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-3- The amount of this Financial Warranty is bazed upon estimates u to the cos[ of reclamation, artd does not operate to liquidate, limit, enlarge or restrict the Operator's obliguiotu to complete rec]arttation and to comply in all respecu with the permit and with applicable [aws and regulations governing reclamation, even though the actual cost thereof tray substantially exceed the amount of this Fitancaa] Warrtutry. The.Warrantot shall not be liable under this Financial Warranty for an amount greater than the sum designated 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 increaze in the principal sum of this Financial Warranty (and a corresponding increase in the surety amount) ro cover increases in the estimated costs of reclamation, but no such increase shall bind the Warrantor unless and until it shall have consented therUO 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 Warranty, effective only upon an anniversary date, and only by giving wriaen notice to that effect, mailed by Certified Mail, at least ninety (5b) days ~ prior to such anniversary date, addressed to both the Operator at its address herein stated, atHi to the Board at the address herein stated. In the event of such cancellation, this Financial Wat-ranry shall nevertheless remain in full force and effect az respects the reclamation of all arras disturbed prior to the effective date of such cancellation, unless and until the Operator shall file a substitute Financial Rtatrenry whicdi: (I) azstimes liability for all reclamation obligations which shall have arisen at any time while this Financial 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 fully releazed, the atttount of the continuing Financial Wuranty available for the reGatnazioa of area disturbed and unreclaimed u the date of cancellation shad be fixed by the Board at the amount it daermines necessary to compl~:te such reclamation (which amount tray not ezoeed the sum designated herein) and the Board shall concurrently icieatify such areaz in writing, and notify the Watzazuor and the Operator thetmf. Thereafter, the obligation of the Warrantor shall be limited to reclamation of the ueaz so identified. - The consideration for the Warrantor's ezaution of this agreement is the promise of rho Operator to pay the premiums, but failure by the Operator to pay such ptrmittrtu shall not invalidate or diminish the Warrantor's obligation hereunder. The Board tray make derrtand upon the Warrantor for payment hereunder if the Board determines that reclamation which ought to have been performed by the Operator, or iu sucussors or assigns, *rTM_.. unperformed, and if Financial Warranty forfeiture procedures rogttired by law have bees initiatod. No other condition precedent need be fulfilled to entitle the State to receive the amouzu so demanded. However, if, upon completion of rxlamation by the State, the amounts expended for reclamation shall be less than the amount :eceivcd from the Warrantor, the excess shall be promptly refund<~ to the Warrantor. If demand is made upon the Warrantor for payment of an amount due to the Board hereunder, and if the Wurantor fails to make paymen[ of such amount within Winery (90} days after the date of receipt of such demand, or if it should thereafter be determined, by agreement of the Wamntor or by ftnal ,judgment of coon, that the amount demanded wu propuly payable, the Warrantor ttgt+ees to pay to the Board, in addition to the amount demanded, interest a the prime rate in effect from time to time u Tito United Bank of Denver for the period commencing at the end of such ninety-day period and ending on the date of actual payment.