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In any single year during the life of the permit, the amount of the Financial Warranty shall not exceed the estimated <br />cost of fully reclaiming all lands to be affected in said year, plus all lands affected in previous permit years and not <br />yet fully reclaimed. Reclamation costs shall be computed with reference to current reclamation costs. <br />The amount of this Financial Warranty is based upon estimates as to the cost of reclamation, and does not operate to <br />liquidate, limit, enlarge or restrict the Operator's obligations to complete reclamation and to comply in all respects <br />with the permit and with applicable laws and regulations governing reclamation, even though the actual cost thereof <br />may substantially exceed the amount of this Financial Warranty. <br />The Mined Land Reclamation Board or the Office of Mined Land Reclamation may recover the necessary costs, <br />including attorney's fees or fees incurred in foreclosing on or realizing the collateral used in the event this Financial <br />Warranty is forfeited. The face amount of this Financial Warranty shall be increased by five hundred dollars ($500.00) <br />to cover these costs. <br />The Warrantor shall not be liable under this Financial Warranty for an amount greater than the sum designated herein, <br />unless increased by a later amendment to this Financial Warranty. This Financial Warranty shall be reviewed by the <br />Board from time to time, and the Board may require an increase in the principal sum of this Financial Warranty (and <br />a corresponding increase in the surety amount) to cover increases in the estimated costs of reclamation, but no such <br />increase shall bind the Warrantor unless and until it shall have consented thereto in writing by the issuance of an <br />additional Financial Warranty or by an endorsement to this Financial Warranty. <br />The Warrantor reserves the right to cancel this Financial Warranty, effective only upon an anniversary date, and only <br />by giving written notice to that effect, mailed by Certified Mail, at least ninety (90) days prior to such anniversary <br />date, addressed to both the Operator at its address herein stated, and to the Board at the address herein stated. In the <br />event of such cancellation, this Financial Warranty shall nevertheless remain in full force and effect as respects the <br />reclamation of all areas disturbed prior to the effective date of such cancellation, unless and until the Operator shall <br />file a substitute Financial Warranty which: (1) assumes liability for all reclamation obligations which shall have <br />arisen at any time while this Financial Warranty is in force; and (2) is accepted in writing by the Board. <br />In the event of such cancellation, if the Financial Warranty is not fully released, the amount of the continuing <br />Financial Warranty available for the reclamation of areas disturbed and unreclaimed at the date of cancellation shall <br />be fixed by the Board at the amount it determines necessary to complete such reclamation (which amount may not <br />exceed the sum designated herein) and the Board shall concurrently identify such areas in writing, and notify the <br />Warrantor and the Operator thereof. Thereafter, the obligation of the Warrantor shall be limited to reclamation of the <br />areas so identified. <br />The consideration for the Warrantor's execution of this agreement is the promise of the Operator to pay the premiums, <br />but failure by the Operator to pay such premiums shall not invalidate or diminish the Warrantor's obligation <br />hereunder. <br />The Board may make demand upon the Warrantor for payment hereunder if the Board determines that reclamation <br />which ought to have been performed by the Operator, or its successors or assigns, remains unperformed, and if <br />Financial Warranty forfeiture procedures required by law have been initiated. No other condition precedent need be <br />fulfilled to entitle the State to receive the amount so demanded. However, if, upon completion of reclamation by the <br />State, the amounts expended for reclamation shall be less than the amount received from the Warrantor, the excess <br />shall be promptly refunded to the Warrantor. <br />If demand is made upon the Warrantor for payment of an amount due to the Board hereunder, and if the Warrantor <br />fails to make payment of such amount within ninety (90) days after the date of receipt of such demand, or if it should <br />thereafter be determined, by agreement of the Warrantor or by final judgment of court, that the amount demanded <br />was properly payable, the Warrantor agrees to pay to the Board, in addition to the amount demanded, interest at the <br />Page 3 of 6 <br />