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-4- <br />IV. RECITALS <br />1. On May 6 .. 1994 Permit Number ~ 1994005 was granted to <br />Ilnitart (,nmpanlPS (existing operator}("Permittee"), pursuant to <br />which Perrnittee has been conducting a mining operation in the County of Mnn taros .State <br />of Colorado. <br />2. Pennitteewishestoassignthepermitto Oldcastle SW Groin. Inc. <br />{new operator), as Successor Operator ("Successor") and Successoi• wishes to become Successor Permittee <br />under the permit. <br />3. Successor understands that the reclamation plan. (the "Plan") required by the pemtit and by <br />applicable State laws and regulations has not been completed and is willing to assume full responsibility <br />for the completion of the 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 effective j~so act upon the approval by the State of the transfer of the Petmii from <br />Permittee to Successor, as follows: <br />1. Suaessor has inspected the mining and reclamation operations to its entire satisfaction and is fully <br />awaze 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 for completirig such <br />plan as to all areas heretofore disturbed, as well as to all areas hereafter disturbed. Successor will perform <br />all of the obligations of the Pennittee under the Permit which have not heretofore been performed by <br />Pennittee: <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 Warranties 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 of the Colorado Mined Land reclamation Act with respect to any other <br />operation conducted by it in the State of Colorado. <br />Pennittce and Successor hereby request the State to consent to the assignment of the Permit, to recognize <br />Successor as Successor Operator under the Permit, and to accept the tendered substitute Performance and <br />Financial Warranties in place of the Warranties presently on file with the State. <br />