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-3- <br />The amount of this Financial Warranty is based upon estimates as to the cost of reclamation, and does not operate to liquidate, <br />limit, enlarge or restrict the Operator's obligations to complete reclamation and to comply in all respects with the permit and <br />with applicable laws and regulations governing 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 greater than 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 time <br />to time, and the Board may require an increase in the principal sum of this Financial Warranty (and a corresponding increase in <br />the surety amount) to cover increases in the estimated costs of reclamation, but no such increase shall bind the Warrantor unless <br />and until it shall have consented thereto in writing by the issuance of an additional Financial Warranty or by an endorsement to <br />this Financial Warranty. <br />The Warrantor reserves the right to cancel this Financial Warranty, effective only upon an anniversary date, and only by giving <br />written notice to that effect, mailed by Certified Mail, at least ninety (90) days prior to such anniversary date, addressed to bath <br />the Operator at its address herein stated, and to the Board at the address herein stated. In the event of such cancellation, this <br />Financial Warranty shall nevertheless remain in full force and effect as respects the reclamation of all areas disturbed prior to <br />the effective date of such cancellation, unless and until the Operator shall file a substitute Financial Warranty which; (1) <br />assumes liability for all reclamation obligations which shall have arisen at any time while this Financial Warranty is in force, <br />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 />Tanty available for the reclamation of areas disturbed and unreclaimed at the date of cancellation shall be fixed by the Board <br />Ae amount it determines necessary to complete such reclamation (which amount may not excced the sum designated herein) <br />and the Board shall concurrently identify such areas in writing, and notify the Warrantor and the Operator thereof. Thereafter, <br />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 ought <br />to have been performed by the Operator, or its successors or assigns, remains unperformed, and if Financial Warranty forfeiture <br />procedures required by law have been initiated No other 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, the amounts expended for reclamation shall be <br />less than the amount received from the Warrantor, the excess shall be promptly refunded to the 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 make <br />payment of such amount within ninety (90) days after the date of receipt 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 properly payable, the <br />Warrantor agrees to pay to the Board, in addition to the amount demanded, interest at the prime rate in effect from time to time <br />at The United Bank of Denver for the period commencing at the end of such ninety-day period and ending on the date of actual <br />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 making payment to the Board of the amount <br />due hereunder, cause the reclamation to be timely performed in accordance with all requirements of the Act and all applicable <br />; and regulations. In such event, when and if the reclamation has been timely performed to the satisfaction of the Board or <br />Ivision, this Financial Warranty shall be released. If the reclamation shall not be so performed to the satisfaction of the Board <br />or Division, this Financial Warranty shall remain in full force and effect.