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<br />Page 2 of 4 <br /> <br /> <br />WHEREAS, the Board has determined, in accordance with the Act, that the estimated costs <br />of reclamation with regard to those affected lands in Teller County which are now or may become <br />subject to the permit are those amounts for the stated periods of time as set forth in the financial <br />warranty, which may be amended from time to time to reflect revised estimates of said costs of <br />reclamation. <br /> <br />WHEREAS, the Permittee hereby gives the Board a performance warranty pursuant to <br />Section 34-32-117(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 /> <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 <br />Affected Lands. <br /> <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 /> <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 /> <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 /> <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 the <br />Board, upon a finding that the Permittee has so complied, shall release this performance warranty, <br />and the Permittee from its obligation hereunder, to the extent that the Board determines that such <br />compliance has been accomplished. The obligation of the Permittee hereunder shall continue until <br />released in whole or in part by the Board in accordance with applicable law. <br /> <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 attached <br />hereto its financial warranty, which may be amended from time to time. The Permittee agrees that <br />it will maintain a financial warranty (or warranties) for the estimated costs of reclamation in good <br />standing for the entire life of the permit. Please note that under the provisions of the Colorado <br />Mined Land Reclamation Act and the Colorado Land Reclamation Act for the Ex traction of <br />Construction Materials, any Applicant or Permittee that submits proof, acceptable to the Board or <br />Division of Reclamation, Mining and Safety, that an Applicant or Permittee is a unit of County or <br />Municipal government, or is a department or division of State government, the Applicant or <br />Permittee is not required to submit or post any other instrument of financial responsibility but