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-4- <br />[V. RECITALS <br />1. CM January 25 .1995 PennitNumberM-1986-124 wasgrantedro <br />Popejoy Construction Company, Inc. (existing operator)("Permittee"),putsuantto which <br />Pemrittee has been conducting a mining operation in the County of Washington ,State of Colorado. <br />2. Permittee wishes ro assign the permit ro Donald G. Popejoy (~R. <br />opetaror), as Successor Operator ("Successor") and Successor wishes ro become Successor Pemtittee under the <br />pemit. <br />3. Successor understands that the rcclantation plan (the "Plan") required by the permit and by applicable <br />State laws and regulations has not been completed and is willing to assurrrc fill)responsibility for the completion of <br />the Plan. <br />V. AGREEMENTS <br />Perttuttee and Successor hereby agree, for their own benefit and far the benefit ofthe State, such agreements ro be <br />effectve ~ facto upon the approval by the State of the transfer of the Pemit from Pemtittee to Successor, as <br />follows: <br />I. 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 atl of the conditions of the Permit <br />2. Successor will complete the reclamation phm, and hereby assumes liability for cotr>pleting such plan as to <br />all areas heretofore disturbed, as well as to all areas hereafter disturbed. Successor will perform all of the <br />obligations of the Permittee under the Perrttit which have not heretofore been performed by Permittee. <br />3. Successor hereby tenders to the State its attached Perfommnce and Financial Warranties", which are ro be <br />substituted for the Perfomtance and Financial Warranties heretofore filed by the Pem»ttee, effective upon the <br />release of the latter Warranties. <br />4. Successor represents ro the State that, ro ibe best of its Imowledge, information and belief, it is not in <br />violation of any of the provisions of [be Colorado Mined Land reclamation Act with respect ro any other operation <br />conducted by it in the State of Colorado. <br />Permittee and Successor hereby request the State ro consent to the assigmnent ofthe Pemit, to recognize Successor <br />as Successor Operator under the Permit, and ro accept the tendered substitute Performance and Financial <br />Warranties in place of the Warranties presently on file with the State. <br />