2008-03-24_REVISION - M1977215 (5)

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(unless canceled pursuant to paragraph (2) hereof) until released in writing by the state in accordance with applica- ble laws specifying bond release procedures. The parties understand that periods of years may necessarily be required before determination can be made that reclamation work has been satisfactorily completed. No revision. extension or renewal of the operators mining permit or of the time allowed the operator to complete reclamation shall diminish surety's obligation hereunder. No misrepresentation by the principal which may have induced the surety t0 execute this bond shall be any defense to demand by the state under this agreement. (8) The state may make demand upon the surety for payment hereunder if the board or the division determines that reclamation which ought to have been performed by the principal, or its successors or assigns. remains unperformed. No other condition precedent need be fulfilled to entitle the state to receive the amount so demanded. However. if upon completion of such reclamation the amounts expended for reclamation shall be less than the amount received from the surety. the excess shall be promptly refunded to the surety. (9) If demand is made upon the surety for payment of an amount due to the state hereunder. and if the surety fails to make payment of such amount within ninety (90) days after the date of receipt of such demand by the surety. and if it should thereafter be determined, by agreement of Lhe surety or by judgment of court. that the amount demanded was properly payable, surety agrees to pay to the state, in addition to the amount demanded, interest at the prime rate in effect from time to time at The First National Bank of Denver for the period commencing at the end of such ninety-day period and ending on the date of actual payment. (10) If the State Shall notify the Surety that the -5-