2007-05-29_REVISION - M1977285 - Laserfiche WebLink

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-3- The amount of this Financial Wamnry is based upon estimates as to the cost of reclamation, and does not operate to liquidate, limit, enlazge or restrict the Operator's obligations to complete reclamation and to comply is all respecu with the permit and with applicable laws and regulations governing reclamation, even though the actual cost thereof may substantially exceed the amount of this Financial Warranty. The.Warrantor shall not be liable under this Financial Warranty for an amount greater than the strm designa[ed herein, unless increased by a lacer amendment to this Financial Warranty. This Financial Warranty shall be reviewed by the Board from time to time, and the Boazd may require an increase in the principal sum of this Financial Warranty (and a wrresponding increase in the surety amount) to cover increases in the estimated cosu of reclamation, 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 Warranty. The Warrantor reserves the right to cancel this Financial Warranty, effective otily upon an anniversary date, and only by giving written notice to thaz effect, mailed by Certified Mail, at least Winery (90) days prior to such anniversary date, addressed to both the Operator at its address herein stated, and co the Board 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 azeas disrurbed prior to the effective date of such cancellation, unless and until the Operator shall file a substitute Fitrancial Warranty which: (1) assumes liability for all reclamation obligations which shall have arisen az any time while this Financial Warranty is in ford; and (2) is accepted in writing by the Board. In the event of such cancellation, if the Financial Warranty is not fully released, the amount of the continuing Fittancia] Warranty available for the reclamation of areas disturbed and unreclarmed at the date of cancellation shall be fixed by the Board at the amount it deteruritres necessary to corplete such reclamation (which amount may not exceed the sum designazed herein) and the Boazd shall concurrently identify sash areaz in writing, and notify the Warrantor and the Operator thereof. Thereafter, the obligation of the Warrantor shall be limited to reclamation of the areas so identified. The consideration for the Warrantor's execution of this agreement is the promise of the Operator to pay the premi»ms, but failure by the Operator to pay such premiuau shall not invalidate or diminish the Warrantor's obligation hereunder. The Board tnay make demand upon the Warrantor for payment hereunder if the Board determines that reclamation which ought to have been performed by the Operator, or its sriccessors 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 amounu expended for reclamation shall be less than the amount received from the Warrantor, the excess shall be promptly refunded to the Warrantor. If 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 be determined, by agreement of the Warrantor or by final judgment of court, thaz the amount demanded was properly payable, rho Warrantor agrees to pay to the Boazd, is addition to the amount demanded, interest az the prime rate in effect from time to time at The United Bank of Denver for the period warmeruing at the end of such ninety-day period and ending on the date of actual payment.