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- 2 - <br /> WHEREAS, the Permittee hereby gives the Board a performance warranty pursuant to <br /> Section34-32-117(2) or Section 34-32.5-117(2) of the Act, and herein promises the Board that it <br /> will comply with all applicable requirements of the Act with regard to those Affected Lands. <br /> NOW, THEREFORE, the Permittee hereby promises the Board that it will comply with <br /> all applicable requirements of the Act and rules and regulations of the Board with respect to the <br /> Affected Lands. <br /> FURTHER, the Permittee hereby promises the Board that it will comply with all of the <br /> terms of the application for a permit, as amended and supplemented, as well as any conditions <br /> attached to the permit by the Board. <br /> FURTHER, the Permittee promises the Board, pursuant to 34-32-112(2)(d) or <br /> 34-32.5-112(1)(c)(iv) of the Act, that it has the lawful authority to enter upon the Affected Lands <br /> to conduct mining operations, including, but not limited to, reclamation. The Permittee further <br /> recognizes the right of the Board to enter to reclaim lands affected by the operation. <br /> The description of lands herein is for convenience of reference only, and no error in such <br /> description, nor any revision of the permitted mining area, nor the disturbance by the Warrantor <br /> of lands outside of the permitted mining area shall alter or diminish the Permittee's obligation <br /> hereunder, which shall extend to the reclamation of all such lands disturbed. <br /> The obligation of the Permittee hereunder is such that, if the Permittee shall successfully <br /> comply with the requirements of the Act, applicable rules and regulations, and the permit, then <br /> the Board, upon a finding that the Permittee has so complied, shall release this performance <br /> warranty, and the Permittee from its obligation hereunder, to the extent that the Board determines <br /> that such compliance has been accomplished. The obligation of the Permittee hereunder shall <br /> continue until released in whole or in part by the Board in accordance with applicable law. <br /> In further satisfaction of the requirements of the Act, the Permittee promises to be <br /> responsible for the cost of reclamation up to the amount established by the Board and has <br /> attached hereto its financial warranty, which may be amended from time to time. The Pennittee <br /> agrees that it will maintain a financial warranty (or warranties) for the estimated costs of <br /> reclamation in good standing for the entire life of the permit. Please note that under the <br /> provisions of the Colorado Mined Land Reclamation Act and the Colorado Land Reclamation <br /> Act for the Extraction of Construction Materials, any Applicant or Permittee that submits proof, <br /> acceptable to the Board or Division of Reclamation, Mining and Safety, that an Applicant or <br /> Permittee is a unit of County or Municipal government, or is a department or division of State <br /> government, the Applicant or Permittee is not required to submit or post any other instrument of <br /> financial responsibility but hereby promises to be responsible for the cost of reclamation up to <br /> the amount specified by the Board. <br /> If the Board determines that the Permittee is in default under this performance warranty <br /> and has failed to cure such default, although written notice of such default and ample time to <br /> cure such default have been given, the Pennittee's financial warranty shall be subject to <br /> forfeiture. <br />