Laserfiche WebLink
-3- <br />(4) In the event of such cancellation, if the bond is not fully <br />released, the amount of the continuing bond available for the reclamation of <br />areas disturbed and unreclaimed at the date of cancellation, shall be fixed by <br />the Board or the Division at the amount it determines necessary to complete <br />such reclamation (which amount may not exceed the sum designated in the first <br />paragraph hereof) and the Board or Division shall concurrently identify such <br />areas in writing, and notify the Principal and the surety thereof. <br />Thereafter, the obligation of the surety shall be limited to reclamation of <br />the areas so identified. <br />(5) The consideration for surety's execution of this agreement is the <br />promise of the Principal to pay the premiums, but failure by the Principal to <br />pay such premiums shall not invalidate or diminish surety's obligation <br />hereunder. <br />(6) The description of lands herein set forth is for convenience of <br />reference only, and no error in such description, nor any revision of the <br />permitted mining area, nor the disturbance by the Principal of lands outside <br />of the permitted mining area shall alter or diminish the obligation of the <br />Principal or the surety hereunder, which shall extend to the reclamation of <br />all such lands disturbed. <br />(7) The obligation of this bond shall continue (unless cancelled <br />pursuant to paragraph (3) hereof) until released in writing by the State in <br />accordance with applicable laws specifying bond release procedures. The <br />parties understand that periods of years may necessarily be required before <br />determination can be made that reclamation work has been satisfactorily <br />completed. No revision, extension, or renewal of the Operator's mining <br />permit, or of the time allowed the Operator to complete reclamation shall <br />diminish surety's obligation hereunder. No misrepresentation by the Principal <br />which may have induced the surety to execute this bond shall be any defense to <br />demand by the State under this agreement. <br />(8) The surety will give prompt written notice, mailed by certified <br />mail, to the Principal, at its address herein stated, and to the Division at <br />1313 Sherman Street, Room No. 423, Denver, Colorado 80203, of any notice <br />received or action filed alleging the insolvency or bankruptcy of the surety, <br />or alleging any violations of regulatory requirements which could result in <br />suspension or revocation of the surety's license to do business. <br />(g) In the event the surety becomes unable to fulfill its obligations <br />under the bond for any reason, written notice shall be mailed immediately, by <br />certified mail, to the Principal and the Division. <br />(10) The State may make demand upon the surety for payment hereunder <br />if the Board or the Division determines that reclamation which ought to have <br />been performed pursuant to the Plan by the Principal, or its successors or <br />assigns, remains unperformed, and if surety forfeiture procedures required by <br />law have been initiated. No other condition precedent need be fulfilled to <br />entitle the State to receive the amount so demanded. However, if, upon <br />completion of reclamation, the amounts expended for reclamation shall be less <br />than the amount received from the surety, the excess shall be promptly <br />refunded to the surety. <br />