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-4- <br />N. RECITAiS <br />On July 1 6 1 9 9 2 Permit Number M-1 9 91 -1 4 7 was granted to <br />Stone Forge (e~istingoperatot)("Permittee"), pursuanttowhichPermittce <br />has bean conducting a mining operation in the County of Douq l a s .State of Colorado. <br />2. Permitteewishestoassignthepermitto Belvedere Stone, LLC (new <br />operator), as Successor Operator ("Successar") and Successor wishes to become Successor Permittee under the <br />permit <br />3. Successoruuderslandstha[thereclamationplan(the"Plan`~requiredbythepermitandbyapplicableState <br />laws aad regulations has not been completed and is willing to assume full responsibrlityforthe completionofthePlan <br />V. AGREEMENTS <br />Permittee and Successor hereby agree, fat their own benefit and for the benefit of the State, such agreements to be <br />effective ~ ado upon the approval by the State of the transfer ofthe Permit from Permittce to Successor, as follows: <br />1. Successor has inspected the mining and reclamaton operations to its entire satisfaction and is fatly awaieof <br />the conditions thereof Successor understands and accepts all of the conditions of the Permit <br />2, Successorwilicompletethereclamationplan,andherebyassumesliabilityforcompletingsuchplanastoall <br />areas heretofore disturbed, as well as to ell areas hereafter disturbed Successor will perform all ofthe obligations of <br />the Penmittee under the Permit which have not heretofore been performed by Permittee. <br />3. Successor hereby tenders to the State its attached Performance and Financial Warraffies*, which are to be <br />substituted for the Performance andFinancial Warranties heretofore filed by the Permittee, effective upon the release <br />of the latter Warranties. <br />4. SuccessorrepresentstotheStatethat,tothebestofitsknowledge,infomtationandbelieE;itisnotinviolati~ <br />of any ofthe provisions ofthe Colorado Mined Land reclamation Act with respect to anq other operationconductedby <br />it in the State of Colorado. <br />Permittee and Successor hereby request the State to c~sent to the assignment of the Permit, torecognize Successor as <br />Successor Operator under the Permit, and to accept the tendered substitute Performance and Financial Warranties in <br />place of the Warranties presently on file with the State. <br />