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M <br />-~- <br /> <br />FURTHER, the Permittee promises the Board, pursuant to 34-32.5-1 12(I)(d) of the Act, that <br />it has the lawful authority to enter upon the Affected Lands to conduct mining operations, includine, but <br />not limited to, reclamation. The Permit[ee further recognizes [he right of the Board to enter to reclaim <br />lands affected by [he 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 area, nor the disturbance by the Warrantor of lands <br />outside of the permitted mining area, its agents, contractors, and subcontractors shall alter or diminish the <br />Permittee's obligation 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 [he requirements of the Act, applicabie rules and regulations, and the permit, then the Board, <br />upon a finding that the Permittee has so complied, shall release [his performance warranty, and the <br />Pertttittee from its obligation hereunder, to [he extent that the Board determines that such compliance has <br />been accomplished. The obligation of the Permittee hereunder shall continue until released in whole or in <br />part by the Board in accordance with applicable law. <br />In further satisfaction of [he requirements of the Act, [he Permittee has attached hereto its <br />financial warranty, which may be amended from time to time. The Permittee agrees that it will maintain a <br />financial warranty (or warranties) for [he estimated costs of reclamation in good standing for the entire life <br />of the permit. <br />If the Board determines 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 default <br />have been given, the Permittee's financial warranty shall be subject to forfeiture. In addition, [he permit [c <br />extract construction material may be revoked. <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 of <br />which shall be governed by the laws of the State of Colorado. <br />The provisions hereof shall bind and inure to the benefit of the parties hereto and their <br />successors and assigns. <br />SIGNED, SEALED AND DATED, this _ day of <br />Sand Land. Inc. (SEAL) <br />Permittee <br />By <br />Title: <br />NOTE: Notarization must also be completed on following page. <br />