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2010-02-16_REVISION - M1987131 (3)
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2010-02-16_REVISION - M1987131 (3)
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Last modified
6/16/2021 2:25:50 PM
Creation date
3/3/2010 7:28:06 AM
Metadata
Fields
Template:
DRMS Permit Index
Permit No
M1987131
IBM Index Class Name
REVISION
Doc Date
2/16/2010
Doc Name
SO Approval
From
DRMS
To
Lafarge West, Inc.
Type & Sequence
SO3
Email Name
BMK
AJW
Media Type
D
Archive
No
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. -2- <br />WHEREAS, the Operator and Safeco Insurance Company of America (the "Warrantor"), <br />a corporation organized and existing under the laws of the State of Washington and duly <br />authorized to transact a bonding and surety business in the State of Colorado are hereby and firmly bound <br />Three Hundred <br />unto the State in the sum of Twenty Thousand and 00/100 Dollars ($ 320, 000.00 ) <br />for the life of mine or until such time as replacement is received, for the payment of which sum, well <br />and truly made, we hereby bind ourselves and our personal representatives, successors and assigns, <br />jointly and severally, firmly by these presents. <br />WHEREAS, the Board has determined, in accordance with the Act, that the estimated costs of <br />reclamation of the Affected Lands are those amounts for the stated periods of time as set forth herein. <br />Said amount may be amended from time to time to reflect revised estimates of said costs of reclamation. <br />WHEREAS, the Operator and the Warrantor, in accordance with the Act, has promised and hereby <br />promises the Board that it will be responsible for all the estimated costs of reclamation with regard to the <br />Affected Lands. <br />WHEREAS, the Board has determined that this Financial Warranty by the Warrantor equals the <br />estimated costs of reclamation, as approved by the Board, with regard to the Affected Lands. <br />NOW, THEREFORE, the Operator and the Warrantor are held hereby firmly unto the State of <br />Colorado in the amount of those sums for those periods of time as set forth herein, until this Financial <br />Warranty is amended or released in accordance with applicable law. <br />The Board may, for good cause shown, increase or decrease the amount and duration of this Financial <br />Warranty. The Operator shall have sixty (60) days after the date of notice of any such adjustment to <br />increase the surety amount, but no such increase shall bind the Warrantor unless and until it shall have <br />consented thereto in writing by the issuance of an additional Financial Warranty or by an endorsement <br />to this.Financial Warranty. <br />The Operator and the Warrantor shall notify the Board immediately of any event which may impair this <br />Financial Warranty. If the Board receives such notice, or otherwise has reason to believe that this <br />Financial Warranty has been materially impaired, it may convene a hearing in accordance with the Act <br />for the purpose of determining whether impairment has occurred. <br />The obligation of the Operator and the Warrantor shall continue until the Board has released this <br />Financial Warranty or has ordered it forfeited in accordance with applicable provisions of the Act. It is <br />understood that periods of years may necessarily be required before determination can be made that <br />reclamation of the Affected Lands has been satisfactorily completed. It is also recognized that, as <br />reclamation is accomplished, the amount of this Financial Warranty may be reduced with the approval <br />of the Board so that it reflects the then current estimated cost of the remaining reclamation of the Affected <br />Lands. No revision, extension, or renewal of the permit, or of the time allowed to complete reclamation, <br />shall diminish the Operator's or Warrantor's obligation under this Financial Warranty. No <br />misrepresentation by the Operator which may have induced the Warrantor to execute this Financial <br />Warranty shall be any defense to demand by the State under this agreement. <br />In any single year during the life of the permit, the amount of the Financial Warranty shall not exceed <br />the estimated cost of fully reclaiming all lands to be affected in said year, plus all lands affected in <br />previous permit years and not yet fully reclaimed. Reclamation costs shall be computed with reference <br />to current reclamation costs.
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