Laserfiche WebLink
-4- <br />This Financial Warranty shall be subject to forfeiture whenever the Board determines that <br />any one or more of the following circumstances exist: <br />1. A Cease and Desist Order entered pursuant to Section 34-32-124 of the Act <br />has been violated, and the corrective action proposed in such Order has not been completed, <br />although ample time to have done so has elapsed; or . . <br />2. The Operator is in default under its Performance Warranty, and such default <br />has not been cured, although written notice and ample time to cure such default has been given; <br />or <br />3. The Operator has failed to maintain its Financial Warranty in good standing <br />as required by the Act; or <br />4. The Financial Warrantor no longer has the financial ability to carry out its <br />obligations in accordance with the Act. <br />The description of lands herein is for convenience of reference only, and no error in such <br />.description, nor any revision of the permitted mining area, nor the disturbance by the Operator <br />of lands outside of the permitted mining area shall alter or diminish the obligations of the <br />Warrantor and/or the Operator hereunder, which shall extend to the reclamation of all such lands <br />disturbed. <br />If this Financial Warranty applies to National Forest System lands, and if this Financial <br />Warranty is accepted by the United States Forest Service ("U.S.F.S. ") as the bond required <br />under 36 C.F.R. 252.13, then the Operator, having requested that the Board and the U.S.F.S. <br />accept this single Financial Warranty in lieu -of the separate bonds which would otherwise be <br />required by applicable law, hereby agrees that, notwithstanding any other provision hereof, or <br />of law, this Financial Warranty shall remain in full force and effect until U.S.F.S. has advised <br />the Board by written notice that the Operator's obligations to U.S.F.S., for which this Warranty <br />is executed, have been satisfied, and until the financial warranty has been released by the Board. <br />If this Financial Warranty applies to lands under the jurisdiction of the State Board of Land <br />Commissioners ("Land Board"), and if this Financial Warranty, in whole or in part, is accepted <br />by the Land Board as the bond required under its applicable law and procedures, then the <br />Operator, having requested that the Board accept this Financial Warranty in lieu of the separate <br />bonds which would otherwise be required by the Colorado Mined Land Reclamation Board or <br />Division of Minerals and Geology and by the Land Board, hereby agrees that, notwithstanding <br />any other provision hereof, or of law, this Financial Warranty shall remain in full force and <br />effect until the Board is notified in writing by the Land Board that the Operator's obligations to <br />the Land Board, for which this Warranty is executed, have been satisfied, and until the financial <br />warranty has been released by the Board.