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-2- <br />WHEREAS, the Permittee hereby gives the Board a performance warranty pursuant to Section 34-32-1 17(2) <br />or Section 34-32.5-1 L7(2) of the Act, and herein promises the Board that it will comply with all applicable <br />requirements of the Act with regard to those Affected Lands. <br />NOW, THEREFORE, the Permittee hereby promises the Board that it will comply with all applicable <br />requirements of the Act and rules and regulations of the Board with respect to the Affected Lands. <br />FURTHER, the Permittee hereby promises the Board that it will comply with all of the terms of the <br />application for a permit, as amended and supplemented, as well as any conditions attached to the permit by the <br />Board. <br />FURTHER, the Permittee promises the Board, pursuant to 34-32-112(2)(d) or 34-32.5-112(1)(c)(iv) of the <br />Act, that it has the lawful authority to enter upon the Affected Lands to conduct mining operations, including, but <br />not limited to, reclamation. The Permittee further recognizes the right of the Board to enter to reclaim lands affected <br />by the operation. <br />The description of lands herein is for convenience of reference only, and no error in such description, nor any <br />revision of the permitted mining area, nor the disturbance by the Warrantor of lands outside of the permitted mining <br />area shall alter or diminish the Permittee's obligation hereunder, which shall extend to the reclamation of all such <br />lands disturbed. <br />The obligation of the Permittee hereunder is such tfiat, if the Permittee shall successfully comply with the <br />requirements of the Act, applicable rules and regulations, and the permit, then the Board, upon a finding that the <br />Permittee has so complied, shall release this performance warranty, and the Permittee from its obligation hereunder, <br />to the extent that the Board determines that such compliance has been accomplished. The obligation of the <br />Permittee hereunder shall continue until released in whole or in part by the Board in accordance with applicable law. <br />In further satisfaction of the requirements of the Act, the Permittee promises to be responsible for the cost of <br />reclamation up to the amount established by the Board and has attached hereto its financial warranty, which maybe <br />amended from time to time. The Permittee agrees that it will maintain a financial warranty (or warranties) for the <br />estimated costs of reclamation in good standing for the entire life of the permit. Please note that under the <br />provisions of the Colorado Mined Land Reclamation Act and the Colorado Land Reclamation Act for the Extraction <br />of Construction Materials, any Applicant or Permittee that submits proof, acceptable to the Board or Division of <br />Reclamation, Mining and Safety, that an Applicant or Permittee is a unit ofCounty or Municipal government, or is a <br />department or division of State government, the Applicant or Permittee is not required to submit or post any other <br />instrument of financial responsibility but hereby promises to be responsible for the cost of reclamation up to the <br />amount specified by the Board. <br />If the Board determines that the Permittee is in default under this performance warranty and has failed to cure <br />such default, although written notice of such default and ample time to cure such default have been given, the <br />Permittee's financial warranty shall be subject to forfeittire. <br />This performance warranty may be executed in multiple copies, each ofwhich shall be Created as an original, <br />but together they constitute only one agreement, the validity and interpretation ofwhich shall be governed by the <br />laws of the State of Colorado. <br />