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-3- <br />(3) Surety reserves the right to cancel this bond, effective only upon an anniversary date, <br />and only by giving written notice to that effect, mailed by certified mail, at least ninety (90) days prior <br />to such anniversary date, addressed to both the Principal, at its address herein stated, and to the <br />Division at 1313 Sherman Street, Room 215, Denver, Colorado 80203. In the event of such <br />cancellation, this bond shall nevertheless remain in full force and effect as respects the reclamation of <br />all areas disturbed prior to the effective date of such cancellation, unless and until the Principal shall <br />file a substitute bond which: (1) assumes liability for all reclamation obligations which shall have <br />arisen at any time while this bond is in force, and (2) is accepted in writing by the Board or Division. <br />(4) In the event of such cancellation, if the bond is not fully released, the amount of the <br />continuing bond available for the reclamation of areas disturbed and unreclaimed at the date of <br />cancellation, shall be fixed by the Board or the Division at the amount it determines necessary to <br />complete such reclamation (which amount may not exceed the sum designated in the first paragraph <br />hereof) and the Board or Division shall concurrently identify such areas in writing, and notify the <br />Principal and the surety thereof. Thereafter, the obligation of the surety shall be limited to <br />reclamation of the areas so identified. <br />(5) The consideration for surety's execution of this agreement is the promise of the <br />Principal to pay the premiums, but failure by the Principal to pay such premiums shall not invalidate <br />or diminish surety's obligation hereunder. <br />(b) The description of lands herein set forth is for convenience of reference only, and no <br />error in such description, nor any revision of the permitted mining area, nor the disturbance by the <br />Principal of lands outside of the permitted mining area shall alter or diminish the obligation of the <br />Principal or the surety hereunder, which shall extend to the reclamation of all such lands disturbed. <br />(7) The obligation of this bond shall continue (unless cancelled pursuant to paragraph (3) <br />hereof) until released in writing by the State, with the concurrence of OSMRE, in accordance with <br />applicable laws specifying bond release procedures. The parties understand that periods of years may <br />necessarily be required before determination can be made that reclamation work has been <br />satisfactorily completed. No revision, extension, or renewal of the Operator's mining permit, or of <br />the time allowed the Operator to complete reclamation shall diminish surety's obligation hereunder. <br />No misrepresentation by the Principal which may have induced the surety to execute this bond shall <br />be any defense to demand by the State under this agreement. <br />(8) The surety will give prompt written notice, mailed by certified mail, to the Principal, at <br />its address herein stated, and to the Division at 1313 Sherman Street; Room 215, Denver, Colorado <br />80203, of any notice received or action filed alleging the insolvency or bankruptcy of the surety, or <br />alleging any violations of regulatory requirements which could result in suspension or revocation of <br />the surety's license to do business. <br />(9) In the event the surety becomes unable to fulfill its obligations under the bond for any <br />reason, written notice shall be mailed immediately, by certified mail, to the Principal and the <br />Division. <br />