Laserfiche WebLink
-2- <br />WHEREAS, in the application for the permit, the Operator has agreed with the Board to provide for reclamation <br />of the Affected Lands that are now, or may become, subject to the permit, as required by law. <br />WHEREAS, the Board has determined, in accordance with the Act, that the estimated costs ofreclamation of the <br />Affected Lands are those amounts for the 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 herebypromises the Board that it will be <br />responsible for all the estimated costs of reclamation with regard to the Affected Lands. <br />WHEREAS, the Board has determined that the Financial Warrantyby the Operator equals the estimated costs of <br />reclamation, as approved by the Hoard, with regard to the Affected Lands. <br />WHEREAS, as proof of its financial responsibility, the Operator bas proceeded pursuant to <br />Section 3432-117(3Xa)(M) of the Act and has caused the M c ,? `+J A Baas Bank of <br />R ? ? . State of C-C> ` V-,rota (the -Bank-) to issue a Certificate of <br />. dated R. ?? kj?- 2 ?an ZG©7 . payable to the Board in the amount of <br />-t4 3Dollars ('$ AZ for the life of the mine or the period from <br />through A J erg=- ` 2c> \,t:) , andhas delivereditto the State, to <br />be held by the State as proof of the Operator's financial responsibility under this Financial Warranty. The Bank is not a <br />party to this agreement. Its obligations are set forth in its Certificate of Deposit- Notbing in this Financial Warranty <br />diminishes or qualifies the Bank's obligations under its Certificate of Deposit. <br />NOW, THEREFORE, the Operator is held hereby firmly unto the State of Colorado in the amount ofthose sums <br />for those periods of time as set forth herein, witil this Financial Warranty is amended or released in accordance with <br />applicable law. <br />The Board may, for good cause shown, increase or decrease the amount and duration of this Financial Warranty. The <br />Operator shall have sixty (60) days after the date of notice of any such adjustor ertt to fulfill all new requirements. <br />The Operator shall notify the Board immediately of any event which may impair this Financial Warranty. If the Board <br />receives such notice, or otherwise has reason to believe that this Financial Warranty has been materially impaired, it may <br />convene a hearing in accordance with the Act for the purpose of detenniniung whether impairment has occurred. <br />The obligation of the Bank shall continue until released in writing by the Board in accordance with applicable laws <br />specifying Financial Warranty release procedures. <br />The Board may present for payment any Certificate of Deposit held hereunder and convert the same to cash if the Board <br />determines that reclamation which ought to have been performed by the Operator, or its successors or assigns, remains <br />lulperfOrmed 1V0 OTheI COIIditiOII prCeedent need be iul uied iv ciiuuc the Bairaiu tv MCCiND the amount of any <br />Certificate. However, if, upon completion of such reclamation by the Board, the cost ofreclamation shall be less than the <br />amount received from the Bank, the excess shall be promptly refunded to the operator. <br />The obligation of the Operator shall continue until the Board has released this Financial. Warranty, or has ordered it <br />forfeited in accordance with applicable provisions of the Act. It is understood that periods of years may necessarily be <br />required before determination can be made that reclamation of the Affected Lands has been satisfactorily completed. It is <br />also recognized that, as reclamation is accomp3ished, the amount of this Financial Warranty may be reduced with the <br />approval of the Board so that it reflects the then current estimated cost of the remaining reclamation ofthe Affected Lands. <br />No revision, extension, or renewal of the permit or of the time allowed to complete reclamation shall diminish the <br />Operator's obligation under this Financial Warranty. <br />In any single year during the life of the permit, the amount oftheFinmend Warranty shall not exceed the estimated cost of <br />fully reclaiming all lands to be affected in said year, phis all lands affected in previous permit years and not yet fully