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The amount of this Financial Warranty is based upon the Contractor's proposed SOW included as Exhibit A to the MOU, <br /> and does not operate to liquidate, limit, enlarge or restrict the Permittee's or Contractor's obligations to complete the <br /> SOW and to comply in all respects with the permit and with applicable laws and regulations. <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$400,000.00 sum designated <br /> herein. <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 Permittee at its address herein stated, and to the Board at the address herein stated. in the event <br /> of such cancellation, this Financial Warranty shall nevertheless remain in full force and effect with respect to the tasks <br /> identified in the SOW. <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 completion of the remaining tasks in the SOW at the date of cancellation shall be fixed by the <br /> Board at the amount it determines necessary to complete such remaining tasks in the SOW (which amount may not <br /> exceed the sum designated herein)and the Board shall concurrently identify such areas in writing, and notify the Surety <br /> and the Permittee thereof. Thereafter,the obligation of the Surety shall be limited to remaining tasks in the SOW. <br /> The consideration for the Surety's execution of this agreement is the promise of the Contractor to pay the premiums, but <br /> failure by the Contractor 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 Boatel determines that the SOW which ought <br /> to have been performed by the Permittee and/or the Contractor, or its successors or assigns, remains unperformed, and <br /> if 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 the SOW by the State, <br /> the amounts expended for completion of the SOW shall be less than the amount received from the Surety, the excess <br /> shall be 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 thirty (30) 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 and/or Contractor is in default,and if the Board shall initiate any <br /> Financial Warranty forfeiture procedures required by law or regulation,the Surety may, in lieu of making payment to <br /> the Board of the amount due hereunder, cause the SOW to be timely performed in accordance with all requirements of <br /> the Act and all applicable rules and regulations. In such event, when and if the SOW has been timely performed to the <br /> satisfaction of the Board or Division, this Financial Warranty shall be released. If the SOW shall not be so performed <br /> 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 /> Page 3 of 6 <br />