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4- <br />IV. RECITALS <br />1. On September 1 1992 Permit Number M-92-038 was granted•to <br />Sand Creek Farms, Inc. (existing operator) ("Permittee"), pursuant to <br />which Pemuttee has been conducting a mining operation in the County of Adams State <br />of Colorado. <br />2. Permittee wishes to assign the permit to Jones. Fine Sand <br />(new operator), as Successor Operator ("Successor") and Successor wishes to became Successor Permittee <br />under the permit. <br />3. Successor understands that the reclamation plan (the "Plan") required by the permit and by <br />applicable State laws and regulations has not been completed and is willing to assume full responsibility <br />for the completion of the Plan. <br />V. <br />Permittee and Successor hereby agree, for their own benefit and for the bceefit of the State, such <br />agreements to be effectivelp,Qs ~g upon the approval by the State of the transfer of the Permit from <br />Permittee to Successor, as follows: <br />1. Successor has inspected the mining and redarnation operations to its entire satisfaction and is fully <br />aware of the conditions thereof. Successor understands and accepts all of the conditions of the Permit. <br />2. Successor will complete the rechunation plan, and hereby assumes liability for completing such <br />plan as to all areas heretofore disturbed, as well as to all areas hereafter disturbed. Successor will perform <br />all of the obligations of the Pemrittee under the Permit which have not heretofore been performed by <br />Permittee. <br />3. Successor hereby tenders to the State its attached Performance and Financial Warranties", which <br />are to be substituted for the Performance and Financial Waranties heretofore filed by the Permittee, <br />effective upon the release of the latter Wattanties. <br />4. Successor represents to the State that, to the best of its knowledge, information and belief, it is not <br />in violation of any of the provisions of the Colorado Mined Land reclamation Act with respect to any other <br />operation conducted by it in the State of Colorado. <br />Pennittee and Successor hereby request the State to consent to the assignment of the Permit, to recognize <br />Successor as Successor Operator under the Permit, and to accept the tendered substitute Performance and <br />Financial Warranties in place of the Warranties presently on file with the State. <br />