2003-04-04_REVISION - M1995097 - Laserfiche WebLink

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3 This Financial Warranty shall be subject to forfeiture whenever the Board determines that any one cr more of the following circ~~ces exist: 1. A Cease and Desist Order entered pursuant to Section 34-32-124 of the Act has bees violated, and the corrective action proposed in such Order has not been completed, athough ample time to have done so has elapsed; or 2. The Operator is in default under its Performance Waffanty and such defauh has not been cured, although written notice and ample time to cure such default has been given; or 3. The Operator has failed to maintain its Financial Warranty in good standing, as required by the Act; or 4. The Operator no longer has the financial abifity to carry out its obligations in accordance with the Act. The description of lands herein is for comenieace of reference only, and no error in such description, nor a~ revision of the permitted mining area, nor the disturbance by the Operator of lands outside of the pemritted mining area shall alter or diminish the obligations of the Operator hereunder, which shall extend to the reclamation of all such lands disturbed. Interest on Certificates of Deposit shall not be credited to the Certificate of Deposit. The Operator shall receive all such interest. The Operator may, fra~m time to time, withdraw a Certificate of Deposit which is assurance hereunder if and to the extent that a substitute Certificate of Deposit is simultaneously deposited as assurance hereunder in the same amount as the Certificate withdrawn. If this Financial Warranty applies to National Forest System lands, and if this Financial Warranty is accepted by the United States Forest Service ("U.S.F S.") as the bond required under 36 C.Fr2, 228.13, then the Operator, having requested that the Board and the U.SF.S. accept this single Financial Warranty in &eu of the separate bonds which would otherwise be required by applicable law, hereby agrees that, notwithstanding any other provision hereof, or of law, this Financial Warranty shaIl remain iQ full force and effect until U.SF.S. has advised the Board by written notice that the Operator's obligations to U.S.F. S., for which this Warranty is executed, have been satisfied, and until the financial warranty has been released by the Board. If this Financial Warranty applies to lands under the jurisdictian of the State Hoard of Land Commissioners ("Land Board"), and if this Financial Warranty, in wfiale or in part, is accepted by the Land Board as the bond required under its applicable law and procedta~es, then the Operator, having requested that the State accept this Financial Warranty in lieu of the separate bonds which would otherwise be required by the Colorado Mined Land Reclamation Board or Division and by the Land Board, herby agrees that, notwithstanding any other pmvision hereof; or of law, this Financlal Warranty shall remain in full force and effect until the Board is notified in writing by the Land Board that the Operator's obligations to the Land Board, for which this Warranty is executed, have been satisfied, and until the financial warranty has been released by the Board. If all or any part of the Affected Lands are under the jurisdiction of the Bureau of Land Management, United States Department of the hxterior {the "BLM"), and iiy at the request of the Operator on this Finanrial Warranty, the BLM has, pursuant to 43 C.FR, 3809.1-9, accepted this Financial Warranty is lieu of requiring a separate reclamation bond payable to the United States, then, notwithstanding any other provision of this Financial Warranty, or of law, the Operator hereby agrees that this Financial Warranty shall not be released until the Board is advised in writing by the BLM that the Operator's obligations to the BLM, for which this Warranty is executed, have been satisfied, and until the financial warranty has been released by the Board.