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the Affected Lands. No revision, extension, or renewal of the permit,or of the time allowed to complete reclamation, <br /> shall diminish the Principal's or Surety's obligation under this Financial Warranty. No misrepresentation by the <br /> Principal which may have induced the Surety to execute this Financial Warranty shall be any defense to demand by the <br /> State under this agreement. <br /> In any single year during the life of the permit,the amount of the Financial Warranty shall not exceed the estimated cost <br /> of fully reclaiming all lands to be affected in said year,plus all lands affected in previous permit years and not yet fully <br /> 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 Permittee's or Principal's obligations to complete reclamation and to comply in <br /> all respects with the permit and with applicable laws and regulations governing reclamation,even though the actual cost <br /> thereof 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 Surety shall not be liable under this Financial Warranty for an amount greater than the sum designated herein,unless <br /> increased by a later amendment to this Financial Warranty. This Financial Warranty shall be reviewed by the Board <br /> from time to time, and the Board may require an increase in the principal sum of this Financial Warranty (and a <br /> corresponding increase in the surety amount) to cover increases in the estimated costs of reclamation, but no such <br /> increase shall bind the Surety unless and until it shall have consented thereto in writing by the issuance of an additional <br /> Financial Warranty or by an endorsement to this Financial Warranty.\ <br /> The Surety reserves the right to cancel this Financial Warranty, effective only upon an anniversary date, and only by <br /> giving written notice to that effect, mailed by Certified Mail, at least ninety (90) days prior to such anniversary date, <br /> addressed to both the Principal at its address herein stated,and to the Board at the address herein stated. In the event of <br /> such cancellation, this Financial Warranty shall nevertheless remain in full force and effect as respects the reclamation <br /> of all areas disturbed prior to the effective date of such cancellation,unless and until the Principal shall file a substitute <br /> Financial Warranty which: (1)assumes liability for all reclamation obligations which shall have arisen at any time while <br /> 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 Financial <br /> Warranty available for the reclamation of areas disturbed and unreclaimed at the date of cancellation shall be fixed by <br /> the Board at the amount it determines necessary to complete such reclamation(which amount may not exceed the sum <br /> designated herein)and the Board shall concurrently identify such areas in writing,and notify the Surety and the Principal <br /> thereof. Thereafter,the obligation of the Surety shall be limited to reclamation of the areas so identified. <br /> The consideration for the Surety's execution of this agreement is the promise of the Principal to pay the premiums,but <br /> failure by the Principal to pay such premiums shall not invalidate or diminish the Surety's obligation hereunder. <br /> The Board may make demand upon the Surety for payment hereunder if the Board determines that reclamation which <br /> ought to have been performed by the Permittee, or its successors or assigns, remains unperformed, and if Financial <br /> Warranty forfeiture procedures required by law have been initiated. No other condition precedent need be fulfilled to <br /> entitle the State to receive the amount so demanded. However, if, upon completion of reclamation by the State, the <br /> Page 3 of 7 <br />