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-3- <br />'fie amount of this Financial Wanany is based upon estimates as to the cost of reclamation, and does not operate to <br />liquidate, liruit, enlarge or restrict the Operator's obligations to complete reclamation and to comply in all respects with dra <br />permit and with applicable laws and regulations govemirtg rechuaation, even though theactual cost fhereoftnay substantially <br />exceed the amount of this Financial Warranty- <br />The Warantorshall not be liable umderthisFinancial Wanantyforan amountgreateribarr ihesum designated herein, unless <br />increased by a later amendment to this Financial Warranty. This Financial Warranty shall be reviewed by the Board from <br />time to time, and the Board may require an intxease in the prinapal sum of this Financial Warranty lead a corresponding <br />increase in the surety amount) to cover increases is the estimated vests of reclamation, but no such increase shall bind the <br />Warrantor unless and until it shall have consented thereto in writing by the issuance ofan additional Financial Warranty or <br />by an endorsement m this Financial Warranty. <br />The Warrantor reserves the right to cancel this Financial Warrdaty, 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 Operator at its address herein stated, and to the Board at the address herein stated. In the event of such <br />cancellafion, this Financial Warranty shall nevertheless remain in full force and effect as respects the reclamation of all aeeas <br />disturbed prior to the effective date of such dncellation, unless and until the t?pcra[or shall file a Substitute Financial <br />Warrautywhich: (1)assturusliabilityfora]lreclamationobligationswhichshallhaveatiseaatanyttmewhilethisFinancial <br />Warranty is in force; and (2) is accepted in writing by the Board <br />7n fhe event of such cancellation, if the Financial Warazrty is not fully released, the amount of the continuing Financial <br />Warranty available for the reclamation of areas disturbed and ttnreclaimed at the date of cancellation shall be fined by the <br />Board at the amount it determines necessary to complete such reclamafion (which amount may not exceed fire sum <br />designated herein) and the $oazd shall concurrently identify such areas in writing, and notify flee Warrantor and the Operator <br />thereof: Thereafter, the obligation of the Warrantor shall be limited to reclamation of the aeeas so identified. <br />The consideration for the Warrantor's execution of this agreement is the promise of the Operator to pay the premiums, but <br />failure by the Operator to pay suoh premiums shall not invalidate or diminish the Wamurtor's obligation hereunder. <br />The Board Wray make demand upon the Warrantor for payment hereunder if the Boazd determines that reciatna6on which <br />ought tohavebcen perfomtedbythe Operator, orits successors orassigas, remains unperformed, and ifFinancial Warranty <br />forfeitureproceduresrequiredbylawhavebeeninitiaud. Nootherconditionprecedcntneedbefu1fi11edtoeatitletheState <br />to receive the amount so demanded. However, it, upon completion ofreclemation by the State, the amounts expended for <br />reclamation shall ba less than the amount received from the Warrantor, the excess shall be promptly refunded to the <br />Warrantor. <br />If demand is made upon the Warrantor for payment of an amount due to the Board hereunder, and if the Wanantor fails to <br />make payment of such amount within ninety (90) days after the date of receipt of such demand, or if it should thereafter be <br />determined, by agreement ofihe Warrantor of by final judgment of court, that the amount demanded was properlypayable, <br />the Warrantoragrees to pay to the Board, in addition to the amount demanded, interest at the prime rate im effect from time <br />to time at The United Bank of Deaver for the period commencing at the end of such ninctyday period and ending on the <br />date of actual payment. <br />If the Boazd shall notify the Watranror that the Operator is in default, and if the Board shall initiate anyFinancial Wamauty <br />forfeiture procedures required by law or regulation, the Warrantor may, in lieu of naldng payment to the Board of the <br />amount due hereunder, cause the reclamation to be timely performed in accordance with all requirements of the Act anda]I <br />applicable rules end tegulntions, Tn such event, when and if the reclamation has been timelyperfomred to the satisfaction of <br />the Boazd or Division, this Financial Warranty shall be released. If the reclamation shall not bo so perforared to the <br />satisfaction of the Boazd or Division, this Financial Warranty shall remain in full fora sad effect. <br />This Financial Warrantysha)1 be subjectto forfeiture whenever the Boazd determines that anyone ormore ofthe following <br />