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(3) Surety reserves the rignt to cancel this bond, effective only <br /> upon an anniversary date, and only by giving written notice to that effect, <br /> mailed by certified mail , at least ninety (90) days prior to such anniversary <br /> date, addressed to both the Principal , at its address herein stated, and to <br /> the Division at 1313 Sherman Street, Roam 215, Denver , Colorado 90203. In the <br /> event of such cancellation, this bond shall nevertheless remain in full force <br /> and effect as respects the reclamation of all areas disturbed prior to the <br /> effective date of such cancellation , unless and until the Principal shall file <br /> a substitute bond which: 1 ) assumes liability for all reclamation obligations <br /> which shall have arise-i at any time while this bond 1s in force, and <br /> 2) is. accepted in writing by the Board or Division. <br /> (4) In the event of such cancellation, if the bond is not fully <br /> released, the amount of the continuing bond available for the reclamation of <br /> areas disturbed and unreclaimed at the date of cancellation, shall be fixed by <br /> the Board or the Division at the amount it determines necessary to complete <br /> such reclamation (which amount may not exceed the sum designated in the first <br /> paragraph hereof) and the Board or Division shall concurrently identify such <br /> areas in writing, and notify the Principal and the surety thereof. <br /> Thereafter , the obligation of the surety shall be limited to reclamation of <br /> the areas so identified. <br /> (5) The consideration for surety' s execution of this agreement is the <br /> promise of the Principal to pay the premiums , but failure by the Principal to <br /> pay such premiums shall not invalidate or diminish surety' s obligation <br /> hereunder. <br /> • (6) The description of lands herein set forth is for convenience of <br /> reference only, and no error in such description, nor any revision of the <br /> permitted mining area, nor the disturbance by the Principal of lands outside <br /> of the permitted mining area shall alter or diminish the obligation of the <br /> Principal or the surety hereunder, which shall extend to the reclamation of <br /> all such lands disturbed. <br /> (7) The obligation of this bond shall continue (unless cancelled <br /> pursuant to paragraph (3) hereof) until released in writing by the State, with <br /> the concurrence of OSMRE, in accordance with applicable laws specifying bond <br /> release procedures. The parties understand that periods of years may <br /> necessarily be required before determination can be made that reclamation work <br /> has been satisfactorily completed. No revision, extension, or renewal of the <br /> Operator' s mining permit, or of the time allowed the Operator to complete <br /> reclamation shall diminish surety' s obligation hereunder . No <br /> misrepresentation by the Principal which may have induced the surety to <br /> execute this bond shall be any defense to demand by the State under this <br /> agreement. <br /> (8) The surety will give prompt written notice , mailed by certified <br /> mail , to the Principal , at its address herein stated , and to the Division at <br /> 1313 Sherman Street, Room 215, Denver , Colorado 80203, of any notice received <br /> or action filed alleging the Insolvency or banKruptCy of the surety, or <br /> alleging any violations of regulatory raiij1r9m9gts wnich could result in <br /> suspension or revocation of the sure._' : ; iC27_2 ousiness . <br />