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~ ~ <br />-2- <br />NOW, THEREFORE, the Operator 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 Operator hereby promises the Board that it will comply with all of the terms <br />of the application for a permit, as amended and supplemented, as well as any conditions attached <br />to the permit by the Boazd. <br />FURTHER, the Operator promises the Board, 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 <br />to conduct mining operations, including, but not limited to, reclamation. The Operator 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 area, nor the disturbance by the Warrantor of <br />lands outside of the permitted mining azea shall alter or diminish the Operator's obligation <br />hereunder, which shall extend to the reclamation of all such lands disturbed. <br />The obligation of the Operator hereunder is such that, if the Operator shall successfully <br />comply with the requirements of the Act, applicable rules and regulations, and the permit, then the <br />Boazd, upon a finding that the Operator has so complied, shall release this performance warranty, <br />and the Operator from its obligation hereunder, to the extent that the Boazd determines that such <br />compliance has been accomplished. The obligation of the Operator hereunder shall continue until <br />released in whole or in part by the Boazd in accordance with applicable law. <br />In further satisfaction of the requirements of the Act, the Operator has attached hereto its <br />financial warranty, which tray be amended from time to time. The Operator agrees that it will <br />maintain a financial warranty (or warranties) for the estimated costs of reclamation in good standing <br />for the entire life of the permit. <br />If the Boazd determines that the Operator 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 Operator'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 />