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3. Seneca agrees to apply for, and use to its best efforts to secure, a new water right under the lows of the State of Colorado for the new pond for industrial and stock wafer uses. Upon completim of mining and reclamation activities, Seneca shall convey, by proper instrument, such water right to Landowner. 4. Upon completion of mining and reclamation acfivif ies, Landowner agrees to accept all right and title to the new pond and all then remaining appurtenant works, including without limitation, pumps, pipes, power lines, inlets or outlets, fo properly maintain the new pond and appurtenant works, at its sole expense and liability Trom that day forward, and to release Seneca from any responsibility and liability therefor. Prior to assuming such title and maintenance responsibility, Landowner shall have the right to inspect the pond and to require Seneca to repair any defects which jeopardize the sta- bility or safety of the impoundment. 5. The parties mutually agree, acknowledge, and understand that all covenants set forth herein are expressly contingent upon approval of all state, federal, and local regu- latory agencies having jurisdiction over the mining and reclamation activities and related activities and impacts. The parties further agree and stipulate that Seneca shall have the full and free right at any time and in its sole discretion to alter in any way or abandon its present mining and reclamation plan, including the location and construction of the new pond, in response to requirements, conditions, stipulations, comments, or suggestions (both formal and informal) from regulatory agencies. 7. Landowner stipulates and agrees shot, to the extent there are any vested water rights appurtenant to the existing pond, Seneca's construction of the new pond, as set forth above, will adequately replace any water supply secured by any such vested water right, which may be lost when the existing pond is detroyed by mining. 8. This Stipulotian and Agreement may be assigned by either party upon prior notice being given to the other party. Any rights and obligations hereunder shall inure to the benefit of the successors and assigns of the parties hereto. This Stipulation and Agreement may be executed in two or more counterparts, but which together shall constitute me single agreement. Executed as of the day first set forth above. SENECA COALS, LT By PEABO Y C MPANY As Manager, ey: J. F. Lake Vice President .f~:~ s ~~.w,b.~ Faye S. Temple '_" Marrvin D~Hud~son ~ TI~~.~fCIZ 1, M~a..d sn.~ Fparankie T. Hudson.. . F./ /.UWNJ^ /2 f-fJ-~ Hubert B. Epps ~ aisey J. Ep s _2_ •