2012-04-19_REPORT - M1977004 (2)

Home Browse Search

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