Laserfiche WebLink
-4- <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 <br /> the Board of the amount due hereunder,cause the reclamation to be timely performed in accordance with all <br /> requirements of the Act and all applicable rules and regulations. In such event,when and if the reclamation has <br /> been timely performed to the satisfaction of the Board or Division. this Financial Warranty shall be released. <br /> If the reclamation shall not be so performed to the satisfaction of the Board or Division,this Financial Warranty <br /> shall remain in full force and effect. <br /> This Financial Warranty shall be subject to forfeiture whenever the Board determines that any one or more of <br /> the following circumstances exist: <br /> 1. A Cease and Desist Order entered pursuant to Section 34-32-124 of the Act has been <br /> violated,and the corrective action proposed in such Order has not been completed,although ample time to have <br /> done so has elapsed; or <br /> 2. The Operator is in default under its Performance Warranty,and such default has not been <br /> cured,although 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 <br /> standing as required by the Act:or <br /> 4. The Warrantor no longer has the fmancial ability to carry out its obligations in <br /> accordance with the Act. <br /> The description of lands herein is for convenience of reference only, and no error in such description,nor any <br /> revision of the permitted mining area, nor the disturbance by the Operator of lands outside of the permitted <br /> mining area shall alter or diminish the obligations of the Operator and/or Warrantor hereunder, which shall <br /> extend to the reclamation of all such lands disturbed. <br /> If this Financial Warranty applies to National Forest System lands,and if this Financial Warranty is accepted <br /> by the United States Forest Service("U.S.F.S.")as the bond required under 36 C.F.R. 252.13,then the Operator, <br /> having requested that the Board and the U.S.F.S. accept this single Financial Warranty in lieu of the separate <br /> bonds which would otherwise be required by applicable law, hereby agrees that, notwithstanding any other <br /> provision hereof, or of law, this Financial Warranty shall remain in full force and effect until U.S.F.S. has <br /> advised the Board by written notice that the Operator's obligations to U.S.F.S., for which this Warranty is <br /> executed,have been satisfied,and until the fmancial 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 <br /> ("Land Board"),and if this Financial Warranty,in whole or in part,is accepted by the Land Board as the bond <br /> required under its applicable law and procedures,then the Operator,having requested that the State accept this <br /> Financial Warranty in lieu of the separate bonds which would otherwise be required by the Colorado Mined Land <br /> Reclamation Board or Division of Minerals and Geology and by the Land Board, hereby agrees that. <br /> notwithstanding any other provision hereof,or of law, this Financial Warranty shall remain in full force and <br /> effect until the Board is notified in writing by the Land Board that the Operator's obligations to the Land Board, <br /> for which this Warranty is executed,have been satisfied,and until the financial warranty has been released by <br /> the Board. <br />