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WHEREAS said Principal is required,pursuant to 14 CCR, 18420,to have a permit in order to operate each major
<br /> waste tire facility identified above,and
<br /> WHEREAS said Principal is required to provide financial assurance for closure,as a condition of the permit,
<br /> pursuant to 14 CCR, 16471 0 and
<br /> WHEREAS said Principal shall establish a:depository trust fund as may be required pursuant to 14 CCR, 18475
<br /> when a surety bond is used to provide such financial assurance;
<br /> NOW THEREFORE,the conditions of this obligation are such that if the Principal shall faithfully perform closure,
<br /> whenever required to do so,of each major waste tire facility for which this bond guarantees closure,in accordance
<br /> with the closure plan and other requirements of the permit as such plan and permit may be amended,pursuant to all
<br /> applicable laws,statutes,rules,and regulations,as such laws,statutes,rules,and regulations may be amended.;
<br /> OR, if the Principal shall provide alternate financial assurance as applicable,within 60 days after the date notice of
<br /> cancellation is received by the Principal and the Board or its-designee from the Surety(ies),then this obligation shall
<br /> be null and void,otherwise it is to remain in full force and effect.
<br /> The Surety(ies)shall become liable on this bond obligation only when the Principal has failed to fulfill the conditions
<br /> described above.
<br /> Upon notification by the Board or its designee that the Principal has failed to perform as guaranteed by this bond,the
<br /> Surety(ies)shall either perform closure in accordance with the closure plan and other permit requirements;or place
<br /> the closure amount guaranteed for the major waste tire facility into the depository trust fund,established by the
<br /> Principal,or if the Principal fails to establish a depository trust fund,established by the Surety(ies),as directed by
<br /> the Board or its designee.
<br /> Upon notification by the Board or its designee that rite Principal has failed to provide alternate financial assurance as
<br /> required,during the 60 days following receipt by the Principal and the Board or its designee of a notice of
<br /> cancellation of the bond,rte Surety(ies)shall place funds in the amount.guaranteed for the major waste tire
<br /> facility(ics)into the depository"se Rind as directed by the Board or its designee.
<br /> The Surety(ics)hereby waive(s)notification of amendments to closure plans,permits,applicable laws,statutes,rules,
<br /> and regulations and agree; that no such amendment shall in any way alleviate its(their)obligation on this bond.
<br /> The liability of the Surety(ies)shall not be discharged by any payment or succession of payments hereunder,unless
<br /> and until such payment or payments shall amount in the aggregate to the penal sum of the bond,but in no event shall
<br /> the obligation of the Surety(ies)hereunder exceed the amount of said penal sum.
<br /> The Surety(ies)may cancel'the bond by sending notice of cancellation by'certified mail to the Principal and the
<br /> Board or its designee,provided,however,that cancellation shall not take effect until 120 days after the date of
<br /> receipt of the notice of cancellation by the Principal and the Borird or its dc:-ignee,as evidenced by the return
<br /> receipts,
<br /> The Principal may terminate this bond by sending written notice to the Surety(ies),provided,however,that no such
<br /> notice shall become effective until the Surety(ies)receives)written authorization from the Board or its designee for
<br /> termination or the bond.
<br /> The following paragraph is an optional rider that rhay be included,but is not required.
<br /> Principal and Surety(ies)hereby agree to adjust the penal sum of the bond yearly so that it guarantees a new closure
<br /> amount,provided the penal sum does not increase by more than 20 percent in any one year,and no decrease in the
<br /> penal sum takes place without written permission from the Board or its designee.
<br /> IN WITNESS WHEREOF,the Principal and Surety(ies)have executed this Performance Bond and have affixed
<br /> CRVM 8 141(17.101) Page 2 of 3
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