Laserfiche WebLink
_2_ <br /> WHEREAS, the Operator and UNITED PACIFIC INSURANCE COMPANY (the "Warrantor') <br /> a corporation organized and existing under the laws of the State of PENNSYLVANIA and duly <br /> authorized to transact a bonding and surety business in the State of Colorado are hereby and firmly bound <br /> unto the State in the sum of THIRTY EIGHT THOUSAND AND NO/I(Dollars (S 38,000.00********6 <br /> for the life of mine or until such time as replacement is received, for the payment of which sum, well <br /> and truly trade, we hereby bind ourselves and our personal representatives, successors and assigns, <br /> jointly and severally, firmly by these presents. <br /> WHEREAS, the Board has determined, in accordance with the Act, that the estimated costs of <br /> reclamation of the Affected Lands are those amounts for the stated periods of time as set forth herein. <br /> Said amount may be amended from time to time to reflect revised estimates of said costs of reclamation. <br /> WHEREAS, the Operator and the Warrantor, in accordance with the Act, has promised and hereby <br /> promises the Board that it will be responsible for all the estimated costs of reclamation with regard to 'the <br /> Affected Lands. <br /> WHEREAS, the Board has determined that this Financial Warranty by the Warrantor equals the <br /> estimated costs of reclamation, as approved by the Board, with regard to the Affected Lands. <br /> NOW, THEREFORE, the Operator and the Warrantor are held hereby firmly unto the State: of <br /> Colorado in the amount of those sums for those periods of time as set forth herein, until this Financial <br /> Warranty is amended or released in accordance with applicable law. <br /> The Board may, for good cause shown, increase or decrease the amount and duration of this Financial <br /> Warranty. The Operator shall have sixty (60) days after the date of notice of any such adjustment to <br /> increase the surety amount, but no such increase shall bind the Warrantor unless and until it shall have <br /> consented thereto in writing by the issuance of an additional Financial Warranty or by an endorsement <br /> to this Financial Warranty. <br /> The Operator and the Warrantor shall notify the Board immediately of any event which may impair this <br /> Financial Warranty. If the Board receives such notice, or otherwise has reason to believe that this <br /> Financial Warranty has been materially impaired, it may convene a hearing in accordance with the Act <br /> for the purpose of determining whether impairment has occurred. <br /> The obligation of the Operator and the Warrantor shall continue until the Board has released this <br /> Financial Warranty or has ordered it forfeited in accordance with applicable provisions of the Act. It is <br /> understood that periods of years may necessarily be required before determination can be made that <br /> reclamation of the Affected Lands has been satisfactorily completed. It is also recognized thzt, as <br /> reclamation is accomplished, the amount of this Financial Warranty may be reduced with the approval <br /> of the Board so that it reflects the then current estimated cost of the remaining reclamation of the Affected <br /> Lands. No revision, extension, or renewal of the permit, or of the time allowed to complete reclamation, <br /> shall diminish the Operator's or Warrantor's obligation under this Financial Warranty. No <br /> misrepresentation by the Operator which may have induced the Warrantor to execute this Financial <br /> Warranty shall be any defense to demand by the State under this agreement. <br /> In any single year during the life of the permit, the amount of the Financial Warranty shall not exceed <br /> the estimated cost of fully reclaiming all lands to be affected in said year, plus all lands affected in <br /> previous permit years and not yet fully reclaimed. Reclamation costs shall be computed with ref_rence <br /> to current reclamation costs. <br />