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~ -~I ~ <br />i <br />• <br />C C <br />-3- <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 />approved explora*_ion area, nor the disturbance by the Principal of lands <br />outside of the approved exploration area shall alter or diminish the <br />obligation of the Principal or the Surety hereunder, which shall extend to the <br />reclamation of 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 in <br />accordance with applicable laws Specifying bond release procedures. The <br />parties understand that periods of years may necessarily be required before <br />determination can be made that reclamation work has been satisfactorily <br />completed. No revision, extension, or renewal of the Operator's Notice of <br />Intent to Explore, or of the time allowed the Operator to complete reclamation <br />shall diminish Surety's obligation hereunder. No misrepresentation by the <br />Principal which may have induced the Surety to execute this bond shall be any <br />defense to demand by the State under this agreement. <br />•~ <br />(8) The State may make demand upon the Surety far payment hereunder if <br />the Board or Division determines that reclamation which ought to have been <br />performed pursuant to the plan by the Principal, or its successors or assigns, <br />remains unperformed and if surety forfeiture procedures required 6y law have <br />keen initiated. No other condition precedent need be fulfilled to entitle the <br />State to receive the amount so demanded. However, if, upon completion of <br />reclamation, the amounts expended for reclamation shalt be less than the <br />amount received from the Surety, the excess shall be promptly refunded to the <br />Surety. <br />(9) If demand is made upon the Surety for payment of an amount due to <br />the State hereunder, and 1f the Surety fails to make payment of such amount <br />within ninety (90) days after the date of receipt of such demand by the <br />Surety, and if it should thereafter be determined, by agreement of the Surety <br />or by final judgment of court, that the amount demanded was properly payable, <br />Surety agrees to pay to the State, in addition to the amount demanded, <br />interest at the prime rate in effect from time to time at the First National <br />Bank of Denver for the period commencing at the end of such ninety-day period <br />and ending on the date of actual payment. <br />(10) If the State shall notify the Surety that the Principal is in <br />default and if the State shall initiate any bond forfeiture procedures <br />required by law or regulation, the Surety may, in lieu of making payment to <br />the State of the amount due hereunder, cause the reclamation to be timely <br />performed in accordance with the plan. In such event, when and if the <br />reclamation has been timely performed to the satisfaction of the Board or <br />Division, this band shall be released. If the reclamation shall not be so <br />perfanned to the satisfaction of the Board or Division, this bond shall remain <br />in full force and effect. <br />(11) If this bond applies to lands under the jurisdiction of the State <br />Board of Land Commissioners ("Land Board"), and if this bond, in whole or in <br />part, is accepted by the Land Board as the bond required under its applicable <br />