Laserfiche WebLink
-4- <br />If demand is made upon the Warrantor for payment of an amount due to <br />the Board hereunder, and if the Warrantor fails to make payment of such amount <br />within ninety (90) days after the date of receipt of such demand, or if it <br />should thereafter be determined, by agreement of the Warrantor of by final <br />judgment of court, that the amount demanded was properly payable, the <br />Warrantor agrees to pay to the Board, in addition to the amaunt demanded, <br />interest at the prime rate in effect from time to time at The United Bank of <br />Denver for the period commencing at the end of such ninety-day period and <br />ending on the date of actual payment. <br />If the Board shall notify the Warrantor that the Operator is in <br />default and if the Board shall initiate any financial warranty forfeiture <br />procedures required by law or regulation, the Warrantor may, in lieu of making <br />payment to the Board of the amount due hereunder, cause the reclamation to be <br />timely performed in accordance with all requirements of the Act and all <br />applicable rules and regulations. In such event, when and if the reclamation <br />has been timely performed to the satisfaction of the Board or Division, this <br />financial warranty shall be released. If the reclamation shall not be so <br />performed to the satisfaction of the Board or Division, this financial <br />warranty shall remain in full force and effect. <br />This financial warranty shall be subject to forfeiture whenever the <br />Board determines that any one or more of the following circumstances exist: <br />1. A Cease and Desist Order entered pursuant to Section <br />34-32-124 of the Act has been violated, and the corrective action proposed in <br />such order has not been completed, although ample time to have done sa has <br />elapsed; or <br />2. The Operator is in default under its performance warranty, <br />and such default has not been cured, although written notice and ample time to <br />cure such default has been given; or <br />3. The Operator and/or the Warrantor has failed to maintain its <br />financial warranty in good standing as required by the Act; or <br />4. The Warrantor andJor Operator no longer has the financial <br />ability to carry out its obligations in accordance with the Act. <br />The description of lands herein is for convenience of reference only, <br />and no error in such description, nor any revision of the permitted mining <br />area, nor the disturbance by the Operator of lands outside of the permitted <br />mining area shall alter or diminish the obligations of the Operator and/or <br />Warrantor hereunder, which shall extend to the reclamation of all such lands <br />disturbed. <br />If this financial warranty applies to National Forest System lands, <br />and if this financial warranty is accepted by the United States Forest Service <br />("U.S.F.S.") as the bond required under 36 C.F.R. 252.13, then, the Operator <br />having requested that the Board and the U.S.F.S. accept this single financial <br />warranty in lieu of the separate bonds which would otherwise be required by <br />