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• The Operator hereby promises the Board that it will comply with all <br /> applicable requirements of the Hard Rock Act and applicable rules and <br /> regulations of the Board; <br /> • The Operator hereby promises the Board that it will comply with all of the <br /> terms of the permit, as amended and supplemented, as well as any conditions <br /> attached by the Board; <br /> • The Operator promises to be responsible for the cost of reclamation...and <br /> agrees that it will maintain a financial warranty covering the Board's <br /> estimated cost of reclamation in good standing for the entire life of the <br /> permit. <br /> • If the Board determines that the Operator is in default under this <br /> performance warranty and has failed to cure such default...the Operator's <br /> financial warranty shall be subject to forfeiture. <br /> 25. 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 /> 26. In addition to the requirements agreed to in the Performance Warranty, <br /> C.R.S. 34-32-117(6)(a) requires that"Financial Warranties shall be maintained in <br /> good standing for the entire life of any permit issued under this article. Financial <br /> warrantors shall immediately notify the board of any event which may impair the <br /> warranties". <br /> 27. CLL's notification of its financial circumstances and inability to maintain the <br /> financial warranty constitutes a notification of"impairment" of the warranty, and <br /> the Division has reason to believe the financial warranty is "materially impaired" <br /> pursuant to C.R.S. 34-32-117(6)(d). <br /> 28. CLL's October 25, 2023, notification of its inability to bring the water <br /> treatment facility back on-line by the end of May 2024, as required by the permit, <br /> constitutes a violation of C.R.S. 34-32-124. <br /> 29. On October 24, 2023, the Division conducted an inspection of the <br /> Schwartzwalder mine, for the purpose of determining CLL's compliance with the <br /> Act, the Regulations, and the permit. <br /> Schwartzwalder Mine/M-1977-300 5 <br />