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amounts expended for reclamation shall be less than the amount received from the Surety, the excess shall be <br /> promptly refunded to the Surety. <br /> If demand is made upon the Surety for payment of an amount due to the Board hereunder,and if the Surety fails to make <br /> payment of such amount within ninety(90) days after the date of receipt of such demand, or if it should thereafter be <br /> determined,by agreement of the Surety or by final judgment of court,that the amount demanded was properly payable, <br /> the Surety agrees to pay to the Board,in addition to the amount demanded,interest at the published Wall Street Journal <br /> Prime Rate for the period commencing at the end of such ninety-day period and ending on the date of actual payment. <br /> If the Board shall notify the Surety that the Permittee is in default,and if the Board shall initiate any Financial Warranty <br /> forfeiture procedures required by law or regulation, the Surety may, in lieu of making payment to the Board of the <br /> amount due hereunder,cause the reclamation to be timely performed in accordance with all requirements of the Act and <br /> all applicable rules and regulations. In such event, when and if the reclamation has been timely performed to the <br /> satisfaction of the Board or Division, this Financial Warranty shall be released. If the reclamation shall not be so <br /> performed to the satisfaction of the Board or Division,this Financial Warranty shall remain in full force and effect. <br /> This Financial Warranty shall be subject to forfeiture whenever the Board determines that any one or more of the <br /> following circumstances exist: <br /> 1. A Cease and Desist Order entered pursuant to Section 34-32-124 of the Act has been violated,and the corrective <br /> action proposed in such Order has not been completed, although ample time to have done so has elapsed; or <br /> 2. The Principal or Permittee is in default under its Performance Warranty, and such default has not been cured, <br /> although written notice and ample time to cure such default has been given;or <br /> 3. The Principal and/or the Surety has failed to maintain its Financial Warranty in good standing as required by the <br /> Act;or <br /> 4. The Surety no longer has the financial ability to cagy out its obligations in accordance with the Act. <br /> The description of lands herein is for convenience of reference only, and no error in such description,nor any revision <br /> of the permitted mining area,nor the disturbance by the Permittee or Principal of lands outside of the permitted mining <br /> area shall alter or diminish the obligations of the Permittee or Principal and/or Surety hereunder,which shall extend to <br /> the reclamation of all such lands disturbed. <br /> If this Financial Warranty applies to National Forest System lands, and if this Financial Warranty is accepted by the <br /> United States Forest Service ("U.S.F.S.") as the bond required under 36 C.F.R. 228.13, then the Permittee, having <br /> requested that the Board and the U.S.F.S.accept this single Financial Warranty in lieu of the separate bonds which would <br /> otherwise be required by applicable law,hereby agrees that,notwithstanding any other provision hereof,or of law,this <br /> Financial Warranty shall remain in full force and effect until U.S.F.S. has advised the Board by written notice that the <br /> Permittee's obligations to U.S.F.S., for which this Surety is executed, have been satisfied, and until the financial <br /> warranty has been released by the Board. <br /> If this Financial Warranty applies to lands under the jurisdiction of the State Board of Land Commissioners ("Land <br /> Board"), and if this Financial Warranty, in whole or in part, is accepted by the Land Board as the bond required under <br /> its applicable law and procedures,then the Permittee,having requested that the State accept this Financial Warranty in <br /> lieu of the separate bonds which world otherwise be required by the Colorado Mined Land Reclamation Board or <br /> Division of Reclamation, Mining and Safety and by the Land Board, hereby agrees that, notwithstanding any other <br /> provision hereof, or of law, this Financial Warranty shall remain in full force and effect until the Board is notified in <br /> Page 4 of 7 <br />