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30. On November 17, 2024, the Division sent a second RTB to CLL and Hanover <br /> Insurance, providing notification that the March 17, 2023, RTB had been revived <br /> and reinitiated and that the matter would be set for hearing before the Board at the <br /> December 13, 2023, hearing. The November RTB outlined that the Board could both <br /> revoke the permit and forfeit the financial warranty at the December hearing. <br /> 31. In order to resolve the outstanding defaults and possible violations, the <br /> Division and CLL hereby agree and stipulate to terms outlined below related to <br /> findings of violation and revocation of the permit. <br /> AGREEMENT <br /> 32. The Board has jurisdiction over the Operator, the Financial Warrantor and <br /> this matter pursuant to the Mined Land Reclamation Act, Article 32 of Title 34, <br /> C.R.S. ("Act") and the terms and conditions of the Financial Warranty executed on <br /> March 19, 2023. The Parties agree to the General Finding of Fact and Law set forth <br /> above, and hereby incorporate those findings into the Agreement. <br /> 33. CLL does not contest the finding that its verbal notification of its financial <br /> circumstances and inability to maintain the financial warranty for the life of the <br /> permit constitutes a notification of"impairment" of the warranty, and the Parties <br /> agree the financial warranty is "materially impaired" pursuant to C.R.S. 34-32- <br /> 117(6)(d). <br /> 34. Pursuant to C.R.S. 34-32-117(6)(a) and the terms of the Performance <br /> Warranty, "Financial Warranties shall be maintained in good standing for the <br /> entire life of any permit issued under this article". <br /> 35. CLL does not contest the finding that it is in default under the terms of the <br /> Performance Warranty and is not able to cure the default. CLL does not contest the <br /> finding that it is in violation of C.R.S. 34-32-117(6)(a) for failing to maintain the <br /> financial warranty in good standing for the life of the permit. <br /> 36. Pursuant to C.R.S. 34-32-118(1)(b) and Rule 4.20(1)(b), a financial warranty <br /> shall be subject to forfeiture whenever the Board shall determine that the Operator <br /> is in default of the performance warranty and has failed to cure such default. <br /> 37. CLL does not contest the finding that it is in default under the terms of the <br /> Performance Warranty and is not able to cure the default. CLL agrees it has failed <br /> to maintain the financial warranty in good standing due to its financial <br /> circumstances. The Parties agree the Financial Warranty is subject to forfeiture <br /> pursuant to C.R.S. 34-32-118(1)(b) and Rule 4.20(1)(b). <br /> Schwartzwalder Mine/M-1977-300 6 <br />