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-4- <br />IV. RECITAIS <br />1. On ,Z l Jul l9~lp Permit Number ^?-19810 -GYoI was granted to <br />R7ti'I'C.~ ,L• CUGnin (existingoperator)("Pemrittee"), pursuanttowhichPeruttee <br />has been conducting a mining operation in the County of LR P/OfLi .State of Colorado. <br />2. Permittee wishes to assign the permit to ~F ~~/o n~ GMp3Er o l5 • d~ (new <br />operator), as Successor Operator ("Successor") and Successor wishes to become Successor Permittce under the <br />pertnit. <br />3. Successor understands that the reclamation plan (the "Plan") required by the permit and by applicable Slate <br />laws and regulations has not been completed and is willing to assume full responsibility for the completion ofthePlan <br />V, <br />Pemrittce and Successor hereby agree, for their own benefit and for the benefit of the State, such agreements to be <br />effective ~ facto upon the approval by the State of the transfer of the Permit from Permittce to Successor, asfollows: <br />1. Successor has inspected the mining and reclamation operations to its entire satisfaction and is fully aware of <br />the conditions thereof. Successor understands and accepts all of the conditions of the Permit. <br />2. Successor wilt complete the reclamation plan, and hereby assumes liability for completing such plan as to all <br />areas heretofore disturbed, as well as to all areas hereafter disturbed. Successor will perform all ofthe obligations of <br />the Permittce under the Permit which have not heretofore been performed by Permittee. <br />3. Successor hereby tenders to the State its attached Performance and Financial Warranties', which ere to be <br />substituted for the Performance andFinancial Warranties heretofore filed by the Permittce, effective upon the release <br />ofthe latter Warranties. <br />4. Successor represents to the State that, to the best of its lmowledge, information andbelief it is notinviolation <br />of any ofthe provisions of the Colorado Mined Land reclamation Act with respect to a~ other operation conductedby <br />it in the State of Colorado. <br />Permittce and Successor hereby request the State to consent to the assignment of the Permit, torecogniZe Sucezssor 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 />