2006-04-19_REPORT - M1977004 - Laserfiche WebLink

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•4- ICB:c Eiuarri shat! notify ti:c'Narrant.:r drat the l;prnt°' is m default, and tl ttte Board shall initiate any Finoncial warranty foGei[ure proceda~rs required bylaw or regulation, the Warrantor may, in lieu of making payment [o the Hoard of dre amount due hereunder, cause the «danration to be timely performed in accordance with all requirements of dte Act and all applicble rules and regttlatioru. In such event, when and if the reclamation hat been timely ycrfonned to the satisfaction of the Beard or Division, this Financial Warranty shall he releued. [fthe r«lamarion shall net be so perfbm[ed to the satisfaction of the Hoard or Division, this Financial Warran~• shall remain in Cull force and effect. This Financial Warrmtry shall be subject to forfeitvro.whenever the Boud determines that any one or mere of the following eirctunstanets Geist: t A Cease and Desist Ordu entered pursuant to Section 34.32.124 of the Act has been viola[tx~ and the correctrv•e action p[cposcd in such Order has not been corttpieted, although ample time to have done so has elapsed; or 2. The Operator is in default under its Per!'ermancc Warranty, and such default has net been cured, olthough written notice and ample time to corm such default has been given; or 3 The Operator aodlcr dre Warrantor has failal to maintain its Financial Warranty in good standing as required by rho Act: or a. The Warranter no longer has the fmaneial ability to catty out its obligations in . au:ardnnee whit the Act. The dcsctiptien of lands herein is far convrnience of referrnw only, and ao aror in such description, nor tun• revision of the permiucd n[iuing area, nor the duturbaacm by the Opuatar of lands outside of the pemuaed mining area slt••rll alter or diminish the obligations of the Operator wd/or Sarrantor hereunder, which shall extend to the reclamation of al! such lands disttubcd. if this Financial Warranty applies to National Fotzst System leads, and if this Financial Warranty is acre?red by the:Tulred States Forest Service ("U.S.F.S:') u the bond regtrircd under 36 C.F.R 252.13, then rho Opentar, having requested that the Board and the U.S.F,S. accept this single Financial Warranty in lieu of the separate bonds which would otherwise be requited by applicable law, hereby agrees that, notwithstanding any other provision hereof or of 1nw, this Financial Wtttrtmty shall remain in full force and effect tutu] U.SF.S. bas advised the Board by writtrn notice that the Operators ebli;ations to U.S.F.S„ far which this Wartann is executed, tnrve been satin red, and until the financial warranty has been released by the Boatel [C thts Financial Warrarny applies to )ands under the jurisdiction o[ the State Board of Land Commissioners ("Land Boud"), and if this Financial Warranty, is whole or in part, is accepted by the Land Hoard as the bond required and..-r its applicable few and prxedur_s, then the Operator, having requested that the Swte accept this Finaneial Warranty in tiro of the separao: bonds which would otherwise be trluircd by the Colorado ~1ine3 Card Reclamation Boud or Division of Minerals and Geology and by the f.and Hoard, hereby agrees that. notwithstandury any other provision h=roof, or of law, this Financial Warranty shall remain in full force and c@'at until dre Hoard is neti6od in writinfi by rite Land Boatd'hat the Operator's obligations to the Land Board, for which this Warranty is executed, have been satisfied, and until the financial warranty has her" released by the Board. • H+'„i,