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-4- <br />1V. RECITALS <br />1. On Jo,/~uo~~ /5 Zoo3 PemdtNumber MzaQZ-O9`>' wasgrankdro <br />vt c~ v P r ~ ~ /~ Sn.~ ~ cT r!riu v e ~ (existing operator) ("Pertnittee"), pursuant to which <br />Permittee has been conducting a mining operation in the County of ~o.~ '!<io s e .Stale of Colorado. <br />2. Pemrittee wishes ro assign the permit to ~~< ~ ~ e Sq .~ ~ g ~rr~ ~ P ~. LL C (new <br />operator), as Successor Qperator ("Successor") and Suc ssor wishes ro become Successor Permittee under the <br />pemtit. <br />3. Successor understands that ilte reclamation plan (the "Plan") required by the permit and by applicable <br />Stale laws and regulations has not been completed and is wilting to assume fiill responsibility for the completion of <br />the Plan. <br />V. <br />Permittee and Successor hereby agree, for their own benefit and for the benefit of the State, such agreements ro be <br />effective i t~so f c o upon the approval by the Stale of the transfer of the Pemtit from Petmittee [o Successor, as <br />follows: <br />1. Successor has inspeckd 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 Permit. <br />2. Successor will complete the reclatation plan, and hereby assumes liability for completing such plan as to <br />all areas heretofore disturbed, as well as to aU areas hereafter disturbed. Successor will perform all of the <br />obligations of the Permitke under the Pemrit which have not hererofore been performed by Permittee. <br />3. Successor hereby tenders to the Stale its attached Performance and Financial Wanantiest, which are ro be <br />substituted for the Performance and Financial Warranties heretofore filed by the Permittee, effective upon the <br />release of the latter Waranties. <br />4. Successor represents to the State that, to the best of its knowledge, information and belief, it is not in <br />violation of any of the provisions of the Colorado Mined Lund reclamation Act with respect to any other operation <br />conducted by it in the Stale ofCotorado. <br />Permittee and Successor hereby request the State to consent to the assignment ofthe Pemrit, to recognize Successor <br />as Successor Operator under the Permit, and to accept the tendered substitute Perfortmnce and Financial <br />Waranties in place of the Warranties presently on file with the State. <br />