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WHEREAS,the Board has determined,in accordance with the Act,that the estimated costs <br /> of reclamation with regard to those affected lands in Summit 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 /> 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 /> 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 /> FURTHER, the Pennittee hereby promises the Board that it will comply with all of the <br /> terns 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 Pernittee'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 Permittec 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 /> In further satisfaction of the requirements of the Act, the Pennittee 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 Extraction 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 <br /> hereby promises to be responsible for the cost of reclamation up to the amount specified by the <br /> Board. <br /> Page 2 of 4 <br />