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-4- <br />The consideration for the Warrantor's execution of this agreement is the <br />promise of the Operator to pay the premiums, but failure by the Operator to <br />pay such premiums shall not invalidate or diminish the Warrantor's obligation <br />hereunder. <br />The Board may make demand upon the Warrantor for payment hereunder if the <br />Board determines that reclamation which ought to have been performed by the <br />Operator, or its successors or assigns, remains unperformed, and if Financial <br />Warranty forfeiture procedures required by law have been initiated. No other <br />condition precedent need be fulfilled to entitle the, State to receive the <br />amount so demanded. However, if, upon completion of reclamation by the State, <br />the amounts expended for reclamation shall be less than the amount received <br />from the Warrantor, the excess shall be promptly refunded to the Warrantor. <br />If demand is made upon the Warrantor for payment of an amount due to the Board <br />hereunder, and if the Warrantor fails to make payment of such amount within <br />ninety (90) days after the date of receipt of such demand, or if it should <br />thereafter be determined, by agreement of the Warrantor or by final judgment <br />of court, that the amount demanded was properly payable, the Warrantor agrees <br />to pay to the Board, in addition to the amount demanded, interest at the prime <br />rate in effect from time to time at The United Bank of Denver for the period <br />commencing at the end of such ninety-day period and ending on the date of <br />actual payment. <br />If the Board shall notify the Warrantor that the Operator is in default, and <br />if the Board shall initiate any Financial Warranty forfeiture procedures <br />required by law or regulation, the Warrantor may, in lieu of making payment to <br />the Board of the amount due hereunder, cause the reclamation to be timely <br />performed in accordance with all requirements of the Act and all applicable <br />rules and regulations. In such event, when and if the reclamation has been <br />timely performed to the satisfaction of the Board or Division, this Financial <br />Warranty shall be released. If the reclamation shall not be so performed to <br />the satisfaction of the Board or Division, this Financial Warranty shall <br />remain in full force and effect. <br />This Financial Warranty shall be subject to forfeiture whenever the Board <br />determines that any one or more of the following circumstances exist: <br />1. A Cease and Desist Order entered pursuant to Section 34-32-124 <br />of the Act has been violated, and the corrective action proposed in such Order <br />has not been completed, although ample time to have done so has elapsed; or <br />2. The Operator is in default under its Performance Warranty, and <br />such default has not been cured, although written notice and ample time to <br />cure such default has been given; or <br />3. The Operator and/or the Warrantor has failed to maintain its <br />Financial Warranty in good standing as required by the Act; or <br />4. The Warrantor no longer has the financial ability to carry out <br />its obligations in accordance with the Act.