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3) Performance Warranty Form: The party wishing to become Successor("Prospective <br /> Successor") must agree to assume all liability for the reclamation of,a-'fected land, and <br /> must provide a Performance Warranty covering the same. See C.R.S. §§ 34-32-119 <br /> and 34-32.5-1 19. A Performance Warranty Norm is included in :his Application <br /> Packet. The Performance Warranty Form must bear the original notar zed sigr ature of <br /> an authorized representative of the Prospective Successor. <br /> 04) Financial Warranty: The Prospective Successor must provide Fina icial Warranties <br /> sufficient to cover the cost of completing reclamation in compliance with the Permit. <br /> the applicable Act and Rules. See C.R.S. §§ 34-32-1 19 and 34-32.5-1 19. In order to <br /> ensure the adequacy of the Financial Warranties, the Division mus_ recalculate the <br /> required Financial Warranty whenever it receives an SO Application. Depending upon <br /> the state of the operation and the outstanding; reclamation work, the Successor tllay be <br /> required to post a higher (sometimes significantly) or lower Financi,-_i Warralty than <br /> the Permittee currently has in place. <br /> The Division must act on all SO Applications within 30 days. ,See Hard Rock and <br /> Construction Materials Rule 1.12.1(2)(a). Since the Division cannot typically review <br /> the amount of the required financial Warranty within this 30-day period, applicants <br /> have the Following two options: <br /> Applicants may waive their right to receive a decision within 30 dav:. If the <br /> applicants waive their right to a decision within 30 days, tie Division will <br /> recalculate the required Financial Warranty before issuing itr decisio-i on the <br /> Application. As a result, the Prospective Successor will know, prior to <br /> becoming Successor. whether the current Financial Warrants is adequate to <br /> cover the reclamation liability, or if the Financial Warranty must be ircreased. <br /> In this case. the Prospective Successor must submit the full Financial Warranty <br /> as park of the Application. <br /> Applicants may decide not to waive their right to a decision within 30 days. if <br /> the applicants choose not to waive their right to a 30-day review, the Division <br /> will review the Financial Warranty after issuing its decision or the Application. <br /> In this case, the Prospective Successor must submit a conditi)nal rep acement <br /> Financial Warranty in the amount of the Permittee's current Fi ianeial Warranty <br /> as part of'thc Application. <br /> If the Application is approved, the Division will conduct an nspecticll within <br /> 60 days to assess the amount of the reclamation liability. If the inspection <br /> reveals that the reclamation liability exceeds the amount o 7 the conditional <br /> replacement Financial Warranty, the Successor must submit the difference <br /> within sixty days. Failure to meet this deadline may result in an enforcement <br /> action. If the inspection reveals that the reclamation liabilit,-, is less than the <br /> conditional replacement Financial Warranty, the Successot may request a <br /> financial Warranty reduction for release of the difference. <br /> -2 - <br />