|
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 /> payable to the United States, then, notwithstanding any other provision of this Financial Warranty, or of law, the
<br /> Page 4 of 6
<br />
|