Utah Admin. Code R850-170-1200 - Financial Guaranties
1. The agency
may require a lessee to provide a financial guaranty to the agency to ensure
compliance with lease terms including performance, payment, and reclamation.
The financial guaranty must be in a form and in an amount acceptable to the
agency.
2. If a lessee assigns a
lease, the agency is not obligated to release the financial guaranty of the
assignor until the assignee submits an equivalent replacement financial
guaranty or any lease obligations, including reclamation, have been
satisfied.
3. The agency may
increase the amount of the financial guaranty in reasonable amounts at any time
by giving lessee 30 days' written notice stating the increase and the reasons
for the increase.
Notes
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