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<br />-3- <br />The amount of this Financial Warranty is based upon estimates as to the cost of reclamation, and does not operate to <br />liquidate, limit, enlarge or restrict the Operator's obligations to complete reclamation and to comply in all respects with the <br />permit and with applicable laws and regulations governing reclamation, even though the actual cost thereofmay substantially <br />exceed the amount of this Financial Warranty. <br />The Warrantor shall not be liable under this Financial Warranty for an amount greater tban the sum designated herein, unless <br />increased by a later amendment to this Financial Warranty. This Financial Warranty shall be reviewed by the Board from <br />time to time, and the Board may require an increase in the principal sum of this Financial Warranty (and a corresponding <br />increase in the surety amount) to cover increases in the estimated costs ofreclamation, but no such increase shall bind the <br />Warrantor unless and until it shall have consented thereto in writing by the issuance of an additional Financial Warranty or <br />by an endorsement to this Financial Warranty. <br />The Warrantor reserves the right to cancel this Financial Warranty, effective only upon an anniversary date, and only by <br />giving written notice to that effect; mailed by Certified Mail, at least ninety (90) days prior to such anniversary date, <br />addressed to both the Operator at its address herein stated, and to the Board at the address herein stated. In the event ofsuch <br />cancellation, this Financial Warranty shall nevertheless remain in full force and effect as respects the reclamation of all areas <br />disturbed prior to the effective date of such cancellation, unless and until the Operator shall file a substitute Financial <br />Warrantywhich: (1) assumes liability for all reclamation obligations which shall have arisen at anytime while this Financial <br />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 released, the amount of the continuing Financial <br />Warranty available for the reclamation of areas disturbed and unreclaimcd at the date of cancellation sbaQ be fixed by the <br />Board at the amount it determines necessary to complete such reclamation (which amount may not exceed the sum <br />designated herein) and the Board shall concurrently identify such areas in writing, and notify the Warrantor and the Operator <br />thereof: Thereafter, the obligation of the Warrantor shall be limited to reclamation of the areas so identified. <br />The consideration for the Warrantor`s execution of this agreement is the promise of the Operator to pay the premiums, but <br />failure by the Operator to pay such premiums shall not invalidate or diminish the Warrantor's obligation hereunder. <br />The Board may make demand upon the Warrantor for payment hereunder if the Board determines that reclamation which <br />ought to havebeen performedby the Operator, orits successors or assigns, remains unperformed, and if Financial Warranty <br />forfeiture procedures required bylaw have been initiated. No other condition precedent need be & filled to entitle the State <br />to receive the amount so demanded. However, if; upon completion of eclamation by the State, the amounts expended for <br />reclamation shall be less than the amount received from the Warrantor, the excess shall be promptly refimded to the <br />Warrantor. <br />If demand is made upon the Warrantor for payment of an amount due to the Board hereunder, and if the Warrantor fails to <br />make payment of such amount within ninety (90) days after the date ofreceipt of such demand, or if it should thereafter be <br />determined, by agreement of the Warrantor or by final judgment of court, that the amount demanded was properlypayable, <br />the Warrantor agrees to pay to the Board, in addition to the amount demanded, interest at the prime rate in effect from time <br />to time at The United Bank of Denver for the period commencing at the end of such ninety-day period and ending on the <br />date of actual payment. <br />If the Board shall notify the Warrantor that the Operator is in default, and if the Board shall initiate any Financial Warranty <br />forfeiture procedures required by law or regulation, the Warrantor may, in lieu of maldng payment to the Board of the <br />amount due hereunder, cause the reclamation to be timely performed in accordance with all requirements of the Act and all <br />applicable rules and regulations. In such event, when and if the reclamation has been timely performed to the satisfaction of <br />the Board or Division, this Financial Warranty shall be released. If the reclamation shall not be so performed to the <br />satisfaction of the Board or Division, this Financial Warranty shall remain in full force and effect. <br />This Financial Warranty shall be subject to forfeiture whenever the Board determines that any one or more of the following