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-3- <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 />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 any time while this <br />Financial Warranty is in force; and (2) is accepted in writing by the Board. <br />In the 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 />such 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 />promise 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 />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.