PERMFILE139347

• Permit No: C1981014
• IBM Index Class Name: Permit File
• Doc Date: 12/11/2001
• Doc Name: MR-9 to MR-13
• Section_Exhibit Name: EXHIBIT 15 Part 2
• Media Type: D
• Archive: No

• -3-
(4) In the event of such cancellation, if the bond is not fully
released, the amount of the continuing bond available for the reclamation of
areas disturbed and unreclaimed at the date of cancellation, shall be fixed by
the Board or the Division at the amount it determines necessary to complete
such reclamation (which amount may not exceed the sum designated in the first
paragraph hereof) and the Board or Division shall concurrently identify such
areas in writing, and notify the Principal and the surety thereof.
Thereafter, the obligation of the surety shall be limited to reclamation of
the areas so identified.
(5) The consideration for surety's execution of this agreement is the
promise of the Principal to pay the premiums, but failure by the Principal to
pay such premiums shall not invalidate or diminish surety's obligation
hereunder.
(6) The description of lands herein set forth is far convenience of
reference only, and no error in such description, nor any revision of the
permitted mining area, nor the disturbance by the Principal of lands outside
of the permitted mining area shall alter or diminish the obligation of the
Principal or the surety hereunder, which shall extend to the reclamation of
all such lands disturbed.
• (7) The obligation of this bond shall continue (unless cancelled
pursuant to paragraph (3) hereof) until released in writing by the State in
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 been satisfactorily
completed. No revision, extension, or renewal of the Operator's mining
permit, or of the time allowed the Operator to complete reclamation shall
diminish surety's obligation hereunder. No misrepresentation by the Principal
which may have induced the surety to execute this bond shall be any defense to
demand by the State under this agreement.
(8) The State may make demand upon the surety for payment hereunder
if the Board or the Division determines that reclamation which aught 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, 1f, upon
completion of reclamation, the amounts expended far reclamation shall be less
than the amount received from the surety, the excess shall be promptly
refunded to the surety.
(g) If demand is made upon the surety for payment of an amount due to
ttie 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 ,)udgment 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 Sn 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.