for an amount greater than the sum <br />designated herein, unless increased by a later amendment to this Financial Warranty. This Financial <br />Warranty shall be reviewed by the Board from time to time, and the Board may require an increase in the <br />principal sum of this Financial Warranty (and a corresponding increase in the surety amount) to cover <br />increases in the estimated costs of reclamation, but no such increase shall bind the Warrantor unless and <br />until it shall have consented thereto in writing by the issuance of an additional Financial Warranty or by an <br />endorsement to this Financial Warranty. <br />The Warrantor reserves the right to cancel this Financial Warranty, effective only upon an anniversary date, <br />and only by giving written notice to that effect, mailed by Certified Mail, at least ninety (90) days prior to <br />such anniversary date, addressed to both the Operator at its address herein stated, and to the Board at the <br />address herein stated. In the event of such cancellation, this Financial Warranty shall nevertheless remain <br />in full force and effect as respects the reclamation of all areas disturbed prior to the effective date of such <br />cancellation, unless and until the Operator shall file a substitute Financial Warranty which: (1) assumes <br />liability for all reclamation obligations which shall have arisen at any time while this Financial Warranty is <br />in force; and (2) is accepted in writing by the Board. <br />In the event of such cancellation, if the Financial Warranty is not fully released, the amount of the <br />continuing Financial Warranty available for the reclamation of areas disturbed and unreclaimed at the date <br />of cancellation shall be fixed by the Board at the amount it determines necessary to complete such <br />reclamation (which amount may not exceed the sum designated herein) and the Board shall concurrently <br />identify such areas in writing, and notify the Warrantor and the Operator thereof. Thereafter, the obligation <br />of the Warrantor shall be limited to reclamation of the areas so identified. <br />The consideration for the Warrantor's execution of this agreement is the promise of the Operator to pay the <br />premiums, but failure by the Operator to pay such premiums shall not invalidate or diminish the Warrantor's <br />obligation hereunder. <br />The Board or the Colorado State Director, BLM may make demand upon the Warrantor for payment <br />hereunder if the Board or the Colorado State Director, BLM determines that reclamation which ought to <br />have been performed by the Operator, or its successors or assigns, remains unperformed, and if Financial <br />Warranty forfeiture procedures required by law have been initiated. No other condition precedent need be <br />fulfilled to entitle the State or the Colorado State Director, BLM to receive the amount so demanded. <br />However, if, upon completion of reclamation by the State, the amounts expended for reclamation shall be <br />less than the amount received from the Warrantor, the excess shall be promptly refunded to the Warrantor. <br />If demand is made upon the Warrantor for payment of an amount due to the Board hereunder, and if the <br />Warrantor fails to make payment of such amount within ninety (90) days after the date of receipt of such <br />demand, or if it should thereafter be determined, by agreement of the Warrantor or by final judgment of <br />court, that the amount demanded was properly payable, the Warrantor agrees to pay to the Board, in addition <br />to the amount demanded, interest at the current published Wall Street Journal Prime Rate for the period <br />commencing at the end of such ninety -day period and ending on the date of actual payment. <br />