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-2- <br />NOW, THEREFORE, the Permittee hereby promises the Board that it will comply with all <br />applicable requirements of the Act and rules and regulations of the Board with respect to the <br />Affected Lands. <br />FURTHER, the Permittee hereby promises the Board that it will complywith all ofthe terms <br />of the application for a permit, as amended and supplemented, as well as any conditions attached to <br />the permit by the Boazd. <br />FURTHER, the Permittee promises the Boazd, pursuant to 34-32-112(2)(d) or <br />34-32.5-112(1)(c)(iv) of the Act, that it has the lawful authority to enter upon the Affected Lands to <br />conduct mining operations, including, but not limited to, reclamation. The Permittee further <br />recognizes the right of the Boazd to enter to reclaim lands affected by the operation. <br />The description of lands herein is for convenience of reference only, and no error in such <br />description, nor any revision of the permitted mining azea, nor the disturbance by the Warrantor of <br />lands outside of the permitted mining area shall alter or diminish the Pennittee's obligation <br />hereunder, which shall extend to the reclamation of all such lands disturbed. <br />The obligation of the Permittee hereunder is such that, if the Permittee shall successfully <br />comply with the requirements of the Act, applicable rules and regulations, and the permit, then the <br />Board, upon a fording that the Permittee has so complied, shall release this performance warranty, <br />and the Permittee from its obligation hereunder, to the extent that the Boazd determines that such <br />compliance has been accomplished. The obligation of the Permittee hereunder shall continue until <br />released in whole or in part by the Board in accordance with applicable law. <br />In further satisfaction of the requirements ofthe Act, the Pemuttee promises to be responsible <br />for the cost of reclamation up to the amount established by the Boazd and has attached hereto its <br />financial warranty, which may be amended from time to time. The Permittee agrees that it will <br />maintain a financial warranty (or warranties) for the estimated costs ofreclamation in good standing <br />for the entire life of the pemut. Please note that under the provisions of the Colorado Mined Land <br />Reclamation Act and the Colorado Land Reclamation Act for the Extraction of Construction <br />Materials, any Applicant or Permittee that submits proof, acceptable to the Board or Division of <br />Minerals and Geology, that an Applicant or Permittee is a unit of County or Municipal government, <br />or is a departrnent or division of State government, the Applicant or Pernrittee is not required to <br />submit or post any other instrument of fmancial responsibility but hereby promises to be responsible <br />for the cost of reclamation up to the amount specified by the Board. <br />If the Board detemunes that the Permittee is in default under this performance warranty and <br />has failed to cure such default, although written notice of such default and ample time to cure such <br />default have been given, the Permittee's financial warranty shall be subject to forfeiture. <br />This performance warranty may be executed in multiple copies, each of which shall be <br />treated as an original, but together they constitute only one agreement, the validity and interpretation <br />of which shall be governed by the laws of the State of Colorado. <br />