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that this Financial Warranty has been materially impaired, it may convene a hearing in accordance <br /> with the Act for the purpose of determining whether impairment has occurred. <br /> The obligation of the Operator and the Warrantor shall continue until the Board has released <br /> this Financial Warranty or has ordered it forfeited in accordance with applicable provisions of the <br /> Act. It is understood that periods of years may necessarily be required before determination can be <br /> made that reclamation of the Affected Lands has been satisfactorily completed. It is also recognized <br /> that, as reclamation is accomplished, the amount of this Financial Warranty may be reduced with the <br /> approval of the Board so that it reflects the then current estimated cost of the remaining reclamation <br /> of the Affected Lands. No revision,extension, or renewal of the permit, or of the time allowed to <br /> complete reclamation, shall diminish the Operator's or Warrantor's obligation under this Financial <br /> Warranty. No misrepresentation by the Operator which may have induced the Warrantor to execute <br /> this Financial Warranty shall be any defense to demand by the State under this agreement. <br /> In any single year during the life of the permit,the amount of the Financial Warranty shall <br /> not exceed the estimated cost of fully reclaiming all lands to be affected in said year, plus all lands <br /> affected in previous permit years and not yet fully reclaimed. Reclamation costs shall be computed <br /> with reference to current reclamation costs. <br /> The amount of this Financial Warranty is based upon estimates as to the cost of reclamation, <br /> and docs not operate to liquidate, limit, enlarge or restrict the Operator's obligations to complete <br /> reclamation and to comply in all respects with the permit and with applicable laws and regulations <br /> governing reclamation, even though the actual cost thereof may substantially exceed the amount of <br /> this Financial Warranty. <br /> The Mined Land Reclamation Board or the Office of Mined Land Reclamation may recover <br /> the necessary costs, including attorney's fees or fees incurred in foreclosing on or realizing the <br /> collateral used in the event this Financial Warranty is forfeited.The face amount of this Financial <br /> Warranty shall be increased by five hundred dollars($500.00)to cover these costs. <br /> The Warrantor shall not be liable under this Financial Warranty for an amount greater than the <br /> sum designated herein, unless increased by a later amendment to this Financial Warranty. This <br /> Financial Warranty shall be reviewed by the Board from time to time,and the Board may require an <br /> increase in the principal sum of this Financial Warranty(and a corresponding increase in the surety <br /> amount)to cover increases in the estimated costs of reclamation, but no such increase shall bind the <br /> Warrantor 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 Warrantor reserves the right to cancel this Financial Warranty,effective only upon an <br /> anniversary date,and only by giving written notice to that effect, mailed by Certified Mail, at least <br /> ninety(90) days prior to such anniversary date, addressed to both the Operator at its address herein <br /> stated, and to the Board at the address herein stated. In the event of such cancellation,this Financial <br /> Warranty shall nevertheless remain in full force and effect as respects the reclamation of all areas <br /> disturbed prior to the effective date of such cancellation, unless and until the Operator shall file a <br /> substitute Financial Warranty which: (1) assumes liability for all reclamation obligations which shall <br /> have arisen at any time while this Financial Warranty is in force; and(2) is accepted in writing by <br /> the Board. <br /> 2 <br />