PERMFILE46457

• Permit No: M1992038
• IBM Index Class Name: Permit File
• Doc Date: 9/2/1992
• Doc Name: Permit Application
• From: Sand Creek Farms
• To: MLRD
• Media Type: D
• Archive: No

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WHEREAS, as proof of its financial responsibility, the Operator has
proceeded pursuant to Section 34-32-117(3)(a )(III) of the Act and has caused
the Pirst Security Bank Of Brush
State of Colorado
(the "Bank") to issue a Certificate of Deposit,
Na. t24t3 dated 3=20-t992 , payable to the Board
in the amount Of Forty-Five Hundred B 00/100DOlldrs (5-4,500.00-----)
for the period from B-20-t992 through 8=zo-t993 ,
~ ~ and has delivered it o e e, o beTieTd by the a as proo o the
Operator's financial responsibility under this Financial Warranty. The Bank
is not a party to this agreement. Its obligations are set forth in its
Certificate of Deposit. Nothing in this Financial Warranty diminishes or
qualifies the Bank's obligations under its Certificate of Deposit.
~ NOW, THEREFORE, the Operator is held hereby firmly unto the State of
Colorado in the amount of those sums for those periods of time as set forth
herein, until this Financial Warranty is amended or released in accordance
with applicable law.
The Board may, for good cause shown, increase or decrease the amount and
~ duration of this Financial Warranty. The Operator shall have sixty (60) days
after the date of notice of any such ad3ustment to fulfill all new
requirements.
The Operator shall notify the Board immediately of any event which may impair
this Financial Warranty. If the Board receives such notice, or otherwise has
~ reason to believe that this Financial Warranty has been materially impaired,
it may convene a hearing in accordance with the Act for the purpose of
determining whether impairment has occurred.
•The obligation of the Bank shall continue until released in writing by the
Board in accordance with applicable laws specifying Financial Warranty release
~ procedures.
The Board may present for payment any Certificate of Deposit held hereunder
and convert the same to cash if the Board determines that reclamation which
ought to have been performed by the Operator, or its successors or assigns,
remains unperformed. No other condition precedent need be fulfilled to
~ . entitle the Board to receive the amount of any such Certificate. However, if,
upon completion of such reclamation by the Board, the cost of reclamation
shall be less than the amount received from the Bank, the excess shall be
promptly refunded to the Operator.
The obligation of the Operator shall continue until the Board has released
~ this Financial Warranty, or has ordered it forfeited in accordance with
applicable provisions of the Act. It is understood that periods of years may
necessarily be required before determination can be made that reclamation of
the Affected Lands has been satisfactorily completed. It is also recognized
that, as reclamation is accomplished, the amount of this Financial Warranty
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