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<br />WHEREAS, the People of the State of Colorado would benefit <br />from the issuance of a permit to the Company pursuant to the <br />terms of the Coal Act; <br />WHEREAS, if it is necessary for the Division to perform <br />reclamation at the site, it is in the interest of the People of <br />the State of Colorado that the bond be forfeited as soon as pos- <br />sible. <br />THE PARTIES HEREBY AGREE AS FOLLOWS: <br />1. The Company shall apply for a Reclamation Only Permit <br />and submit a reclamation plan by September 20, 1989. <br />2. The application shall comply with the terms of the <br />Coal Act and shall include an adequate reclamation plan. <br />3. The Company shall securely seal or close all portals <br />at the site by August 31, 1989. <br />4. So long as the terms of paragraphs 1, 2, and 3 above <br />are met, the Division will not seek bond forfeiture at the Sep- <br />tember Board meeting. <br />5. In the event that the Company fails to comply with <br />the terms of paragraphs 1, 2, or 3, the Company hereby consents <br />to forfeiture of the letter of credit currently held as recla- <br />mation bond and, furthermore, the Company hereby waives its right <br />to appear before the Board to contest such a forfeiture. <br />6. Upon review of the permit application and reclamation <br />plan by the Division, the parties anticipate that an increased <br />bond will be needed in order to comply with the provisions of the <br />Coal Act. <br />7. In the event the Division approves of the Company's <br />reclamation plan, the Company shall implement the plan and com- <br />mence reclamation within 15 days of notice of such approval. <br />8. In the event the Division determines that the recla- <br />mation bond required under the Reclamation Only Permit exceeds <br />that currently held by the Division, the Company shall provide <br />the Division with such additional bond within 15 days of notice <br />by the Division. <br />9. In the event the Company fails to comply with the <br />terms of paragraphs 7 or 8 of this Agreement, the Company hereby <br />consents to the forfeiture of the reclamation bond held by the <br />-2- <br />