2021-10-15_REVISION - M1977284 - Laserfiche WebLink

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However, if, upon completion of reclamation by the State, the amounts expended for reclamation shall be less than the amount received from the Warrantor,the excess shall be promptly refunded to the Warrantor. If demand is made upon the Warrantor for payment of an amount due to the Board hereunder, and if the Warrantor fails to make payment of such amount within ninety(90)days after the date of receipt of such demand, or if it should thereafter be determined, by agreement of the Warrantor or by final judgment of court,that the amount demanded was properly payable,the Warrantor agrees to pay to the Board,in addition to the amount demanded,interest at the prime rate in effect from time to time as listed by Wall Street Prime Rate for the period commencing at the end of such ninety-day period and ending on the date of actual payment. If the Board shall notify the Warrantor that the Operator is in default, and if the Board shall initiate any Financial Warranty forfeiture procedures required by law or regulation, the Warrantor may, in lieu of making payment to the Board of the amount due hereunder, cause the reclamation to be timely performed in accordance with all requirements of the Act and all applicable rules and regulations. In such event,when and if the reclamation has been timely performed to the satisfaction of the Board or Division,this Financial Warranty shall be released. If the reclamation shall not be so performed to the satisfaction of the Board or Division,this Financial Warranty shall remain in full force and effect. This Financial Warranty shall be subject to forfeiture whenever the Board determines that any one or more of the following circumstances exist: 1. A Cease and Desist Order entered pursuant to Section 34-32-124 of the Act has been violated,and the corrective action proposed in such Order has not been completed,although ample time to have done so has elapsed; or 2. The Operator is in default under its Performance Warranty, and such default has not been cured, although written notice and ample time to cure such default has been given; or 3. The Operator and/or the Warrantor has failed to maintain its Financial Warranty in good standing as required by the Act; or 4. The Warrantor no longer has the financial ability to carry out its obligations in accordance with the Act. The description of lands herein is for convenience of reference only, and no error in such description, nor any revision of the permitted mining area, nor the disturbance by the Operator of lands outside of the permitted mining area shall alter or diminish the obligations of the Operator and/or Warrantor hereunder, which shall extend to the reclamation of all such lands disturbed. If this Financial Warranty applies to National Forest System lands, and if this Financial Warranty is accepted by the United States Forest Service("U.S.F.S.")as the bond required under 36 C.F.R.228.13,then the Operator,having requested that the Board and the U.S.F.S.accept this single Financial Warranty in Iieu of the separate bonds which would otherwise be required by applicable law, hereby agrees that, notwithstanding any other provision hereof, or of law, this Financial Warranty shall remain in full force and effect until U.S.F.S.has advised the Board by written notice that the Operator's obligations to U.S.F.S., for which this Warranty is executed,have been satisfied,and until the financial warranty has been released by the Board. If this Financial Warranty applies to lands under the jurisdiction of the State Board of Land Commissioners ("Land Board"), and if this Financial Warranty, in whole or in part, is accepted by the Land Board as the bond required under its applicable law and procedures,then the Operator, having requested that the State Page 4 of 6