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2006-02-02_REVISION - M1992054
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2006-02-02_REVISION - M1992054
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Last modified
6/2/2020 7:57:19 AM
Creation date
11/21/2007 12:01:09 PM
Metadata
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Template:
DRMS Permit Index
Permit No
M1992054
IBM Index Class Name
Revision
Doc Date
2/2/2006
Doc Name
Financial Warranty Letter of Credit
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DMG sme
To
DMG
Media Type
D
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- 2 - <br />ofthe Act and all applicable rules and regulations of the Boazd, as amended from time to time. <br />WHEREAS, in its application for the permit, the Operator has agreed with the Board to provide for <br />reclamation of the Affected Lands that are now, or may become, subject to the permit, as required by law. <br />WHEREAS, the Board has determined, in accordance with the Act, that the estimated costs of reclamation of <br />the Affected Lands are those amounts for the stated periods of time as set forth herein. Said amount may be <br />amended from time to time to reflect revised estimates of said costs of reclamation. <br />WHEREAS, The Operator, in accordance with the Act, has promised and hereby promises the Board that it <br />will be responsible for all of the estimated costs of reclamation with regard to the Affected Lands. <br />WHEREAS, the Board has determined that the Financial Warrauty by the Operator equals the estimated costs <br />of reclamation, as approved by the Board, with regard to the Affected Lands. <br />WHEREAS, as proof of its financial responsibility, the Operator has proceeded pursuant to Section <br />3432-117(3)(a)(II) of the Act and has caused the <br />Bank of- Fes' SAN Ti1~0 NS , State of t[N1AD0 __ (the "Bank") to issue its <br />Irrevocable Letter of Credit No. 35?1ZZ dated rwa ~bG payable to the Board <br />in the amount of Fr6'~' :-!wv ~fivvS..A~- j~k. ~N('~-se.GDollars ($ SZ ~}4'-l-• y0 )for the period from <br />r' ~ D ~ ,through ~IoHT 3 i __~p~_"z.~-end has delivered it to the Board <br />to be held b the Board as proof of the Operator's fin cial responsrbility under this financial warranty. The <br />Bank is not a party to this agrcement; its obligations aze set forth in its Letter of Credit. Nothing in this Financial <br />Warranty diminishes or qualifies the Bank's obligation under its Letter of Credit. <br />NOW THEREFORE, the Operator is held hereby firmly unto the State of Colorado in the amount of those <br />sums for those periods of time as set forth herein, until this financial warranty is amended or released in <br />accordance with applicable law. <br />The Board may, for good cause shown, increase or decrease the amount and duration of this financial <br />warranty. The Aperator shall have sixty (60) days after the date of notice of any such adjustment to fulfill all new <br />requirements. <br />The Operator shall notify the Boazd immediately of any event which may impair this financial warranty. <br />Additionally, the Warrantor reserves the right to cancel this Financial Warranty, effective only upon an <br />anniversary date, and only by giving written notice to the effect, mailed by Certified Mail, at least ninety (90) <br />days prior to such anniversary date, addressed to both the operator at its address herein stated and to the Board or <br />Division at the address herein stated. If the Board receives such notice, or otherwise has reason to believe that <br />this Financial Warranty has been materially impaired, it may convene a hearing in accordance with the Act for the <br />purpose of determining whether impairment has occurred. <br />No misrepresentation bythe Operator which may have induced the Bank to deliver its Letter of Credit shall be <br />any defense to any draft by the State under such Leler of Credit. <br />
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