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The state may exercise its rights under the Deed of Trust <br />and foreclose in accordance with the terms thereof and in accordance <br />with applicable provisions of law if the Board determines that <br />reclamation which ought to have been performed by the Operator, <br />or its successors or assigns, remains unperformed. No other <br />condition precedent need be fulfilled to entitle the state to fore- <br />close upon the Deed of Trust but before instituting foreclosure <br />proceedings, demand in writing shall be made upon the Operator. <br />If upon completion of reclamation by the Board the amounts expended <br />for reclamation (together with any amounts payable under the <br />following paragraph) shall be less than the amount received upon <br />foreclosure, the excess shall be promptly refunded to the Operator. <br />If demand is made upon the Operator for payment of any amount <br />due to the Board hereunder, and if the Operator fails to make pay- <br />ment of such amount within ninety (90) days after the date of <br />receipt of such demand by the Operator, and if it should thereafter <br />be determined, by agreement or by judgment of court, that the amount <br />demanded was properly payable, the Operator agrees to pay to the <br />state, in addition to the amount demanded, interest at the prime <br />rate 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 together with all <br />reasonable costs of collection, including reasonable attorneys' <br />fees. <br />The obligation of the Operator shall continue until the <br />Board has released this financial warranty or has ordered it <br />forfeited in accordance with applicable provisions of the Act. It <br />is understood that periods of years may necessarily be required <br />before determination can be made that reclamation of the Affected <br />Lands has been satisfactorily completed. It is also recognized <br />that, as reclamation is accomplished, the amount of this financial <br />warranty may be reduced with the approval of the Board so that it <br />reflects the then current estimated cost of the remaining reclama- <br />tion of the Affected Lands. No revision, extension, or renewal of <br />3- <br />