_GENERAL DOCUMENTS - C1980007 - Laserfiche WebLink

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i (9) In the event the surety becomes unable to fulfill its obligations under the bond for any reason, written notice shall be mailed immediately, by certified mail , to the Principal and the Division. ( 10) The State may make demand upon the surety .for payment hereunder if the Board or the Oivision determines , and the OSMRE concurs , that reclamation which ought to have been performed pursuant to the Plan by the Principal , or its successors or assigns , remains unperformed, and if surety 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, the amounts expended for reclamation shall be less than the amount received from the surety, the excess shall be promptly refunded to the surety. ( 11 ) If demand is made upon the surety for payment of an amount due to the State hereunder, and if the surety fails to make payment of such amount within ninety (90) days after the date of receipt of such demand by the surety, and if it should thereafter be determined, by agreement of the surety or by final judgment of court, that the amount demanded was properly payable, surety agrees to pay to the State, in addition to the amount demanded , Interest at the prime rate in effect from time to time at The First National Bank of Denver for the period commencing at the end of such ninety-day period and ending on the date of actual payment. ( 12) If the State shall notify the surety that the Principal Is in default and if the State shall initiate any bond forfeiture procedures • required by law or regulation, the surety may, in lieu of making payment to the State of the amount due hereunder, cause the reclamation to be timely performed in accordance with the Plan. In such event, when and if the reclamation has been timely performed to the satisfaction of the Board or Division and the OSMRE, this bond shall be released. If the reclamation shall not be so performed to the satisfaction of the Board or Division and the OSMRE, this bond shall remain in full force and effect. ( 13) (a) If this bond applies to National Forest System lands , and if tnis 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 provisions 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 . (b) If this bond applies to lands under the jurisdiction of the State Board of Land Commissioners ("Land Board") , and if this bond , in whole or in part, is accepted by the Land Board as the bond required under its aDalicatle law and procedures, then the Principal and the surety , having requested that the State accept this single bond in lief: c` t`2 --aat= =cnds w.`.' - . would otherwise be required by the Colorado Mineq �anG nd-. dna� ,on doara or Division and by the Land Board. hereby acre- ;.,�r a7pviSi011 hereof , or of law, this bond shall ' ° . :n,il released by the Land EoarC.