2007-03-21_REVISION - M1987028 (2)

Home Browse Search

-2- WHEREAS, the Operator hereby gives the Board a performance warranty pursuant to Section 3432-117(2) or Section 34-32.5-117(2) of the Act, and herein promises the Board that it will comply with all applicable requirements of the Act with regard to those Affected Lands. NOW, THEREFORE, the Operator hereby promises the Board that it will comply with all applicable requireme~s of the Act and rules and regulations of the Board with respect to the Affected Lands. FURTHER, the Operator hereby promises the Board that it will comply with all of the terms of the application for a permit, as amended and supplemented, as wetl as any wnditions attached to the permit by the Board. FURTI~R, the Operator promises the Board, pursuant to 34-32-112(2xd) or 3432.5-112(lxcxiv) of the Act, that it has the lawful authority to enter upon the Affected Lands to conduct mining operations, including, but not limited to, reclamation. The Operator fiuther recognizes the right of the Board to enter to reclaim lands affected by the operation. The description of lands herein is for convenience of reference only, and no error in march description, nor any revision of the permitted mining area, nor the disturbance by the Warrantor of lands outside of the permitted nvning area shall aher or diminish the Operator's obligation hereunder, which shall extend to the reclamation ofall such lands disturbed. The obligation of the Operator hereunder is such that, if the Operator shall successfiilly comply with the requireme~s of the Act, applicable rules and regulations, and the permit, then the Board, upon a finding that the Operator has so complied, shall release this performance warranty, and the Operator from its obligation hereunder, to the extern that the Board determines that such compliance has been accomplished. The obligation of the Operator hereunder shall continue until released in whole or in part by the Board in accordance with applicable law. In firrther satisfaction of the requirements ofthe Act, the Operator promises to be responsible for the cost of reclamation up to the amount established by the Board and has attached hereto hs financial warranty, which may be amended from time to tune. The Operator agrees that it will maintain a financial warranty (or warranties) for the estimated costs of reclamation in good standing for the entire life of the permit. Please note that under the provisions of the Colorado Mined Land Reclamation Act and the Colorado Land Reclamation Act for the Extraction of Consduction Materials, arty Applicant or Operator that submits proof, acceptable to the Board or Division oflN'merals and Geology, that an Applicant or Operator is a unit of County or Municipal government, or is a departmertt or division of State governmem, the Applicant or Operator is not required to submit or post any other instnrment of financial responsrbility but hereby promises to be responsible for the cost of reclamation up to the amount specified by the Board. If the Board determines that the Operator is in default under this performance warranty and has failed to cure such default, ahhough written notice of such default and ample time to cure such default have been given, the Operator's financial warranty shall be subject to forfeiture. Phis performance warranty may be executed in multiple copies, each of which shall be treated 8s Sn original, but together they constitute only one agreement, the validity and interpretation of which shall be governed by the laws of the State of Colorado.