Preheat oven to 325 degrees F and grease and flour a bundt pan.
Separate maraschino cherries from the juice-- reserve the juice for later.
I reserved 7 cherries to be used as decoration for the top of the cake. Then sliced up the rest very finely-- approximately ½ cup. I lightly blotted with a paper towel.
In a separate bowl whisk the all purpose flour, baking powder, and salt to combine, set aside for later.
Cream the butter on medium speed in your mixing bowl until smooth. (Use paddle attachment if using a stand mixer). Gradually add the sugar and beat until light and fluffy 3 to 5 minutes.
Add the eggs one at a time blending after each to incorporate.
In a small bowl or measuring cup, combine the 1 cup sour cream, ⅓ cup of the drained juice from the jar of cherries, and 2 teaspoons cherry extract.
While mixing on low speed, add the flour mixture alternately with the sour cream mixture to the butter, sugar, & egg mixture. Begin and end with the dry ingredients. (I add the flour mixture three times and the sour cream mixture twice). Mix just until blended.
Fold in the finely chopped cherries and mini chocolate chips. Add batter to prepared bundt pan.
Bake at 325 degrees for 60-70 minutes. Check on the cake as it nears the 1 hour mark and adjust additional time as needed. When an inserted toothpick or skewer comes out clean or with just a few moist crumbs attached, it is ready.
Cool on a cooling rack (still in pan) for 10 minutes before turning out.
This recipe makes approximately 8-8.5 cups of batter.