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4- <br />N. RECITALS <br />1. On ~ Pemilt Number M-1 9 8 4 - 0 41 was granted ro <br />nmeri~an Gtr-psum Fempdtl~ (e~cistingoperator)("Pennittee"),putsuanttowhich <br />Pem¢ttee has been conducting a mining operation in the County of E awl a .State of Colorado. <br />2. Pemtitteewishestoessigntheperntitro American GVASUm Company LLC (new <br />operator), as Successor Operator ("Successor") and Successor wishes to become Successor Pemdttee under the <br />perttti[. <br />3. Successor understands that the reclamation plan (the "Plan") required by the permit and by applicable <br />State laws end regulations has not been completed a~ is willing ro assttrne full responsibility for the completion of <br />the Plan. <br />V. AGREEMENTS <br />Permittee and Successor hereby agree, for their own benefit and for the benefit ofthe State, such agreements ro be <br />effective ~ f c o upon the approval by the State of the transfer of the Pemtit from Pemdttee to Successor, as <br />follows: <br />1. Successor has inspected the mining and reclamation operations to its entire satisfaction and is fully aware <br />of the conditions thereof. Successor understands and accepts all of the conditions of the Permit. <br />2. Successor will complete the reclamation plan, and hereby assumes liability forcompleting such plan as ro <br />all areas heretofore disturbed, as well as to atl areas hereafter disturbed. Successor will perfomt all of the <br />obligations of the Permittee under the Pemrit which have not heretofore been performed by Permittee. <br />3. Successor hereby tenders ro the State its attached Performarxe and Financial Wartantiess, which are ro be <br />substituted for the Perfortnartce and Financial Warranties heretofore filed by the Pemtittee, effective upon the <br />release of the latter Warantes. <br />4. Successor represents to the State thak ro dte best of its knowledge, information and belief, it is not in <br />violation of any of the provisions of the Colorado Mined Land reclamation Act with respect ro any other operatlon <br />conduMed by it in the State of Colorado. <br />Petmitlee and Sta;cessor hereby request the State to consem to the assigmrcntofthr Pemut, ro recognize Successor <br />as Successor Operaror under the Permit, and ro accept the tendered substitute Perforrttartce and Financial <br />Warranties in place of the Warrantres presently on file with the State. <br />