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-3- The amount of this Financial Warranty is based upon estimates as io the cost of reclamation, and does not operate to liquidatq limit, enlarge or restrict the Operators obligations to complete reclamation and to comply in all respects with the pemdt and with applicable laws and regulations governing reclamation, even though the actual cost thereofmaysubstantially exceed the amount of this Financial Waaanty_ T1re Waaantorshall not be liable under this Financial Warrantyforanamountgreaterthan thestrmdesignated herein, unless increased by a later amendment to this Financial Warranty. This Financial Warranty shall be reviewed by the Board from time to time, and the Board may require an increase in theprincipal sumofthis Financial Warranty (and a corresponding increase in the surety amount) to cover increases in the estimated costs of mclamation, but no such increase shall bind the Warrantor unless sect until it shall have consented thereto in writing by the issuance of an additional Financial Warranty or by an endorsement to this Financial Warranty. The Warrantor reserves the right to cancel this Financial Wazranty, effective only upon an anniversary date, and only by giving written notice to that effect, mailed by Certified Mail, at least ninety (90) days prior to such anniversary date, addressed to both the Operator at its address herein stated, and to the Board at the address herein stated. is the event ofsuch cancellation, this Financial Warranty shallnevertlteless remain in full force and effect as respects the reclamation of all areas disturbed prior to the effective date of such cancellation, unless and until the Operator shall file a substitute Financial Warrantywhich: (1)assttmesliabilityforallreclamationobligationswhichshallbaveatisenatanytimewhilethisFu~artcial Warranty is in force; and (2) is accepted in writing by the Board In the event of such cancellation, if the Financial Warranty is not fidly released, the amount of the continuing Financial Warranty available for the reclamation of areas disturbed and unrechumed at the date of cancellation shaII be fixed by the Board at the amount it determines necessary to complete such reclamafion (which amount may not exceed the sum designatedherein) andtlteBoazd shall concurrently identifysuchareas iawrifing,and rrotifytlre Warrantorand the Operator thereof Thereafter, the obligation of the Warrantor shall be limited to rec]amation of the areas so identified. The cons5deradon for the Warrarttor's execution of this agreement is the promise of the Operator to pay the premiums, but failure by the Operator to pay such premiums shall not invalidate or diminish the Warrmrtors obligation hereunder. The Board tray make demand upon the Warrantor for payment hereunder if the Boazd detemtines dtatreclamation which oughttohavebeen perfamtedbytha Operator, oritssuccessors orassigns, remains unperformed, and if~inancial Warrmtty forfeiture procedures required by lawhave been initiated. No other condition precedcrn need be fulfilled to entitle the Stara to receive the amount so demanded. However, ~ upon completion ofreclamation by the State, the amounts expended for reclamation shall ba less than the amount received from the Warrantor, the excess shall be promptly refunded to the Warrantor. Tf demand is made upon the Warrantor for payment of an amount due to the Board hereunder, sect if the Warantor fails to make payment of such amount within ninety (90) days after the date of receipt of such demand, or if it should thercafier be determirted,byag~eementofihe Warrantor orbyfinaljudgmentofcourt,thattheamountdemandedwaspropedypayable, the Warrantoragrees to pay to the Board, in addition to the amount demanded, interestat the prime rate in effect from time to time at llta United Bank of Denver for the period commencing at the end o£ such ninety-day period and ending on the data of actual payment. IFthe Board shall notify the Warrantor drat the Operator is in defsult, and if the Board shall initiate anyFinancial Warranty forfeihrre procedures required by law or regulation, the Wannotor may, in lieu of making payment to the Board of the amount due hereunder, cause the reclamation to be timely performed im accordance with all requirements of the Act andall applicable rules and regulations. Tn such event, when acrd if the reclamation has been timelyperfomud to thesatisfaction of ffie Board or Division, this Financial Warranty shall be released. Jf the reclamation shall not ba so performed to the satisfaction of the Board or Division, this Financial Warranty shall remain in full force and effect. This Financial Warrantyshall be subject to forfeiture whenever the Boazd determines that any one or more of the following e .~.. °: _.