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3. Surface Reclamation Undertakings. Provided this Memorandum has not otherwise <br /> terminated as provided herein, CLL and the Division will work in good faith to <br /> complete the following undertakings("Surface Reclamation Undertakings")on or prior <br /> to March 31, 2024. <br /> (a) CLL will seek to reach final agreement with the current owner of certain <br /> land around the Schwartzwalder Mine for the early release to CLL of$400,000 currently held in <br /> escrow pending completion of certain elements of the Surface Reclamation ("Escrow Funding'). <br /> CLL will use any such funds released solely for implementation of the Surface Reclamation. <br /> (b) In the event CLL reaches such final agreement,the Division will cooperate <br /> with CLL to develop mutually acceptable final designs of the South Waste Rock Pile, and CLL <br /> will utilize the Escrow Funding to implement such design, to complete the alluvial soils removal <br /> and the rebuilding of the road, and to the extent possible, the final grading, topsoil spreading, and <br /> revegetation necessary to complete the Surface Reclamation. In the event the Division and CLL <br /> reach agreement on designs of the South Waste Rock Pile, the Division will approve a Technical <br /> Revision authorizing such design, provided such submission meets the requirements of the Act <br /> and Rules. <br /> (c) Notwithstanding anything in the foregoing to the contrary, DRMS will not <br /> pursue enforcement proceedings for any failure to complete or progress the Surface Reclamation <br /> during the term of this Memorandum, or for any failure or delay in completing the Surface <br /> Reclamation Undertakings. <br /> 4. Long-Term_Financial Undertakings. Provided this Memorandum has not otherwise <br /> terminated as provided herein,the Parties will work in good faith to establish a mutually <br /> acceptable funding source and structure to complete any remaining Surface <br /> Reclamation and to perform long-term water treatment and monitoring in accordance <br /> with the permit on or before January 31, 2024. <br /> 5. Modification or Termination. Notwithstanding anything in this Memorandum to the <br /> contrary: <br /> (a) This Memorandum will terminate and have no further force and effect if the <br /> Parties are unable to complete all of the Water Treatment Undertakings on or before May 15,2023. <br /> In such event,the Parties hereby commit to execute the Stipulated Settlement Agreement attached <br /> hereto as Exhibit C not later than May 15, 2023, and submit the Agreement for consideration and <br /> approval by the Colorado Mined Land Reclamation Board at its May 17, 2023, meeting. <br /> (b) The Parties may mutually agree to modify and/or terminate the <br /> Memorandum. <br /> (c) If this Memorandum has not otherwise terminated before such date, this <br /> Memorandum will terminate on March 31, 2024. <br /> The Parties have executed this Modified Memorandum on May 10, 2023. <br /> 4 <br />