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(unless canceled pursuant to paragraph (3) Hereof) until <br />reledsed in writing by tn2 state in dCCOrddnce with dppliCd- <br />ble laws specifying bono release procedures. Tne parties <br />• understand inat periods of years may necessarily be re qu.red <br />before detarm~nation can be .Wade that reclamation work Was <br />Deem sdt~sfdCLOrily completed. NO reviSi On. ex t2 n5iOn Or <br />renewal Of [he OperdLOr~S mi Wing pefmi[ Or of the time rill Owe? <br />Che OpdrdL~Or t0 COmpleCe reCldmdCi0n Shrill di m, Wish SureCy~S <br />' obligation hereunder. No misrepresantation Dy ine principal <br />r <br />which mdy hdve induced the SJr2ty LO execute tni5 DOnd Shall <br />be any defense to demand Dy cne state under cnis agreement. <br />(B) Tne state may make demand upon the 'surety for <br />payment Hereunder if the board or the OiviSiOn determines <br />that reclamation which Ought to have Deen performed pursuant <br />CO the plan by the prinCipolr Or i[5 SuCCeSSOrS Or d55iyn5• <br />j. <br />reTains unperforme0 and if suretyforfei t•u re procedures <br />required by law nave Deen initidted. No ocher condition <br />precedent Head De fulfilled co entitle ine state to receive <br />tnr amount so demanded. However, if upon completion of <br />• reClamaCion the amOUntS expended for reclamation shall, De <br />less than the amount receive.? from the surety. the excess <br />.. sndll De promptly fe(unded t0 Che Surety. <br />(a) If demand is made upon the surety ,f or pdyme nc <br />~~ df an amount due to the state Hereunder, and iF the surety <br />. ~ fails to rake payment of suCn amount within dinety (90) <br />days dit2r the date of r2CeiJt Of such demano by [he suretyr <br />and it it should thereafter De determined. by agreem¢nc Of <br />[h2 SJre[y Or Dy findl judgmenC OF COUrt. thdC the amount <br />.~ ~ demanded was properly payable, surety agrees to pay co [ne <br />state. in addition to Lne amoun! demanded. interest at the <br />~~ ~ grime race in effect from time td time ac ine First Naci onal <br />Bank of Oenver for the period commencing ac the and of such <br />. ~ ninety-day period and ending on the date of actual payment. <br />-g- <br />136 <br />