Laserfiche WebLink
-3- <br /> The Board may present for payment any Certificate of Deposit held hereunder <br /> •and convert the same to cash if the Board determines that reclamation which <br /> ought to have been performed by the Operator, or its successors or assigns, <br /> remains unperformed. No other condition precedent need be fulfilled to <br /> entitle the Board to receive the amount of any such Certificate. However, if, <br /> upon completion of such reclamation by the Board, the cost of reclamation <br /> shall be less than the amount received from the Bank, the excess shall be <br /> promptly refunded to the Operator. <br /> The obligation of the Operator shall continue until the Board has released <br /> this Financial Warranty, or has ordered it forfeited in accordance with <br /> 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 <br /> the Affected Lands has been satisfactorily completed. It is also recognized <br /> that, as reclamation is accomplished, the amount of this Financial Warranty <br /> may be reduced with the approval of the Board so that it reflects the then <br /> current estimated cost of the remaining reclamation of the Affected Lands. No <br /> revision, extension, or renewal of the permit or of the time allowed to <br /> complete reclamation shall diminish the Operator' s obligation under this <br /> Financial Warranty. <br /> In any single year during the life of the permit, the amount of the Financial <br /> Warranty shall not exceed the estimated cost of fully reclaiming all lands to <br /> be affected in said year, plus all lands affected in previous permit years and <br /> not yet fully reclaimed. Reclamation costs shall be computed with reference <br /> to current reclamation costs. <br /> The amount of this Financial Warranty is based upon estimates as to the cost <br /> of reclamation, and does not operate to liquidate, limit, enlarge, or restrict <br /> the Operator' s obligations to complete the reclamation, even though the actual <br /> costs thereof may substantially exceed the amount of this Financial Warranty. <br /> This Financial Warranty shall be subject to forfeiture whenever the Board <br /> determines that any one or more of the following circumstances exist: <br /> 1 . A Cease and Desist Order entered pursuant to Section 34-32-124 <br /> of the Act has been violated, and the corrective action proposed in such Order <br /> has not been completed, although ample time to have done so has elapsed; or <br /> 2. The Operator is in default under its Performance Warranty, and <br /> such default has not been cured, although written notice and ample time to <br /> cure such default has been given; or <br /> 3. The Operator has failed to maintain its Financial Warranty in <br /> good standing, as required by the Act; or <br /> 4. The Operator no longer has the financial ability to carry out <br /> its obligations in accordance with the Act. <br /> The description of lands herein is for convenience of reference only, and no <br /> error in such description, nor any revision of the permitted mining area, nor <br /> the disturbance by the Operator of lands outside of the permitted mining area <br /> shall alter or diminish the obligations of the Operator hereunder, which shall <br /> extend to the reclamation of all such lands disturbed. <br />