Laserfiche WebLink
Bond No. 107138075 <br /> - 2 - <br /> WHEREAS,the Operator and Travelers Casualty and Surety Company of America (the"Warrantor"),a corporation <br /> organized and existing under the laws of the State of Connecticut and duly authorized to transact a <br /> bonding and surety business in the State of Colorado are hereby and firmly bound unto the State in the sum of <br /> Two Hundred Thirty-two Thousand And * Dollars($232,000.00 )for the life of mine or until such time as <br /> replacement is received,for the payment of which sum,well and truly made,we hereby bind ourselves and our personal <br /> representatives,successors and assigns,jointly and severally,firmly by these presents. <br /> WHEREAS, the Board has determined, in accordance with the Act, that the estimated costs of reclamation of the <br /> Affected Lands are those amounts for the stated periods of time as set forth herein. Said amount may be amended from time <br /> to time to reflect revised estimates of said costs of reclamation. <br /> WHEREAS,the Operator and the Warrantor,in accordance with the Act,has promised and hereby promises the Board <br /> that it will be responsible for all the estimated costs of reclamation with regard to the Affected Lands. <br /> WHEREAS, the Board has determined that this Financial Warranty by the Warrantor equals the estimated costs of <br /> reclamation,as approved by the Board,with regard to the Affected Lands. <br /> NOW,THEREFORE,the Operator and the Warrantor are held hereby firmly unto the State of Colorado in the amount of <br /> those sums for those periods of time as set forth herein,until this Financial Warranty is amended or released in accordance <br /> with applicable law. <br /> The Board may, for good cause shown, increase or decrease the amount and duration of this Financial Warranty. The <br /> Operator shall have sixty(60)days after the date of notice of any such adjustment to increase the surety amount,but no such <br /> increase shall bind the Warrantor unless and until it shall have consented thereto in writing by the issuance of an additional <br /> Financial Warranty or by an endorsement to this Financial Warranty. <br /> The Operator and the Warrantor shall notify the Board immediately of any event which inay impair this Financial Warranty. <br /> If the Board receives such notice, or otherwise has reason to believe that this Financial Warranty has been materially <br /> impaired, it may convene a hearing in accordance with the Act for the purpose of determining whether impairment has <br /> occurred. <br /> The obligation of the Operator and the Warrantor shall continue until the Board has released this Financial Warranty or has <br /> ordered it forfeited in accordance with applicable provisions of the Act. It is understood that periods of years may <br /> necessarily be required before determination can be made that reclamation of the Affected Lands has been satisfactorily <br /> completed. It is also recognized that,as reclamation is accomplished,the amount ofthis Financial Warranty may be reduced <br /> with the approval of the Board so that it reflects the then current estimated cost of the remaining reclamation of the Affected <br /> Lands. No revision,extension,or renewal of the permit,or of the time allowed to complete reclamation,shall diminish the <br /> Operator's or Warrantor's obligation under this Financial Warranty. No misrepresentation by the Operator which may have <br /> induced the Warrantor to execute this Financial Warranty shall be any defense to demand by the State under this agreement. <br /> *00/100---- <br />