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'.. <br /> <br /> -3- <br />' <br /> The amount of this Financial Warranty is based upon estimates as to the cost <br /> of reclamation, and does not operate to liquidate, limit, enlarge or restrict <br /> the Operator's obligations to complete reclamation and to comply in all <br /> respects with the permit and with applicable laws and regulations governing <br /> reclamation, even though the actual cost thereof may substantially exceed the <br />' amount of this Financial Warranty. <br /> The Warrantor shall not be liable under this Financial Warranty for an amount <br /> greater than the sum designated herein, unless increased by a later amendment <br />' to this Financial Warranty. This Financial Warranty shall be reviewed by the <br /> Board from time to time, and the Board may require an.increase in the <br /> principal sum of this Financial Warranty (and a corresponding increase in the <br /> surety amount) to cover increases in the estimated costs of reclamation, but <br />' no :such increase shall bind the Warrantor unless and until it shall have <br /> consented thereto in writing by the issuance of an additional Financial <br /> Warranty or by an endorsement to this Financial Warranty. <br />' <br /> The Warrantor reserves the right to cancel this Financial Warranty, effective <br /> only upon an anniversary date, and only by giving written notice to that <br /> effect, mailed by Certified Mail, at least ninety (90) days prior to such <br /> anniversary date, addressed to both the Operator at its address herein stated, <br /> and to the Board at the address herein stated. In the event of such <br />' cancellation, this Financial Warranty 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 Operator shall file <br /> a substitute Financial Warranty which: (1) assumes liability for all <br />' reclamation obligations which shall have arisen at arly time while this <br /> Financial Warranty is in force; and (2) is accepted in writing by the Board. <br /> In i:he event of such cancellation, if the Financial Warranty is not fully <br />' released, the amount of the continuing Financial Warranty available for the <br /> reclamation of areas disturbed and unreclaimed at the date of cancellation <br /> shall be fixed by the Board at the amount it determines necessary to complete <br />' suchi reclamation (which amount may not exceed the sum designated herein) and <br /> the Board shall concurrently identify such areas in writing, and notify the <br /> Warrantor and the Operator thereof. Thereafter, the obligation of the <br />' Warrantor shall be limited to reclamation of the areas so identified. <br /> The consideration for the Warrantor's execution of this agreement is the <br /> prrniise of the Operator to pay the premiums, but failure by the Operator to <br /> pay such premiums shall not invalidate or diminish the Warrantor's obligation <br /> hereunder. <br /> The Board may make demand upon the Warrantor for payment hereunder if the <br />t Board determines that reclamation which ought to have been performed by the <br /> Operator, or its successors or assigns, remains unperformed, and if Financial <br />' Warranty forfeiture procedures required by law have been initiated. No other <br />condition precedent need be fulfilled to entitle the State to receive the <br /> amount so demanded. However, if, upon completion of reclamation by the State, <br /> the amounts expended for reclamation shall be less than the amount received <br /> from the Warrantor, the excess shall be promptly refunded to the Warrantor. <br />1 <br />