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r .~ <br />3. Seneca agrees to apply for, and use to its best efforts to secure, a new water <br />right under the laws of the State of Colorado for the new pond for industrial and stock <br />water uses. Upon completion of mining and reclamation activities, Seneca shall convey, <br />by proper instrument, such water right to Landowner. <br />4. Upon completion of mining and reclamation activities, Landowner agrees to <br />accept all right grid title to the new pond and all then remaining appurtenant works, <br />including without limitation, pumps, pipes, power lines, inlets or outlets, to properly <br />maintain the new pond and appurtenant works, at its sole expense and liability from that <br />day forward, and to release Seneca from any responsibility therefor. Prior to assuming <br />such title and maintenance responsibility, Landowner shall have the right to inspect the <br />new pond for defects and to require Seneca to correct any defects which jeopardize the <br />stability or safety of the impoundment. <br />5. The parties mutually agree, acknowledge, and understand that all covenants set <br />forth herein are expressly contingent upon approval of all state, federal, and local regu- <br />latory agencies having jurisdiction over the mining and reclamation activities and related <br />activities and impacts. The parties further agree and stipulate that Senecn shall have <br />the full and free right at any time and in its sole discretion to alter in ony way or <br />abandon its present mining and reclamation p{on, including the location and construction <br />of the new pond, in response to requirements, conditions, stipulations, comments, or <br />suggestions (both formal and informal) from regulatory agencies. <br />7. Landowner stipulates and agrees that Seneca's construction of the new pond, as <br />set forth above, will adequately replace any water supply secured by any vested water <br />right which may be lost when the existing pond is detroyed by mining, and will fulfill any <br />obligation Peabody may have under Section 14 of the Surface Lease to reestablish the <br />existing pond. <br />8. This Stipulation and Agreement may be assigned by either party upon prior <br />notice being given to the other party. Any rights and obligations hereunder shall inure to <br />the benefit of the successors and assigns of the parties hereto. <br />Executed as of the day first set forth above. <br />SENECA COALS, LTD. BOGLE FARMS, INC. <br />By PEABODY CO MPANY As. Manager, <br />B ~ B. <br />Y~ Y' <br />J. F. Loke ~~ ~///~~%~yltj~~,~ <br />Vice President Titl . <br /> <br /> <br /> <br /> <br />-2- <br />16-1-26 <br />