2007-05-29_REVISION - M1997032 - Laserfiche WebLink

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-z- NATIONAL [iNION FIRE INSURANCE COMPANY WHEREAS, the Operator and, OF PITTSBURGH. PA (the "Warrantor"), a corporation organized and acisting under the laws of the State of Pennsylvania and duh• authorized to transact a bonding and surety business in the State of Colorado are herebv and firrtly bound unto Ninety-Ore and no/100ths the State in the sum of Sixty-One Thousand Sis Hundre~(iHars ($ 6I r6Q1 00 ) for the life of mine or until such time as replacement is received for the pavtnent of which sum, well and truly made, we hereby bind ourselves and our personal representatives: successors and assigns. jointly and severalk, firmly by these presents. WHEREAS, the Board haz determined, in accordance with the Act, that the estimated costs of reclamation of the Affected Lands are those amounts for the stated periods of time as set forth herein. Said amount may be amended from time to time to reflect revised estiroates of said costs of reclamation. WHEREAS, the Operator and the Warantor, in accocdartce with the Act, has promised and hereby promises the Boatel that it will be responsible far aU the estimated vests of reclamation with regard to the Affected Lands. WHEREA$, the Boardbas determuted that this Financial Warranty by the Warrantor equals the estimated costs of reclamation, as approved by the Hoard, with regard to the Affected Lands. NOW, THEREFORE, ttte Operator and the Warrantor arc held hereby fuvrly 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 azcordance with applicable la~- The Board trtay, 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 adjustment to increase the surety amount, but no sudt increast shall bind the Warrantor unless and until it shall have consented thereto in writing by the issuance of an additional Financial W arranry or by an endorsement to this Financial Warranty. The Operator and the Warrantor shall notify the Board immediately of any evrnt 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 wnvene a hearing in accordance with the Aa for the purpose of detP*R+~ni*+g whether impairment has occurred. The obligation of the Operator and dte Warrantor shall continue until the Board has released this Financial Warranty or has ordered it forfeited in accordance with applicable provisions of the Act. [t is understood that periods of years may necessarily be required before determination can be made that reclamation of the Affected Lands has beat satisfactorily completed. It is also recogtized that, as reclamation is azcomplished, the amount of this Financial Warranty may be reduced µ~th the approval of the Board so that it reflecu the then current estimated cost of the remaining reclamation of the Affected Lands. No revision, extension, or renewal of the permit, or of the time allowed to complete reclamation, shalt diminish the Operator's or Warrantor's obligation under this Financial Warranty. No misrepresentation by the Operator which may have induced the Warrantor to execute this Financial Warranty shall be any defense to demand by the State under this agreement. In any single year during the Gfe of the permit, the amount of the Financial Warranty shall not excced the estimated cost of frilly reclaiming all lands to be affected in said year, plus all lands affected in precious permit years and not yet fully reclaimed. Reclamation costs shall be computed with reference to currrnt reclamation costs.