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<br /> <br />(b) Once you start removing material, you must pay each subsequent installment payment monthly in an amount equa] to the <br />value of materials removed in the previous month. Payment must be made by the 15'" day following the end of the month for <br />which you are reporting. You must pay the total purchase price not later than 60 days before the contract expires. <br />(c) The United States will retain [he first installment as security for your full and faithful performance and will apply it to the last <br />installment required to make the total payment equal to [he total price given in section 2. <br />The total purchase price equals the sum of [he total quantities removed, multiplied by [heir respective unit prices. <br />If you are late making an installment payment, you must not remove any more material until you have paid. Removing <br />material you have not paid for is trespass, and for trespass you must pay at triple the appraised unit price, or at triple the <br />reappraised unit price if BLM has made a reappraisal. To resume removal operations after you were late making payments, you <br />must obtain BLM's written approval. <br />(d) You receive title to the mineral materials only after you have paid for them and extracted them. <br />Sec. 4. Risk ojloss. You assume complete risk of loss for all materials to which you have title. If material covered by this <br />contract is damaged or destroyed before title passes, you are liable for all loss suffered if you or your agents are directly or <br />indirectly responsible for the damages. If you are not responsible for the damage or destruction, you are liable only to the extent <br />that the loss was caused by your failure to remove the material under the terms of this contract. You are still liable for breach of <br />contract or any wrongful or negligent act. <br />Sec. 5. Liability jor damage to materials not sold to you. You are liable for loss or damage [o materials not sold to you if you <br />or your agents aze directly or indirectly responsible for the damage or loss. You are also liable if you fail to perform under the <br />contract according to BLM's instructions and the United States incurs costs resulting from your breach of any contract term or <br />your failure [o use proper conservation practices. If the damage resulted from willful or gross negligence, you aze liable for triple <br />the appraised value of the damaged or destroyed materials. If the damage or destruction did not result from willful or gross <br />negligence, you are liable for lesser charges, but not less than the appraised value of [he materials. <br />Sec. 6. Stipulations and reserved terms. Your rights are subject [o the regulations at 43 CFR Group 3600 and to any stipulations <br />and the mining plan attached to this contract. <br />[ / ]BLM will check this box if there are stipulations attached to this contract. <br />Sec. 7. Notice ojoperattons. You must notify BLM immediately when you begin and end operations under this contract. If <br />BLM has specified a time frame for notification, you must comply with that time frame. <br />Sec. 8. Bonds. (a) You must famish BLM with a bond in the amount of $ as a condition of issuing this contract. <br />$9,071 bond is filed with [he Division of Mines and Geology, M1980038 <br />(b) If you do not perform all terms of the contract, BLM will deduct an amount equal to the damages from the face amount of the <br />bond. If [he damages exceed the amount of the bond, you are liable for the excess. BLM will cancel the bond or return the cash <br />or U.S. bonds you supplied when you have completed performance under this contract. <br />(c) BLM will require a new bond when it finds any bond you famish under this contract to be unsatisfactory <br />Sec. 9. Assignments. You may not assign [his contract without BLM's written approval. <br />Sec. 10. Modification of the Approved Mining or Reclamation Plan. You or BLM may initiate modification of these plans to <br />adjust for changed conditions, or to correct any oversight. The conditions for BLM requiring you to modify these plans, or <br />approving your request for modification are found in the regulations at 43 CFR 3601.44. <br />Sec. 11. Expiration ojcontract. This contract will expire 5 years, 0 months, 0 days from its approval date, unless BLM <br />extends the term or renews [he contract. <br />f I BLM will check this box if this contract is a renewable competitive contract. <br />Sec. 12. Renewal ojrenewable competitive contract. BLM will renew your contract if you apply in writing no less than 90 days <br />before your renewable competitive contract expires and you meet the conditions in the regulations at 43 CFR 3602.47. <br />