2005-10-12_REVISION - M1998059 - Laserfiche WebLink

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Oct 12 O5 08:45a Mike Koellner, Owner 9707746114 p•3 2 - ofthe Act and nll applicable rotes aad regulations of the Board, as amended from time to time. WHEREAS, in its application for the permit, the OperaWr has agreed wiUt the Board to provide fur reclamation of the Alfccted Lands that are now, or may bceomo, subject to the ptxmit, as required by law. WHEREAS, the Hoard has determined, in aocordatrce with the Act, that the estimated costs ofteclamation 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 estimates of said costs of reclamation. WHEREAS, The Operator, in accordance with lha Act, ltas promised and hereby promises the Board tlr:rt it will be responsible for all of the estimated costs of reclamation with regard to the Alfectod Lands. WHEREAS, the Board has dclcrrnincd that the Financial Warranty by rho Operator equals the estimalecl costs of reclamation, as approved by the Board, with regard to the Affected Lands. WHEREAS, as proof of its fmancial responsibility, the Operator has proceeded ptusuant to Section 34-32-1 I7(3)(axI[) of U-e Act and has caused the First Nations t Sank of Fleming .Stale of Colorado (the "Hank") to issue its IrrevocableielterofCreditNo. dated October 11 .2 05 payable to the Board in the amount of Twenty Four Thousand Dollars (S 24.000.00 l for the period front October 11 2005 ,through October 11 2006 end hasdehveredittothcBoard to be held by the Board as proof of the Operator's financial responsibility under this financial warranty. Tlrc Bank is nut a parry to t)ris agreement; its obligations arc set forth in its Letter of Credit. NoWing in this Financial Watrttniy diminishes or qualifies the Bank's obligation under its Letter of Credit. NOW TIiEREFORE, the Operator is held hereby firmly unto the State of Colorado ut the antowrt of dtase sums for those periods of time as set forth herein, until this financial warranty is amended or released in accordance with applicable law. The Hoard may, for good cause shown, increase or decrease the amount and duration of this finmuial warranty. The atarshall have sixty {GO) days aRcr the date o[notice ofanysuch adjustment to fulfill all new requirements. The Operator shall notify the Board immediately of any event which may impair this financial warranty. Additionally, the Warrantor reserves the right to cancel this Financial Warranty, effective only apart an anniversary date, and only by giving written notice to the effect, mailal by Certified Mail, at Icast ninety (90) days prior to such anniversary date, addressed to both the operator at its address herein stated, and to the board or Division at the addrcsa herein staled. ]fthe board receives suctr notice, orotlrezwiae has reason to believe that this Financial Warranty has been materially impaired, it may wnvene a hearing in accordance with the Act fur dte purpose of determining whetltcr impairment has occurred. No misrcpresenlalion by the Operator which may have induced the Bank to deliver its Letter of Credit slrnll be any defame to any drag by the State under such Letter of Credit.