2007-01-16_REVISION - M1985112 - Laserfiche WebLink

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-~- The amount of this Financial Warranty is based upon estimates as to the cost of reclamation. and does not operate to liquidate. limit, enlarge or restrict the Operator's obligations to complete reclamation and to comph• in all respects with the permit and with applicable laws and revelations governing reclamation, even thoueh the actual cost thereof may substantially exceed the amount of this Financial Warrantv~. The Warrantor shall not be liable under this Financial Warranh for an amount ~•eater than the sum designated herein, unless increased by a later amendment to this Financial Warrany. This Financial Warranty sha!! be reviewed by the Board from time to time, and the Board mac require an increase in the principal sum of this Financia! Warranty (and a corresponding increase in the surety amount) to cover increases in the estimated costs of reclamation. but no such increase shall bind [he Warsantor unless and until it shalt have consented thereto in writing by the issuance of an additional Financial Warranty or by an endorsement to this Financial Wartann•. The Warrantor reserves the right to cancel this Financial Warranty, effective only upon an anniversary date, and only by giving written notice to that effect, mailed by Certified Mail, at least ninety (90) days prior to such anniversary date, addressed to both the Operator at its address herein stated and to the Boazd at the address herein stated In the event of such cancellation, this Financial Warranty shall nevertheless remain in full force and effect as respects the reclamation of all areas disturbed prior to the effective date of such cancellation, unless and until the Operator shall file a substitute Financial Warranty which: (I) assumes liability for all reclamation obligations which shall have arisen at any time while this Financial Warranty is in force; and (2) is accepted in writing by the Boazd. In the event of such cancellation, if the Financial Warranty is not fully released, the amount of the continuing Financial Warranty available for the reclamation of areas disturbed and trnreclaimed at the date of cancellation shall be fixed by the Board at the amount it determines necessary to complete such reclamation (which amount may not excad the sum desigtated herein) and the Board shall concurrently identify such azeas in writing, acid notify the Warrantor and the Operator thereof Thereafter, the obligation of the Warrantor shall be limited to reclamation of the azeas so identified. The consideration for the Warrantor's execution of this agreement is the promise of the Operator to pac the premiums, but failure by the Operator to pay such premiums shall not invalidate or diminish the Warrantor's obligation hereunder. The Boazd may make demand upon the Warrantor for payment hereunder if the Boazd determines that reclamation which ought to have been performed by the Operator, or its successors or assigns, remains unperformed, and if Financial Warranty forfeiture procedures required by law have been initiated. No other condition precedent need be fulfilled to entitle the State to receive the amount so demanded. However, if; upon completion of reclamation by the State, the amounts expended for reclamation shall be less than the amount received from the Warrantor, the excess shall be promptly refunded to the Warrantor. [f demand is made upon the Warrantor for payment of an amount due to the Board hereunder, and if the Warrantor Fails to make payment of such amount within ninety (90) days after the date of receipt of such demand, or if it should thereafter 6e determined, by agreement of the Warrantor or by Final judgment of court. that the amount demanded was properly payable, the Warrantor agrees to pay to the Board. in addition to the amount demanded. interest at the prime rate in effect from time to time at The United Bank of Denver for the period commencing at the end of such ninety-day period and ending on the dace of actual patiment.