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-4- <br />IV. RECITALS <br />1. On ~ FEb2/C!/i~ /9go Permit Number d~- /q8T 038 was granted to <br />Gosne~ °r SO/JS, ,Z/1 G (existing operator) ("Permittee'"), pursuant to which <br />PermiHee has been conducting a mining operation iq the County of Ltl P/Q ~ ,State of Colorado. <br />o/dcns~`/e .sWGrouo, .Tnc. dbq <br />2. Permittee wishes to assign the permit to F~U~'CO/'~P/'t MAC/4 /~ (new <br />operator}, as Successor Operator ("Successor"} and Successor wishes to become Successor Perminee under the <br />permit. <br />3. Successor understands that the reclamatian plan (the "Plan") required by the permit and by applicable <br />Slate laws and regulations has not been completed and is willing to assume 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 of the State, such agreements to be <br />effective i so facto upon the approval by the State of the transfer of the Permit from Permittee to Successor, as <br />follows: <br />L Successor has inspected the mining and reclamation operations to its entire satisFuction and is fully aware <br />of the conditions thereof. Successor understands and accepts all of the conditions of [he Permit. <br />2. Successor will complete the reclamation plan, and hereby assumes liability forcorrtpleting such planar to <br />all areas heretofore disturbed, as well as to all areas hereafter disturbed. Successor will perform all of the <br />obligations of [he Peratittee under the Permit which have not heretofore been performed by Permittee. <br />3. Successor hereby tenders to [he State its attached Performance and Financial W arranties', which are to be <br />substituted for the Performance acrd Financial Warranties heretofore filed by the Petmittee, effective upon the <br />release of the latter Warranties. <br />b. Successor represents to the Sfata that, to the best of its knowledge, information and belief, it is not in <br />violation ofany of the provisions of the Colorado Mined Land reclamation Act with respect to any otheropemtion <br />conducted by it in the State of Colorado. <br />Permittee and Successor hereby request the State to consent to the assignment ofthe Permit, to recognize Successor <br />as Successor Operator under the Permit, and to accept the tendered substitute Performance and Financial <br />Warranties in place of the Warranties presently on file with the State. <br />