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Page 2 <br />5/11/2016 <br /> <br />- 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 will <br />comply with all applicable requirements of the Act with regard to those Affected Lands. <br /> <br /> NOW, THEREFORE, the Permittee hereby promises the Board that it will comply with all <br />applicable requirements of the Act and rules and regulations of the Board with respect to the Affected <br />Lands. <br /> <br /> FURTHER, the Permittee hereby promises the Board that it will comply with all of the terms of <br />the application for a permit, as amended and supplemented, as well as any conditions attached to the <br />permit by the Board. <br /> <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 to <br />conduct mining operations, including, but not limited to, reclamation. The Permittee further recognizes <br />the right of the Board to enter to reclaim lands affected by the operation. <br /> <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 of lands <br />outside of the permitted mining area shall alter or diminish the Permittee's obligation hereunder, which <br />shall extend to the reclamation of all such lands disturbed. <br /> <br /> The obligation of the Permittee hereunder is such that, if the Permittee shall successfully comply <br />with the requirements of the Act, applicable rules and regulations, and the permit, then the Board, upon a <br />finding that the Permittee has so complied, shall release this performance warranty, and the Permittee <br />from its obligation hereunder, to the extent that the Board determines that such compliance has been <br />accomplished. The obligation of the Permittee hereunder shall continue until released in whole or in part <br />by the Board in accordance with applicable law. <br /> <br /> In further satisfaction of the requirements of the Act, the Permittee promises to be responsible for <br />the cost of reclamation up to the amount established by the Board and has attached hereto its financial <br />warranty, which may be amended from time to time. The Permittee agrees that it will maintain a financial <br />warranty (or warranties) for the estimated costs of reclamation in good standing for the entire life of the <br />permit. Please note that under the provisions of the Colorado Mined Land Reclamation Act and the <br />Colorado Land Reclamation Act for the Extraction of Construction Materials, any Applicant or Permittee <br />that submits proof, acceptable to the Board or Division of Reclamation, Mining and Safety, that an <br />Applicant or Permittee is a unit of County or Municipal government, or is a department or division of <br />State 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 the amount <br />specified by the Board. <br /> <br /> If the Board determines that the Permittee is in default under this performance warranty and has <br />failed to cure such default, although written notice of such default and ample time to cure such default <br />have been given, the Permittee's financial warranty shall be subject to forfeiture. <br />