3. draft form of closure plan surety bond ====================================== bond # amount: know all persons by these prese

3.
DRAFT FORM OF CLOSURE PLAN SURETY BOND
======================================
Bond # Amount:
KNOW ALL PERSONS by these presents that [name of company] as principal
(hereinafter called the Principal) whose place of business is at
[company address] and [name of insurance company] (hereinafter called
the Surety) whose place of business is at [insurance company address]
are held and firmly bound unto Her Majesty the Queen in Right of
Ontario, her heirs and successors, as represented by the Minister of
Northern Development and Mines, its successors and assigns
(hereinafter called the Obligee) whose place of business is at B6 -
933 Ramsey Lake Road, Sudbury, Ontario P3E 6B5 in the sum of [amount
of bond] in lawful money of Canada for which payment we jointly and
severally bind ourselves, our heirs, administrators and successors,
and assigns, firmly by this instrument.
WHEREAS, the Principal will operate/operates a [mining activity]
located at [legal property description] (locally known as
_____________) in accordance with a certified Closure Plan dated [date
of plan] submitted by the Principal to the Obligee (hereinafter called
the Closure Plan).
NOW, THEREFORE, the condition of this obligation is such that, if the
Principal shall promptly and faithfully comply in all respects with
the Closure Plan then this obligation shall be void; otherwise it
shall remain in full force and effect, subject to the following
conditions:
1.
Whenever the Principal shall be in default and declared by the
Obligee to be in default of the terms of the Closure Plan or any
filed, certified amendments thereto, the Obligee shall send a
registered letter to both the Principal and Surety, stating the
facts leading to the default (hereinafter called the Notice of
Default).
2.
The Surety’s obligation to the Obligee hereunder shall be to pay
such amounts demanded by the Obligee in each Notice of Default and
this bond will be totally exonerated by the Surety remitting to
the Obligee such amounts demanded, provided however, the total
liability of the Surety in respect of all Notices of Default shall
in no event exceed the specified amount of this bond.
3.
The Surety’s obligation to pay the Obligee hereunder shall be
absolute, unconditional and irrevocable, and shall be performed
irrespective of (i) any lack of validity or enforceability of the
Principal’s obligations under the Closure Plan, (ii) any
inaccuracy or omission contained in the Closure Plan or any other
document presented thereunder, (iii) any release, substitution or
addition of any third party in connection with performance of
rehabilitation work pursuant to the Closure Plan, (iv) the fact
that any bankruptcy, insolvency, reorganization or winding-up
proceedings of the Principal or an injunction or other court order
may prevent the Obligee from declaring a default or making a
demand on the Principal under the Closure Plan, and (v) any other
event or circumstances whatsoever that might, but for the
provisions of this paragraph, constitute a legal or equitable
discharge of, or provide a right of set-off against, the Surety’s
obligations hereunder.
4.
The Obligee is not required, before submitting a Notice of
Default, to first demand payment or performance from the Principal
alone or to pursue any rights or remedies against, or take any
action against the Principal or file any claim in any bankruptcy,
insolvency, reorganization or winding-up of the Principal. If the
Principal makes multiple defaults, the Obligee may submit a Notice
of Default hereunder for each such default.
5.
The terms of this bond shall remain in full force and effect to
the time of release of this bond by the Obligee.
6.
If the Surety at any time gives at least 90 days prior notice in
writing, by registered mail, to the Obligee and to the Principal
of its intention to terminate this obligation (hereinafter called
the Notice of Termination), then this obligation shall be deemed
to be terminated on the date stated in the Notice of Termination,
which date shall not be less than 90 days after the date of the
receipt of the Notice of Termination by the said Obligee or by the
said Principal, whichever is the later date of receipt, and
provided that, should the Principal fail, within 60 days of the
receipt by the Obligee of the Notice of Termination to provide a
financial assurance in at least the same amount as this bond in a
form acceptable to the Obligee, the Surety shall automatically and
immediately pay the full amount of this bond to the Obligee.
7.
Any suit or action on this bond against the Surety must be
commenced by the Obligee within 120 days from the date of the
Notice of Default.
8.
The Surety is licensed under the Insurance Act or its successor to
write surety and fidelity insurance.
9.
In the event the Surety becomes unable to fulfill its obligations
under this bond for any reason, notice shall be given immediately,
by registered mail, to the Principal and the Obligee (hereinafter
called the Notification of Incapacity). Within 30 days of the
Obligee’s receipt of the Notification of Incapacity and in any
event within 45 days of the incapacity of the Surety by reason of
bankruptcy, insolvency, or suspension or revocation of its
license, the Principal shall be deemed to be without bond coverage
and will be required to submit alternate financial assurance,
subject to the approval of the Obligee and as required by the
Mining Act or its successor.
10.
Upon partial completion of the rehabilitation and reclamation of
the applicable site, and the submission by the Principal of a
written application pursuant to the requirements of the Mining Act
or its successor, including technical supports and relevant
information, the Obligee at its discretion may reduce the amount
of this bond to an amount consistent with the financial
requirements of the rehabilitation work left to be completed under
the Closure Plan or any filed, certified amendments thereto.
11.
This bond will be valid for the term of [date bond sealed] to [
date 1 year hence] and shall be automatically renewed, without
further documentation from year to year thereafter unless
terminated as aforesaid, provided that the Surety may, if it
wishes, issue certificates evidencing such renewal.
12.
This bond shall be governed by the laws of the province of Ontario
and the laws of Canada applicable therein.
Sealed with the respective seals of the Principal and of the Surety
the ____day of
_________, 20__ .
[NAME OF COMPANY]
By:_____________________c/s
Name:
Title:
[NAME OF SURETY]
By:_____________________c/s
Name:
Title:
(Rev. 3/15)

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