Laserfiche WebLink
2- <br />WHEREAS,-the Board has determined, in accordance with the Act, that the <br />estimated costs of reclamation of the Affected Lands are those amounts for the <br />stated periods of time as set forth herein. Said amount may be amended from <br />time to-time to reflect revised estimates of said costs of reclamation. <br />WHEREAS, The=:Operator, in accordance with the Act, has promised and <br />hereby promises the Board that it will be responsible for all of the estimated <br />costs of reclamation with regard to the Affected Lands. <br />WHEREAS, the Board has determined <br />Operator equals the estimated cost's of <br />with regard to the Affected Lands. <br />that the Financial Warranty by the <br />reclamation, as approved by the Board, <br />.WHEREAS, as proof of its financial responsibility, the Operator has <br />proceeded pursuant to Section.34-32-117(3)(a)(II) of the Act and has caused <br />the FIRST STATF. Bank of HOTcHKTSS , State <br />of COLORADO (the "Bank") to issue its Irrevocable Letter of <br />Credit No. 146 dated MAY 10, 2000, payable to the <br />Board in the amount Of THR I TY-THREE THOUSAND, ONE HUNDRED FIFTY-ONE--00/100 Dollars <br />($33,151.00 ) for the peripd from MAY 10, 2000 , <br />through _ MAY 10, 2001 and has delivered i.t to the Board to <br />be held by the Board as proof of the Operator's financial responsibility under <br />this financial warranty. The Bank is not a party to this agreement; its <br />obligations are set forth in its Letter of Credit. Nothing in this Financial <br />Warranty diminishes or qualifies the Bank's obligation under its Letter of <br />Credit. <br />NOW THEREFORE, the Operator is held hereby firmly unto the State of <br />Colorado in the amount of those sums for those periods of time as set forth <br />herein, until this financial warranty is amended or released in accordance <br />with applicable law. <br />The Board may, for good cause shown, increase or decrease the amount and <br />duration of this financial warranty. The Operator shall have sixty (60) days <br />after the date of notice of any such adjustment to fulfill all new <br />requ.i,rements. <br />The.Operator shall notify the Board immediately of any event which may <br />impair this financial warranty. -Additionally, the Warrantor reserves the <br />right to cancel this Financial Warranty, effective only upon an anniversary <br />date, and only by giving written notice to the effect, mailed by Certified <br />Mail, at least ninety (90) days prior to such anniversary date, addressed to <br />both the operator at its address herein stated, and to the Board or Division <br />at the address herein stated. If the Board receives such notice, or otherwise <br />has reason to believe that this Financial Warranty has been materially <br />impaired, it may convene a hearing in accordance with the Act for the purpose <br />of determining whether impairment has occurred. <br />No misrepresentation by the Operator which may have induced the Bank to <br />deliver its Letter of Credit shall be any defense to any draft by the State <br />under such Letter of Credit.