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Docusign Envelope ID.2AEFE7F6-AB44-417F-969E-AA4F283CF777 <br /> use or occupancy of the Leased Land and from any other requirements of this Lease that <br /> survive termination of this Lease. <br /> This surrender clause and the option herein reserved to Lessee shall cease and become <br /> absolutely inoperative immediately and concurrently with the institution of any suit in any <br /> court of law by Lessee, the Board or any assignee of either to enforce this Lease, or any of its <br /> terms express or implied. In no case shall any surrender be effective until Lessee shall have <br /> made provision for the reclamation of the Leased Land. Surrender of this Lease shall not <br /> relieve the Lessee from its obligation to submit reports, documents and information required <br /> by the Board under this Lease, or to other governmental agencies. <br /> 8. BOND - The Parties agree that no activities under this Lease are to be commenced on the <br /> Leased Land unless and until the Lessee, or Lessee's agent, has filed a good and sufficient bond <br /> with the Board in the amount of $10,000.00. The Board will accept cash, a surety bond, or a <br /> bank irrevocable letter of credit. This requirement may be waived in favor of bonding <br /> requirements imposed by the Colorado Division of Reclamation, Mining and Safety. A <br /> permanent statewide bond may be filed with this office, but a separate lease with the Board <br /> shall be required for each exploration area. The Board reserves the right to increase the <br /> forgoing bond requirements. The Parties agree that the bond may be used by the Board to (1) <br /> guarantee plugging of abandoned test pits and/or boreholes, restoration of the surface, and <br /> settlement for all damages and (2) satisfy any of Lessee's obligations under this Lease, <br /> including any payment obligations and the faithful performance of covenants and agreements <br /> herein. The Lessee is aware and understands that certain covenants and agreements relating to <br /> surface reclamation may require additional time beyond the Lease Term, and agrees to keep <br /> this bond in place until all agreements related to surface reclamation have been satisfied by <br /> inspection and approved by Board staff or their designee. In the Board's discretion, the Board <br /> may draw upon the bond after Lessee has failed to perform any obligation under the Lease <br /> beyond the stated cure periods provided in the Lease. <br /> Any and all bonds posted with the Board for activities on the Leased Land must be posted in <br /> the name of the Lessee unless approved by the Board in writing. <br /> Lessee agrees and acknowledges it has no property interest in any bond, letter of credit, or <br /> other sureties other than a contingent reversionary interest in the surplus, if any, which arises <br /> after the Board has determined the Lessee has fully and completely complied with the <br /> requirements of the Lease. <br /> 9. BOND RELEASE - Before releasing the Bond, the Board may require Lessee to show proof that its <br /> operations have been conducted satisfactorily and that any damages or claims have been <br /> settled. <br /> 10. GOVERNMENTAL IMMUNITY - Liability for claims or injuries to persons or property arising from <br /> the negligence of the State of Colorado, its departments, institutions, agencies, boards, <br /> officials, and employees is controlled and limited by the provisions of the Governmental <br /> Immunity Act, C.R.S. § 24-10-101 et seq., and the risk management statues, C.R.S. § 24-30-1501 <br /> et seq., as amended. No term or condition of this Lease will be construed or interpreted as a <br /> waiver, express or implied, of any of the immunities, rights, benefits, protections, or other <br /> provisions, of the Governmental Immunity Act as applicable now or hereafter amended. <br /> EP 116819 Page 3 of 14 Revised_DOL_20240701 <br />