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