REP13700 - Laserfiche WebLink

Home Browse Search

-2- WHEREAS, [he Operator and UNITED PACIFIC INSURANCE COHPANY (~~ 'Warrantor'), a corporation organized and existing under the laws of the State of PENNSYLVANIA antl duly authorized to [taruaa a bonding and surety business in the State of Colorado zee hereby and fumly bound unto the State in the sum of THIRTY EIGHT THOUSAND AND NO/lODollats ($ 38.000.00********1 for the life of mine or until such time as replacement is received, for the payment of which sum, well and [Wily made, we hereby bind ourselves and our personal representatives, successors and assigns, jointly and severally, firmly by these presents. WHEREAS, the Boazd has determined, in accordance with the Aa, that the estimated costs of reclamation of the Affected Lands are those amottnu for the stated periods of time as sa forth herein. Said amount may be amended from time to time to reflex revised estimates of said costs of reclamation. WHEREAS, the Operator and the Warrantor, in accordance with the Aa, has promised and hereby promises the Board that it will be responsible for all the estimated costs of reclamation with regard to the Affeaed Lands. WHEREAS, the Board has determined that this Financial Warranty by the Warrantor equils the estimated costs of reclamation, as approved by the Board, with regard to the Affected Larxis. NOW, THEREFORE, the Operator and the Warrantor are held hereby firmly unto the Stan of Colorado in the amount of those sums for those periods of time as sa forth herein, until this Financial Warranty is amended or released in accordance with applicable law. The Board may, for good cause shown, increase or decrease the amount and duration of this Financial Warranty. The Operator shall have sixty (60) days after the date of notice of any such adjustr~nent to increase the surety amount, but no such increase shall bind the Warrantor tuiless and util it shall have cotuented therao in writing by the issuance of an additional Financial Warranty or by an endorsemrnt to this Financial Warranty. 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 Warranty has been materially impaired, it tnay convent a hearing in accordance with the Aa for the purpose of determining whether impairment has occurred. The obligation of the Operator and the Wama»tor shall continue until the Board has released this Financial Warranty or has ordered it forfeited in accordance with applicable provisions of the Aix. It is understood that periods of years may necessarily be required before determination can be mule that trociamation of the Affected Lands has been satisfactorily complaed. It is also recogt»ud that, as reclamation is accomplished, the amount of this Financial Warranty tray be reduced with the approval of the Boazd so that it reflxts the then current estimated cost of the remaining reclamation of the Affected Lands. No revision, eztrnsion, or renewal of the permit, or of the time allowed to complete rellamation, shall diminish the Operator's or Warrantor's obligation under this Financial Warrann+. No misrepresentation by the Operator which may have induced the Warrantor to execute this Financial Warranty shall be any defense to demand by the State under this agreement. In any single year during the lift of the permit, the amount of the Financial Warranty shall not ezcxd the estimated cost of fully reclaiming all lands to be affected in said year, plus all lands affected in previous permit years and not yet fully reclaimed. Reclamation costs shall be computed with reference to current reclamation costs.