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cost of fully reclaiming all lands to be affected in said year, plus all lands affected in previous permit years and <br /> not 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 /> current published Wall Street Journal Prime Rate for the period commencing at the end of such ninety-day period <br /> Page 3of6 <br />