Laserfiche WebLink
2 - <br /> WHEREAS,as part of the application for the permit,the Operator has agreed to be bound by all requirements <br /> of the Act and all applicable rules and regulations of the Board, as amended from time to time. <br /> WHEREAS, in its application for the permit, the Operator has agreed with the Board to provide for <br /> reclamation of the Affected Lands that are now, or may become, subject to the permit, as required by law. <br /> WHEREAS,the Board has determined,in accordance with the Act,that the estimated costs of reclamation of <br /> the Affected Lands are those amounts for the stated periods of time as set forth herein. Said amount may be <br /> amended from time to time to reflect revised estimates of said costs of reclamation. <br /> WHEREAS,The Operator, in accordance with the Act,has promised and hereby promises the Board that it <br /> will be responsible for all of the estimated costs of reclamation with regard to the Affected Lands. <br /> WHEREAS,the Board has determined that the Financial Warranty by the Operator equals the estimated costs <br /> of reclamation, as approved by the Board, with regard to the Affected Lands. <br /> WHEREAS, as proof of its financial responsibility, the Operator has proceeded pursuant to Section <br /> 34-32-117(3)(a)(II) of the Act and has caused the <br /> Bank of MhL+(4Q S,t�e eP" d1r0 0 (the "Bank") to issue its <br /> Irrevocable Letter of Credit No. bMC N 5W Sy 1 ds dated G payable to the Board <br /> in the amount of IV M TUMJ S QA1 0Dollars ( 2�' D DJ , v� ) for the period from <br /> S(,�►' 3 ,��, through_ yc „ a 0 ao and has delivered it to the Board <br /> to be held by the Board as proof of the Operator's financial responsibility under this financial warranty. The <br /> Bank is not a party to this agreement; its obligations are set forth in its Letter of Credit. Nothing in this Financial <br /> Warranty diminishes or qualifies the Bank's obligation under its Letter of Credit. <br /> NOW THEREFORE,the Operator is held hereby firmly unto the State of Colorado in the amount of those <br /> sums for those periods of time as set forth herein, until this financial warranty is amended or released in <br /> accordance with applicable law. <br /> The Board may, for good cause shown, increase or decrease the amount and duration of this financial <br /> warranty. The Operator shall have sixty (60) days after the date of notice of any such adjustment to fulfill all <br /> new requirements. <br /> The Operator shall notify the Board immediately of any event which may impair this financial warranty. <br /> Additionally, the Warrantor reserves the right to cancel this Financial Warranty, effective only upon an <br /> anniversary date, and only by giving written notice to the effect, mailed by Certified Mail, at least ninety (90) <br /> days prior to such anniversary date,addressed to both the operator at its address herein stated,and to the Board <br /> or Division at the address herein stated. If the Board receives such notice,or otherwise has reason to believe that <br /> this Financial Warranty has been materially impaired, it may convene a hearing in accordance with the Act for <br /> the purpose of determining whether impairment has occurred. <br /> No misrepresentation by the Operator which may have induced the Bank to deliver its Letter of Credit shall be <br /> any defense to any draft by the State under such Letter of Credit. <br />