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-4- <br />IV. RECITALS <br />t. On ~ Pl~E' ~p~~'~~~ _~1 ~ Permit Number'~~QZ'~~r ~ was granted to <br />I ~-~ ~~ 1~[k~+~~--I (euisting operator) ("Pemuttee"),pursuant to which <br />Perndttee has been conducting a mining operafion in the County of ~ .State of Colorado. <br />2. Permittee wishes to assign the permit to ~ ~ S~'-~ ~ ,~~•(new <br />operator), as Successor Operator ("Successor") and Successor wishes to become Su cessor Pemrittee under the <br />pemilt, <br />3. Successor understands that the reclamation pion (the "Plan") required by the permit and by applicable <br />State 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 ipso facto upon the approval by the State of the transfer of the Permit from Permittee to Successor, as <br />follows: <br />1. Successor has inspected the mining and reclamation operations to its entire satisfaction and is fully aware <br />of the conditions thereof. Successor understands and accepts all of the conditions of the Pernrit. <br />2. Successor will complete the reclamation plan, and hereby assumes liability for completing such plan as to <br />all azeas heretofore disturbed, as well as to all areas hereafter disturbed. Successor will perform all of the <br />obligations of the Permittee under the Permit which have not heretofore been performed by Pemilttee. <br />3. Successor hereby tenders to the State its attached Perfomtance and Financial Warranties*, which are to be <br />substituted for the Performance and Financial Warranties heretofore filed by the Permittee, effective upon the <br />release of the latter Warranties. <br />4. Successor represents to the State that, to the best of its larowledge, informafion and belief, it is not in <br />violation of any of the provisions of the Colorado Mined Land reclamation Act with respect to any other operation <br />conducted by it in the State of Colorado. <br />Permittee and Successor hereby request the State to consent to the assignment of the 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 Waranties presently on file with the Stale. <br />