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(unless canceled pursuant to paragraph (2) hereof) until <br /> released in writing by the state in accordance with applica- <br /> ble laws specifying bond release procedures. The parties <br /> understand that periods of years may necessarily be required <br /> before determination can be made that reclamation work has <br /> been satisfactorily completed. No revisiong extension or <br /> renewal of the operator' s mining permit or of the time allowed <br /> the operator to complete reclamation Shall diminish surety 's <br /> obligation hereunder. No misrepresentation by .the principal <br /> which may have induced the surety to execute this bond shall <br /> be any defense to demand by the state under this agreement. <br /> (8) The state may make demand upon the surety for <br /> payment hereunder if the board or the division determines <br /> that reclamation which ought to have been performed by the <br /> principal * or its successors or assigns• remains unperformed. <br /> No other condition precedent need be fulfilled to entitle <br /> the state to receive the amount so demanded. However, if <br /> upon completion of such reclamation the amounts expended <br /> for reclamation shall be less than the amount received from <br /> the surety, the excess shall be promptly refunded to the <br /> surety. <br /> (9) If demand is made upon the surety for payment <br /> of an amount due to the state hereunder• and if the surety <br /> fails to make payment of such amount within ninety (90) <br /> days after the date of receipt of such demand by the suretyt <br /> and if it should thereafter be determined, by agreement of <br /> the surety or by judgment of court• that the amount demanded <br /> was properly payableg surety agrees to pay to the state• in <br /> addition to the amount demandedt interest at the prime rate <br /> in effect from time to time at The First National Bank of <br /> Denver for the period commencing at the end of such ninety-day <br /> period and ending on the date of actual payment. <br /> ( 10) If the state shall notify the surety that the <br /> I <br /> -5- <br />