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<br />-3- <br />reflects the then current estimated cost of the remaining reclamation of the <br />Affected Lands. No revision, extension, or renewal of the permit, or of the <br />time allowed to complete reclamation, shall diminish the Operator's or <br />Warrantor's obligation under this Financial Warranty. No misrepresentation by <br />the Operator which may have induced the Warrantor to execute this Financial <br />Warranty shall be any defense to demand by the State under this agreement. <br />In any single year during the life of the permit, the amount of the Financial <br />Warranty shall riot exceed the estimated cost of fully reclaiming all lands to <br />be affected in said year, plus all lands affected in previous permit years and <br />not yet fully reclaimed. Reclamation costs shall be computed with reference <br />to current reclamation costs. <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.