2003-04-27_REVISION - M1977342 - Laserfiche WebLink

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(ii) a statement summarizing any circumstances which may affect the adequacy of the Deed if it is a Trust or security agreement; and (iii) proof that there aze no past-due property taxes. 4.9.2 Deed of Trust -Real Estate (2) Failure to provide the documents required by Pazagraph 4.9.1 2 shall indicate a reason to believe the Financial Warranty is not being maintained in good standing as required by Paragraph 4.1(7). 4.9.3 First Priority Lien -Fixtures and Equipment With respect to first priority liens on project-related fixtures and equipment described in Subsection 4.3.10, above: (a) the Board or Office may, in its discretion, accept a first priority lien, in the amount of the Financial Warranty prescribed pursuant to Subsection 4.2.1, on any project-related fixtures and equipment that must remain on-site in order for the Reclamation Plan to be performed, in lieu of including the cost of acquiring and installing such fixtures and equipment; (c) any fixtures and equipment accepted pursuant to this Rule shall be insured, with the MLRB named as the additional insured, and maintained in good operating condition and shall not be removed from the permit area without the prior consent of the Board or Office. Each Operator/Permittee or Applicant providing a lien on such equipment and fixtures shall file an Annual Report with the Office in sufficient detail to fully describe the condition, value and location of all pledged fixtures and equipment. Such Financial Warrantor shall not pledge such equipment and fixtures to secure any other obligation and shall immediately notify the Office of any other interest that arises in the pledged property, and shall comply with the requirements of Section 4.14. 4.14 IMPAIRMENT OF FINANCIAL WARRANTIES (1) Each Financial Warrantor providing proof of financial responsibility in a form described in Subsections 4.3.6, 4.3.7, 4.3.8, 4.3.9, and 4.3.10 shall notify the Board within sixty days (60) of any net loss incurred in any quarterly period. (2) Whenever the Board receives a notice under Pazagraph 4.14(1) or fails to receive a certification or a substitute Warranty as required by Paragraph 4.1.2(5), or otherwise has reason to believe that a Financial Warranty has been materially impaired, it may convene a hearing for the purpose of determining whether impairment has in fact occurred. (3) Whenever the Board elects to convene a hearing pursuant to Pazagraph 4.14(2), it may hire an independent consultant to provide expert advice at the hearing. The fees for any such consultant shall be paid by the Financial Warrantor, and no consultant shall be hired until the Financial Warrantor signs a written fee agreement in such form as the Board may prescribe. In the event that a Financial Warrantor refuses to sign such an agreement, the Board may, without hearing, order the Financial Warrantor to provide an alternate form of Financial Warranty. (4) At any such heazing, if the Board finds that a Financial Warranty has been materially impaired, it may order the Financial Warrantor to provide an alternate form of Financial Warranty.