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<br />Underwriters Association or the readily available private insurance <br />market. <br /> <br />12,) Bonding <br /> <br />(01) The Permittee shall furnish a surety bond in favor of the City in the <br />amount of Three Hundred Thousand Dollars ($3001000) to run <br />continuously (annual renewal allowed) until all landfill operations and <br />closure activities are completed to ensure compliance with the terms and <br />conditions of this Conditional Use Permit. Such bond shall be made by an <br />insurance company or other financial institution acceptable to the City <br />and shall be in a form acceptable to the City and its attorney. The bond <br />shall be subject to cancellation by the obligor by giving one hundred <br />twenty (120) days' prior written notice to the City. The Permittee shall <br />renew each such bond no more than sixty (60) days after any such written <br />notice, and failure to so renew the bond shall be an event of default of the <br />obligations of the Permittee and shall constitute ground for immediate and <br />automatic revocation of this Permit, Said bond shall provide that if the <br />Permittee refuses to obey any of these requirements or to any of the acts <br />required by this Conditional Use Permit or for any reason ceases to <br />operate or abandons the landfill, and the City is required to expend <br />monies or labor or material to restore the Landfill Site to the condition and <br />requirements required by this Conditional Use Permit, the obligor shall <br />reimburse the City for any and all expenses incurred to remedy the failure <br />of the Permittee to comply with this Permit, and the obligor shall <br />indemnify and save the City harmless from all losses, costs, and charges <br />that may occur to the City because of any default by the Permittee. The <br />bond may be in a form exercisable by both the City and the County <br />provided that such exercise feature allows its use on instruction by either <br />or both the City or County, <br /> <br />(02) In the event this, or any subsequent permit is revoked or the <br />Permittee closes operation of the landfill for any reason, including but <br />without limitation, order of the court or other agency of competent <br />jurisdiction, bankruptcy, insolvency, or abandonment, the Permittee shall <br />immediately proceed to close, cover, and grade the Landfill Site according <br />to an environmentally sound closure plan which shall be approved by the <br />City and which shall comply with all requirements of the MPCA and <br />Sherburne County relating to fmal closure. In the event the Permittee fails <br />to comply with the terms of this subparagraph (02), the City may, upon <br />ninety (90) days' prior notice to the Permittee, enter into the property and <br />perform all such obligations, the cost of which shall be borne by the <br />Permittee, or, in default thereof, by its surety. <br /> <br />13 <br />