2004-05-03_REPORT - M1977004 - Laserfiche WebLink

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~~ Feb-25-03 03:51 pm Fram-BARRICK GOLDCORP +4166610430 T-006 P.005/010 F-745 The amount of [his Financial Warranty is based upon estimates as [o the cos[ of reclamation. and does not operate to liquidate- limit, enlarge or restrict [he Operator's obligations [o complete reclamation and to tompk in all respects with the permit and with applicable laws and regulations governing redamation. even though the xtual cost thereof may substantiaih exceed the amount of this Financial W'arrann. The Warrantor shall not be Gable under this Financial Warrann~ for an amour[ greater than the sum designated herein, unless increased by a later amendment to this Financial Warrantt. This Financial Warranty shall be reviewed by the Board from time to time, and the Board may require an increase in the principal sum of [his Financial Warranty (and a corresponding increase in the surer' amour[) to cover increases in the estimated costs of reclamation. but no such inaease shall bind the Warrantor unless and until it shall have consenred [hereto in writing by the issuance of an additional Financial Warranty or by an endorsement to this Financial Watrann~. The Warrantor reserves the right to cancel this Financial Warranty, effective only upon an anniversan date, and only by giving written notice to that effect, mailed by Certified Mail, at least Watery (90) days prior [o such anniversary date, addressed to both the Operator at its address herein stated- and to the Board a the address herein slated. Ia the event of such cancellation- this Financial Warranty shall nevutheless remain in full force and effect as respects the reclarnatinn of all areas disntrbed prior to the effective dace of such cancellation- unless and until the Operator shall file a substitute Financial warranty which: (I) assumes liability for all reclamation obligations which shall have arisen at any time while this Financial Warranty is is force; and (2) is aaepted in writing by the Board. in the event of such cancellation, if the Financial Warranty is not fully released, the amount of the continuing Finandal Warcanry svsilable for the reclamation of azeas disttubed and unreclaimed at the date of cancellation shall be fixed by the Board at the amount it de[emtines necessary [o complete such reclamation (which amount - mayno[ exettd the sum designated herein) and the Boazd shall connurendy identify such areas in writing, and notify the Warrantor and [he Operator thtreof Thereafrer, the obligation of the Warrantor shall be limited to reclamation of the areas so identified. The consideration for the Warrantor's execution of this aercemen[ is the promise of [he Operator to pad the ytemitttns, but failure by the Operator to pay such premiums shall not invalidate or diminish the Warrantor's obligation hereunder. The Boazd may make demand upon the Warrantor for payment-hereunder if the Board determines than reclamation which ought to have been performed by the Operator, or its successors or assigns, remains unperformed, and if Financial Warranry forfeiture procedures required by law have been initiated. No other cottditian precedent need be fulfilled to entitle [he State to receive the amount so demanded. However, if, upon completion of reclamation by the Stale, the amounts expended for reclamation shall be less than the amour[ received from the Warrantor, the excess shall be promptly refunded to the Warrantor. If demand is made upon the warrantor for payment of an amour[ due to the Board hereunder, and if the Warrantor fails to make payment of such amour[ within ninety (90) days afrer the date of raeip[ of such demand, or if it should thereafter be determined, by agreement of the Warrantor or by final judement of coon, that the amutmt demanded wan properly payable, dre Warrantor aerees [o pay ro the Board, in addition to the amount demanded, interest a[ the prime rate in effect from time to time az The United Bank of Denver for the period commencing at the end of such Winery-day period and ending on [he date of actual payment.