2006-04-25_REVISION - M2000089 - Laserfiche WebLink

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- 2 - WHEREAS, as part ofthe application for the permit, the Operator has agreed to be bound by all requur~nerrts of the Act a~ all applicable rules and reguhrtions of the Board, as amended from time to time. WHEREAS, in its application for the permit, the Operator has agreed with the Board to provide for reclamation of the Affected Lands that are now, or may become, subject to the permit, as required by law. WHEREAS, the Board has dexeamined, in accordance with the Aet, that the estimated costs ofreon of the Affected Larids are those amounts for the stated periods of time as set forth herein. Said amourrt may be amended from time to time to reflect revised estimates of said costs of reclamation. WHEREAS, The Operator, in accordance with the Act, has promised and hereby promises the Board that it will be responsible for all of the estimated costs of reclamation with regard to the Affected Lands. WHEREAS, the Board has determined that the Fvrancial Warranty by the Operator equals the estimated costs of reclamation, as approved by the Board, with regard to the Affected lands. WHEREAS, as proof of its financial responsiMlity, the Operator has proceeded puraua~ to Section 3432-117(3xa)[~ ofthe Act and has Ceased the FIRSTBANR OF LONGMONT if .State of coLORADO (the "Bank") to issue its Iaevocabh:Lette[ofCreditNo. 864-9189 dated APRIL 18 2006 payabh:totheBoard In the amOllnt Of~+TELVE THOUSAND FIVE HUNDRED Dollars ($ 12 , 500.00 ) fi)i the period finm APRIL 18 2006 t(ffough APRIL 18 2007 and hasdelivered$totheBoard to beheld by the Board as ptoofofthe Operator's financial rrsponsibility under this financial warranty. TheBank is nat a party to this agreement; its obligations are set forth in its Letter of Credit. Nothirsg in this Financial Warranty diminishes or qualifiev the Banl~s obligation under its Letter of Credit. NOW THEREFORE, the Operator is held hereby fimrly urno the State of Colorado in the amourt of those sums for those periods of time as set forth herein, uatd this financial warranty is amended or released in accordance with applicable law. The Board may, for good cause shown, increase or decrease the amoum and duration of this financial warranty. The Operator shall have sixty (60) days after the date ofnotice of a~ such adjustment to fidfill all new requirements. The Operator shall notify the Board immediately of arty evcet which may impair this financial warranty. Additionally, the Warrantor reserves the right to cancel this Financial Warranty, effective only upon ao amivesyary date, aril only by giving written notice to the 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 Board or Division at the address herein stated. Ifthe Board rrceaves such notice, or otherwise has reason to believe that this Financial Warranty has been materially impaired, it may convene a hearing in accordance with the Ad for the purpose of def~rn>•n;ng whether impairmem has occaured. No misrepresernation by the Operator which may have induced the Bank to deliver its Letter ofCredit shall be a~+ defense to any draft by the State under such Letter of Credit.