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(unless canceled pursuant to paragraph (3) hereof) until __.. released in writing Dy the state in accordance with applica- ble laws specifying bond release procedures. The parties understand that periods of years may necessarily be required before determination can be made that reclamation work Has been satisfactorily compleeed. No revision, extension or renewal of the operator's mining permit or of the time allowed the operator to complete reclamation shall diminish surety's obli3ation hereunder. No misrepresentation by the principal which may have induced the sJr2ty t0 execute this DOnd shall De any defense to demand by the state under this agreement. (8) Tne state may make demand upon the surety for payment hereunder if the board or the division determines that reclamation which ought to have been performed pursuant to the plan by the principal, or its successors or assigns. remains unperformed and if surety forfeiture procedures required by law have been initiated- No other condition precedent Head De fulfilled to entitle the state to receive the amount so demanded. However, if upon completion of reclamation the amounts expended for reclamation snall De less than the dmount received from the surety. Che excess shall be promptly refunded to the surety. (~) If demand is made upon the surety for payment df an amount due to the state Hereunder, and if the surety fails to make payment of such amount within ninety (90) days aftar the date of receipt of such demand oy the surety. and if it should thereafter be determined, by agreement of the surety or by final judgment of court. tnat the amount demanded was properly payable. surety agrees to pay to the state. in addition to the amount demanded. interest at the prime rate in effect from time to time at the First National Bank of Denver for the period COmmenCing at the end of sucn ninety-day period and ending do the date of actual payment. -5-