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Insurance Company agree to the terms outlined below related to forfeiture of the <br /> financial warranty. <br /> AGREEMENT <br /> 25. The Board has jurisdiction over the Operator, the Financial Warrantor and <br /> this matter pursuant to the Mined Land Reclamation Act, Article 32 of Title 34, <br /> C.R.S. ("Act") and the terms and conditions of the Financial Warranty executed on <br /> March 19, 2023. The Parties agree to the General Finding of Fact and Law set forth <br /> above, and hereby incorporate those findings into the Agreement. <br /> 26. CLL does not contest the finding that its verbal notification of its financial <br /> circumstances and inability to maintain the financial warranty for the life of the <br /> permit constitutes a notification of"impairment" of the warranty, and the Parties <br /> agree the financial warranty is "materially impaired" pursuant to C.R.S. 34-32- <br /> 117(6)(d). <br /> 27. Pursuant to C.R.S. 34-32-117(6)(a) and the terms of the Performance <br /> Warranty, "Financial Warranties shall be maintained in good standing for the <br /> entire life of any permit issued under this article". <br /> 28. CLL does not contest the finding that it is in default under the terms of the <br /> Performance Warranty and is not able to cure the default. CLL does not contest the <br /> finding that it is in violation of C.R.S. 34-32-117(6)(a) for failing to maintain the <br /> financial warranty in good standing for the life of the permit. <br /> 29. Pursuant to C.R.S. 34-32-118(1)(b) and Rule 4.20(1)(b), a financial warranty <br /> shall be subject to forfeiture whenever the Board shall determine that the Operator <br /> is in default of the performance warranty and has failed to cure such default. <br /> 30. CLL does not contest the finding that it is in default under the terms of the <br /> Performance Warranty and is not able to cure the default. CLL agrees it has failed <br /> to maintain the financial warranty in good standing due to its financial <br /> circumstances. The Parties agree the Financial Warranty is subject to forfeiture <br /> pursuant to C.R.S. 34-32-118(1)(b) and Rule 4.20(1)(b). <br /> 31. CLL confirms it is unable to comply with permit requirements related to <br /> pumping of the mine pool, maintaining the mine pool at an elevation of 150' below <br /> the Steve Level portal, and operation of the water treatment facility. CLL also <br /> confirms it lacks sufficient funds to bring the water treatment facility back on-line <br /> by the end of May 2023, as required by the Permit. Failure to pump-down the mine <br /> pool and operate the water treatment facility will result in exceedances of <br /> applicable surface and groundwater quality standards, in violation of the permit. <br /> Schwartzwalder MineW 1977-300 5 <br />