2001-03-07_REPORT - M1977342 - Laserfiche WebLink

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-~- WHEREAS. the Operator and Liberty Mutual Insurance Company (the °Warrantor'"). a corporation organized and existing under the laws of the State of Massachusetts and duly authorized to transact a bonding anid surety business in the State of Colorado are hereby and firmly bound unto the State in tltc sum of ~~iousandi~d0~o~fli~dred Thirty Three Dollars (S 10 ,133 , 000.00 for the life of mine or until such time as replacement is received, for the payment of which sutn, ~.vell and wl~ made. we hereby bind ourselves and our personal representatives, successors and assigns. jointly :md severall.. fulrtly by these presents. WHEREAS, the Board has determined, in accordance with the Act, that the estimated costs of reclamation of the Affected Lands are those amounts for the stated periods of time as sec forth herein. Said amount may be amended from time to time to re(]ect revised estimates of said costs of reclamation. WHEREAS. the Operator and the Warrantor, m accordance with the Act. has promised and hereby promises the Board that it will be responsible for all the estimated costs of reclamation with regard to the Affected Lands. WHEREAS, the Board has determined that this Financial Warranty by the Warrantor equals the estimated costs of reclamation, as approved by the Board, with regard to the Affected Lands. NOW, THEREFORE, the Operator and the Warrantor are held hereby 6rnly unto the State of Colorado in the amount of those sums for those periods of time as set forth herein, until this Financial Warranty' is amended or released in accordance with applicable law. The Board may, for good cause shovm, increase or decrease the amount and duration of this Financial Warann. The Operator shall have sixty (60) days aher the date of notice of any such adjustment to increase the surety amount, but no such increase shall bind the Warantor unless and until it shall have consented thereto in writing by the issuance of an additional Financial Warranty or by an endorsement to this Financial Warrant'. The Operator and the Warrantor shall notify the Board immediately of any event which may impair this Financial Warranty. If the Board receives such notice, or otherwise has reason to believe that this Financial ~1`arranty has been materially impaired, it may convene a hearing in accordance with the Act for the ptupose of ~~etermining whether impairmrn[ has occured The obligation of the Operator and the Warrantor shall continue until the Boazd has released this Financial Warranty or has ordered it forfeited in accordance with applicable provisions of the Act. [t is und~:rstood that periods ofyears may necessarily be required before determination can be made that reclamation of the Affected Lands has been satisfactorily completed. It is also recognized that, as reclamation is accomplished. the amount of this Financial Waranty may be reduced with the approval of the Board so that it reflects the then curent estimated cost of the remaining reclamation of the Affected Lands. No revision, extension, or renewal of the permit, or of the time allowed to complete reclamation, shall diminish the Operator's or Warrantor':; obligation under this Financial Warranty. No misrepresentation by the Operator which may have induced the Warantor to execute this Financial Waranty shall be any defense to demand by the State under this agreement. [n any single year during the life of the permit. the amount of the Financral Warranty shall not exceed the estimated cost of fully reclaiming all lands to be affected in said year, plus all lands affected in precious permit years and not yet fully reclaimed. Reclamation costs shall be computed with reference to current reclamation costs.