HYDRO23709 - Laserfiche WebLink

Home Browse Search

.., ia: • ,i. v i .. ,C ~-,I L r. _ L ILL i.V._U_-c x-a.a.c ..ao+ r/ • -4- (5) The description of (ands set forth herein is Por convenience of reference oniy, and no error In such description, nor any revision of the permitted mining area, nor the disturbance by the Prlnclpal of lands outside of the permitted mining area, shail alter or diminish the Principal's obligation hereunder or the Bank's obligation under !ts Letter of Credit, xhlch shall extend to the reclamation of ail such lands disturbed. (6) The State may present drafts upon the Bank for payment under the Letter of Credit if the Board or the 0lvtsion determines, and the 05MRE concurs, that reclamation which 1s required to have been performed by the Prtnctpal, or 1ts~successors or assigns, remains unperformed. No other condition precedent need be fulfilled to entitle the State to receive the amount of SucA drafts. However, 1f, upon completion of such reclamation, the amounts expended for reclamation shall be less than the amount received from the Bank upon presentation of drafts by the State, the excess shall be promptly refunded to the Prtnctpal. (7) The amount of this bond is based upon estimates as to the cost of reciamatlon, and is not intended tc liquidate, iimit or enlarge the Principal's obligatton to complete the reclamation plan and to comply to all r¢spects with the Permit and xlth applicable laws and regulations of the state governing reciamatlon. If the actual cost of reclamation, in accordance with the Plan and the Permit, should exceed the estimated cost, the Prlnclpal shall be responsible for the excess to the full extent provided by law, including the Colorado Surface Coal Mining Reclamation Act (C.R.S. 1973, 34-33-101 ~ shy.), • as amended. NOTE: Consider use of the following paragraph CB) 1f removal of buildings and faculties is a substantial reclamation cost. (B) (a) The Prlnclpal hereby represents that, as of the date of this bond, its interest )n the lands above described is free and clear of any Hens or encumbrances, except as described in Exhibit A hereto. (b) The Principal agrees that 1t will not voluntarily subject such Interest to any lien or encumbrance without gluing to the Board sixty days prior written notice of such action and that it will notify the Board of any Lien or encumbrance involuntartty imposed upon such interest promptly after the Principal's learning of such occurr¢nce. (c) If any lien or encumbrance other than that described in Exhibit A shall attach to any portion of the lands above described, the Board or Division may require that 1t be furnished with a subordlnatl0n agreement to substantially the form of "Consent of Lienholder" below set forth, executed by the holder of such iten or encumbrance, in order that the Surety for this bond may be deemed sufficient. •