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-3- <br />The amount of this Financial Warranty is based i4ma mates as to the cost of reclamation, and does mat operate to <br />liquidate, limit, enlarge orrestrict the Operator's obligations to cempIde reclamation and to Comply in all respects with the <br />permit and with applicable laws and neguiations governing reclamation, even iha gb the actual cost thereof may <br />substantially exceed the amount of this Financial Warranty. <br />The Warrantour shall not be liable under this Financial Warranty for an amount greater than the sum designated herein, <br />unless increased by it Inner ameadmeat to this Financial Warranty. This Financial warranty shall be reviewed by the Board <br />from tine to time, and the Board may require an mcreaae in the principal sum of this Financial Warranty (and a <br />corresponding increase in the sumty amount) to ever increases in the estimated costs of reclamation, but no such increase <br />shall bind the Warrantor unless and until it shall have consented thereto in writing by the issuance of an additional Financial <br />Warranty or by an endorsement to this Financial Warranty. <br />Thu Warrantor reserves the right to canal tins Financial Warranty, effective only upon as anniversary date, and only by <br />giving written not= to that effict, mailed by Cartifiod 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 of <br />such cancellation, this Financial Warranty shall nevertheless remain m M force and effect as respects the reclamation of all <br />areas disturbed prior to the effectm date of such cancellation, unless and until the Operator shall file a substitute Financial <br />Warranty which: (I) assmuo liability for all reclamation obligations which shall have arisen at any time while this <br />Financial Warranty is in farce; and (2) is accepted in writing by the Board <br />In the event of such cancellation, if the Financial Warranty is not fitly released, the amount of the continuing Financial <br />Warranty available for the reclamation of areas disturbed and unmdaimed at the date of cancellation shall be fixed by the <br />Board at the amount it deoecmi es necessary to complete such reclamation (which amount may not emceed the suns <br />designated herein) and the Board shall cons urremdly identify such areas im writing, andnotify the Warantor and the Operator <br />thereof Thereafter, the obligation of the Warrantor shall be Innited to reclamation, of the areas so identified. <br />The consideration for the WmTant&s exocutioa of this agreement is the promise of the Ope atm to pay the premiums, but <br />hilr+e by the Operator to pay such premiums shall not invalidate or dnmimsh the Warranwes obligation heromder. <br />The Board may make demand upon the Warrantor for payment hereunder if the Board determines that recInne ion which <br />ought to have ben performed by the Operator, or its successors or assigns, remains imperBormod, and if Fimmciai warranty <br />farfeitW procedi:u required by law have been initiated No other won precedert need be fulfilled to catitie the State <br />to receive the amount so demanded However, it upon completion ofrechunatim by the Stft the amounts exuded for <br />roclsmeb m shall be less than the amount received from the Warrantor, the excess shall be promptly refunded to the <br />Warrantor. <br />If demand is made upon the Warrantor for payment of an amount cite to the Board beaamder•, and if the Warrantor fails to <br />make payment of such amount within ninety (90) days after the date of receipt of such demand, or if it should thereafter be <br />detca mad, by agremreht of the warrantor or by final judgment of cant, that the amount demanded was propedy payable, <br />the Warrantor agrees to pay to the Board, in addition to the amount demanded, inna+est at the prime rate in effect from tiara <br />to tune at The United Bank of Denver for the period commencing at the and of such ninety-day period and ending on the <br />date of actual payment <br />If the Board shalt notify the Warrantor that the Operator a in deufautt, and if the Board shall initiate any Finaaraal warranty <br />%* Am procedure mquinod by law or rngulation, the Warrantor may, in lieu of making payment to the Board of the <br />amount due heaeemder, cause the reclamatiaa to be timely performed m accordance with ail requiters of the Act and all <br />applicable rimes and mgulauons_ In such event; when and if the reclamation has been timely perfamnod to the satisfaction of <br />the Board or Division, this FmmxW Warranty shall be released. If the reclamation shalt not be so perfcxmmd to fire <br />soh of the Board or Division, this Financial warranty shall remain is full fora and effect.