REV99465 - Laserfiche WebLink

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r : ~.~ _ _ :.: ....... .... n.~... .... .. ~.i .... ..... -3- <4) The obligation of the Bank shall continue until released in writing by the State, with the concurrence of OSMRE, 1n accordance with applicable laws specifying bond release procedures. The parties understand that periods of years may necessarily be required before determination can be made that reclamation work has beensatisfactorily completed. No revision, extension or renewal of the Operator's mintnq permtt or of the time allowed the Operator to complete reclamation shall diminish the Bank's obligation under its Certificate of Deposit. (5) The State may present for payment any Certificate of Deposit held hereunder and convert the same. to cash if the Board or the Division determines, and the OSMRE concurs, that reclamation which ought to have been performed by the Principal, or its successors or assigns, remains unperformed. No other condition precedent need be fulfilled to entitle the State to receive the amount of any such certificate. However, if upon completion of such reclamation, the amounts expended for reclamation shall be less than the amount•recelved from the Bank, the excess shall be promptly refunded to the Principal. whi (6) Interest on Certificates of Deposit - A. Interest on Certificates of Deposit shall become additional surety hereunder and shall be evidenced either by replacement certificates in the increased amounts or by the deposit with the Division of additional certificates representing the interest. In either event, the amount of this bond will be automatically increased from time to time by the amount of such interes~t./ !~ B. Interest on Certificates of Deposit shall not be State or United States of America funds. Principal shall be entitled to receive all such interest. (7) Principal may, from time to time, withdraw a Certificate of Deposit which is Surety hereunder if and to the extent that a substitute Certificate of Deposit is simultaneously deposited as Surety hereunder in the same amount as the .Certificate withdrawn. (B) (a> If this bond applies to National Forest System lands, and if this bond is accepted by the United States Forest Service ("U.S.F.S."> as the bond required under 36 C.F.R. 252.13, then, the Principal and the Surety having requested that the .State and the U.S.F.S. accept this single bond in lieu of the separate bonds which would otherwise be required by applicable law; hereby agree that, notwithstanding any other provision hereof, or of law, this bond shall remain in full force and effect until U.S.F.S. has advised the State that the reclamation work has been satisfactorily completed in accordance with the requirements of applicable Federal law and regulations.