2001-03-07_REPORT - M1977342 - Laserfiche WebLink

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~- The amount of this Financial Wananty is based upon estimates as to tl[e cost of reclamation. and does no[ operate to liquidate. limit. enlarge or restrict the Operator's obligations to complete reclamation and to comply in all respects with the permit and with applicable laws and revelations governing reclamation. even though the actual cost [hereof mac' substantially exceed the amount oC this Financial Warranty. The Warrantor shall not be Gable under thts Financial Warrany for an amount greater than the sum designated herein, unless increased by a later amendment to this Financial Warranty. This Financial Wartan[v shall be reviewed by the Board from time [o time, and the Board may require an increase in the principal sum of this Financial Wartanty (and a corresponding increase in the surety amount) to cover increases in the estimated costs of reclamation, but no such increase shall bind the Warrantor unless and unttl it shall have consented thereto in writing by the issuance of an additional Financial Warranty or by an endorsement [o this Financial Warranty. The Warrantor reserves the right to cancel this Financial Warranty, effective onh upon an anniversary date, and only by giving written notice to that effect, mailed by Certified Mail. at leas[ ninety (90) days prior [o such anniversary date, addressed to both the Operator at its address herein stated, and [o the Board at the address herein stated. In the event of such cancellation, this Financial Warrany shall nevertheless remain in full Force and effect as respects the reclamation of all areas disturbed prior to the effective date of such cancellation. unless and until the Operator shall file a substitute Financial Warranty which: (l) assumes liability for all reclamation obligations which shall have arisen at any time while this Financial Warranty is in force: and (2) i:; accepted in writing by the Board. In the event of such cancellation, if the Financial Warranty is not fully released, the amount of the continuing Financial Warranty available for the reclamation of azeas disturbed and unreclaimed at the date of cancellation shall be fired by the Board at the amount it determines necessary [o complete such reclamation (wi~ich amount may not exceed the sum designated herein) and the Board shall concurrently identify such areas in writing, and notify the Warrantor and the Operator thereof Thereafter, the obligation of the Warrantor shall be ('united to reclamation of the areas so identiLed. The consideration for the Warrantor's execution of this agreement is the promise of the Operator to pay the premiums, but failure by the Operator to pay such premiums shall not invalidate or diminish the Warrantor's obligation hereunder. The Board may make demand upon the Warrantor for payment hereunder if the Board dete:mtirtes that reclamation which oueht to have been performed by the Operator, or its successors or assiens, remains unperformed, and if financial 1"v'arranty t`orfei[ure procedures required by law have been initiated. No other condition precedent need be fulfilled to entitle the State to receive the amount so demanded. Howeaer, if, upon completion of reclamation by the State, the amounts expended Cor reclamation shall be less than the amount received from the Warrantor, the excess shall be promptly refunded to the Warrantor. [f demand is made upon the Warrantor for payment of an amount due to the Board hereunder. and if the Warrantor fails to make payment of such amount within ninety (90) days after the date of rea:ipt of such demand. or if it should thereaher be determined. b_y agreement oC the Warrantor or by final judgment of court. that the amount demanded was properly payable, the Warrantor agrees to pay to the Board. N addition to the amount demanded, interest at the prime rate in effect from time to time at The United Bank of Denver For the period commencing at the end of such ninety-day penod and ending on the date of actual payment.