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-4- <br />IV. RECITALS <br />1. On 5~ s 9 9 / Permit Number ~"~ 977 - J a~ was granted to !~ lf'eR <br />~/ /~2 V ~2~y ~NG, (existing operator) ("Permittee"), pursuant to which Permittee has been <br />conducting a mining operation in the County of LyE-c.(~ ,State of Colorado. <br />2. Permittee wishes to assign the permit to .Sr~ !~ KCHJ~I/ m t P (new operator), as <br />Successor Operator ("Successor") and Successor wishes to become Successo Pr~ennrttee under the permit. <br />3. Successor understands that the reclamation plan (the "Plan") required by the pemmt and by applicable State laws and <br />regulations has not been completed and is willing to assume full responsibility far the completion of the Plan. <br />V <br />Pemrittce and Successor hereby agree, for their own benefit and for the benefit of the State, such agreements to be effective ~ facto <br />upon the approval by the State of the transfer of the Permit from Pemrittee to Successor, as follows: <br />1. Successor has inspected the mining and reclamation operations to its entire satisfaction and is fully aware of the conditions <br />thereof. Successor understands and accepts all of the conditions of the Permit. <br />2. Successor will complete the reclamation plan, and hereby assumes liability for completing such plan as to all areas heretofore <br />disturbed, as well as to al] areas hereafter disturbed Successor will perform all of the obligations of the Permittee under the Permit <br />which have not heretofore been performed by Pemrittce. <br />3. SuccessorherebytenderstotheStateitsattachedPerformanceandFinancialWarranties*, which aretobesubstitutedf~the <br />Performance and Financial Warranties heretofore filed by the Permittee, effective upon the release of the latter Warranties. <br />4. Successor represents to the State that, to the best of its }mowledge, information and belief, it is not in violation of a~ of the <br />provisions of the Colorado Mined Land reclamation Act with respect to any other operation conducte3 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 as Successor <br />Operator under the Pemvt, and to accept the tendered substitute Perfomrance and Financial Warranties in place of the Warranties <br />presently on file with the State. <br />