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-3- <br />The amount of this Financial Warranty is based upon estimates as to the cost of reclamation, and does not operate to <br />liquidate, limit, enlarge or restrict the Operator's obligations to complete reclamation and to wmply in all respects with the <br />permit and with applicable laws and regulations governing reclamation, even though the actua] cost thereof may <br />substantially exceed the amount of this Financial Warranty. <br />The Warrantor shall not be liable under this Financial Warranty for an amount greater than the sum designated herein, <br />unless increased by a later amendment to this Financial Warranty. This Financial Warranty shall be reviewed by the Board <br />from time to time, and the Board may require an increase in the principal sum of this Financial Warranty (and a <br />corresponding increase in the surety amotmt) to cover increases in the estimated costs of reclamation, but no such increase <br />shall bind the Warrantor unless and until it shall have concerned thereto in writing by the issuance of an additional Financial <br />Warranty or by an endorsement to this Financial Warranty. <br />The Warrantor reserves the right to cancel this Financial Warranty, effective only upon an armiversary 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 Boazd at the address herein stated. In the event of <br />such cancellarion, this Financial Warranty shall nevertheless remain in full force and effect as respects the reclamation of all <br />areas disturbed prior to the effective date of such cancellation, unless and until dre Operator shall file a substitute Financial <br />Warranty which: (l) assumes liability for all reclamation obligations which shall have arisen at any time while this <br />Financial Warranty is in force; and (2) is accepted in writing by the Board <br />1n the event of such cancellation, if the Financial Warranty is not fully released, the amount of the continuing Financial <br />Warranty available for the reclamation of areas disturbed and unreclaimed at the date of cancellation shall be faced by the <br />Boazd at the amount it determines necessary to complete such reclamation (which amount may not exceed the sum <br />designated hcTan) and the Board -shall concureenily iueniify such areas in wrinng, and notiry toe Warrantor and tI>e Operator <br />drereo£ Thereafter, the obligation of the Warrantor shall be limited to reclamation of the areas so identified <br />The consideration for the Warrantor's execution of this agteemant is the promise of the Operator to pay the premiums, but <br />failure by the Operator to pay such premiums shall not i~alidate or diminish the Warrantor's obligation hereunder. <br />The Board may make demand upon the Warrantor for payment hereunder if the Board determines that reclamation which <br />ought to have been performed by the Operator, or its successors or assigns, rr**+a;nc tmperformed, and if Financial Warranty <br />forfeiture procedures required by hrw have been initiated. No other condition precedent need be fulfdled to a°ritin the State <br />to receive the amount so demanded However, ~ upon completion of reclamation by the State, the amounts expended for <br />reclamation shall be less than the amount received from the Warrantor, the excess shall be promptly refimded to the <br />Warrantor. <br />If demand is made upon the Warrantor for payment of an amount due to the Boazd hereunder, and if the W arrantor 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 of the Warrantor or by final judgment of court, that the amount demanded was properly payable, <br />the Warrantor agrees to pay to the Board, in addition to the amount demanded, interest at the prime rate in effect from time <br />to time at The United Bank of Denver for the period commencurg at the end of such ninety-day period and ending on the <br />date of actual payment. <br />If the Board shall notify the Warrantor that the Operator is in default, and if the Boazd shall initiate a~~ Financial Warranty <br />forfeiture procedures required by law or regulation, the Warrantor may, in lieu of making 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 and all <br />applicable Hiles and regulations. In such event, when and if the reclamation has been timely performed to the satisfaction of <br />the Board or 1}ivisioq this Financial Warranty shall be released. L`the reclamation shall not be so performed to the <br />satisfaction of the Boazd or Division, this Financial Warranty shall remain in full force and effect. <br />~I <br />