2007-05-29_REVISION - M1977285 - Laserfiche WebLink

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-z- WHEREAS, the Operator and ~~ Unczr 1:Y>:e ~'~~ ~~ of ~'~tt e~'~ariantor"), a corporation organized and existing under the laws of the State of FttraYlcaria and duly authorized to transact a bonding and surety business in the State of Colorado are hereby and firmly bound unto the State in the sum of gam' Dollars ($ ~~~'~ for the life of mine or until such limo as replacement is received, for the payment of which sum, well and truly made, we hereby bind ourselves and our personal representatives, successors and assigns, jointly and severally, firmly by these presenu. WHEREAS, the Boazd has determined, in accordance with the AU, that the estimated costs of reclamation of the Affected lands aze those amounts for the stated periods of time as set forth herein. Said amount tray be amended from time to time to reflect revised estimates of said casts of reclamation. WHEREAS, the Operator and the Warrantor, in accordance with the Aa, has promised and hereby promises the Board that it will be responsible for all the estimated costs of reclamation with regazd to the Affeaed Lands. WHEREAS, the $oazd has determined that this Financial Warranty by the Warrantor equals the estimated costs of reclamation, as approved by the Boazd, with regazd to the Affected Lands. NOW, THEREFORE, the Operator and the Warrantor aze held hereby firmly unto the State of Colorado in the amount of those sums for those periods of time as sec forth herein, until this Financial Warranty is amended or released in acwrdance with applicable law, The $oazd may, for good cause shown, increase or decrease the amount and duration of this Financial Warranty. The Operator shall have sixty (60) days after the date of notice of any such adjustment to increase the surety amotutt, but no such increase shall bind the Warrantor unless and until it shall have consented thereto in writing by the issuance of an additional Financial Warranty or by an endorsement to this~Financial Warrany. The Operator and the Warrantor shall notify the Board immediately of air event which may impair this Financial Warranty. If the Board receives 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 Act for the purpose of determining whether impaittnent has occurred. . The obligation of the Operator and the Warrantor shall continue until the Board has released this Financial Warranty or has ordered it forfeited in accordance with applicable provisions of the Act. It is understood that periods of years may necessarily be required before determination can be made that reclamation of the Affected Lands has been satisfactorily completed. It is also recognized that, as reclamation is accomplished, the amount of this Financial Warranty may be reduced with the approval of the Boazd so that it reflects the then current estimated cost of the r'*T+~+*+ing reclatnarion of the Affected Lands. No revision, extension, or renewal of the permit, or of the time allowed to complete reclamation, shall diminish the Operator's or Warrantor's obligation under this Financial Warranty. No misrepresentation by the Operator which may have induced the Warrantor to execute this Financial Warranty shall be any defense to demand by the State under this agreement. In any single year during the life of the peratit, the amount of the Financial Warranty shall nor exceed the estimated cost of fully reclaiming all lands to be affected in said yeaz, plus all lands affected in previous pencil years and not yet fully reclaimed. Reclamation costs shall be computed with reference to current redatnadoa costs.