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In the event of such cancellation, if the Financial Warranty is not fully released,the amount <br /> of the continuing Financial Warranty available for the reclamation of areas disturbed and <br /> unreclaimed at the date of cancellation shall be fixed by the Board at the amount it determines <br /> necessary to complete such reclamation (which amount may not exceed the sum designated herein) <br /> and the Board shall concurrently identify such areas in writing, and notify the Warrantor and the <br /> 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 <br /> Operator to pay the premiums, but failure by the Operator to pay such premiums shall not invalidate <br /> or diminish the Warrantor's obligation hereunder. <br /> The Board may make demand upon the Warrantor for payment hereunder if the Board <br /> determines that reclamation which ought to have been performed by the Operator, or its successors <br /> or assigns, remains unperformed, and if Financial Warranty forfeiture procedures required by law <br /> have been initiated. No other condition precedent need be fulfilled to entitle the State to receive the <br /> amount so demanded. However, if, upon completion of reclamation by the State,the amounts <br /> expended for reclamation shall be less than the amount received from the Warrantor,the excess shall <br /> be promptly refunded to the Warrantor. <br /> If demand is made upon the Warrantor for payment of an amount due to the Board <br /> hereunder, and if the Warrantor fails to make payment of such amount within ninety(90)days after <br /> the date of receipt of such demand, or if it should thereafter be determined, by agreement of the <br /> Warrantor or by final judgment of court, that the amount demanded was properly payable, the <br /> Warrantor agrees to pay to the Board, in addition to the amount demanded, interest at the current <br /> published Wall Street Journal Prime Rate for the period commencing at the end of such ninety-day <br /> period and ending on the date of actual payment. <br /> If the Board shall notify the Warrantor that the Operator is in default, and if the Board shall <br /> initiate any Financial Warranty forfeiture procedures required by law or regulation, the Warrantor <br /> may, in lieu of making payment to the Board of the amount due hereunder, cause the reclamation to <br /> be timely performed in accordance with all requirements of the Act and all applicable rules and <br /> regulations. In such event, when and if the reclamation has been timely performed to the satisfaction <br /> 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 <br /> force and effect. <br /> This Financial Warranty shall be subject to forfeiture whenever the Board determines that <br /> any one or more of the following circumstances exist: <br /> 1. A Cease and Desist Order entered pursuant to Section 34-32-124 of the Act has been <br /> violated, and the corrective action proposed in such Order has not been completed, although ample <br /> time to have done so has elapsed; or <br /> 2. The Operator is in default under its Performance Warranty, and such default has not <br /> been cured, although written notice and ample time to cure such default has been given; or <br /> 3. The Operator and/or the Warrantor has failed to maintain its Financial Warranty in <br /> good standing as required by the Act; or <br /> 3 <br />