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_q. <br />IV. RECITALS <br />I. On OctmbPr 19 , _ 199 Permit Number M 1995036 was granted to <br />I In i tari f mm~a n i pc (existing operator) ("Permittee"),pursuant to <br />which Permittee has been conducting a mining operation in the County of MP ca .State <br />of Colorado. <br />2. Permittee wishes to assign the permit to O1 dcastl a SW Grouo. Inc. <br />(new operator), as Successor Operator ("Successor") and Successor wishes to become Successor Permittee <br />under the permit. <br />3. Successor understands that the reclamation plan (the "Plan") required by the permit and by <br />applicable State laws and regulations has not been completed and is willing to assume full responsibility <br />forthe completion ofthe Plan: <br />V. AGREEMENTS <br />Permittee and Successor hereby agree, for their own benefit and for the benefit of the State, such <br />agreements to be effectivel~s act upon the approval by the State of the transfer of the Permit from <br />Permittee to Successor, as follows: <br />1. Successor has inspected the mining and reclamation operations to its entire satisfaction and is fully <br />aware ofthe conditions thereof. Successor understands and accepts all ofthe conditions ofthe Permit. <br />2. Successor will complete the reclamation plan, and hereby assumes liability for completing such <br />plan as to ail areas heretofore disturbed, as well as to all areas hereafter disturbed. Successor will perform <br />all of the obligations ofthe Permittee under the Permit which have not heretofore been performed by <br />Permittee. <br />3. Successor hereby tenders to the State its attached Performance and Financial Warranties*, which <br />are to be substituted for the Performance and Financial Wamdrrties heretofore filed by the Permittee, <br />effective upon the release of the latter Warranties. <br />4. Successor represents to the State that, to the best of its knowledge, information and belief, it is not <br />in violation of any of the provisions ofthe Colorado Mined Land reclamation Act with respect to any other <br />operation conducted by it in the State of Colorado. <br />Pernittee and Successor hereby request the State to wnsent to the assignment ofthe Permit, to recognize <br />Successor as Successor Operator under the Permit, and to accept the tendered substitute Performance and <br />Financial Warranties in place ofthe Warranties presently on file with the State. <br />