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4- <br />N. RECITALS <br />1. On JanllarV 24 1980 PegrmitNywt~zber M-79-181 was granted to <br />Walker Mining & Milling, IneJ~e(eaisuiropetator)("Permittee"j,putsuanttawhich <br />Permiriee has been conducting a mining operation in lire County of Ollray , State of Colorado. <br />2. }?emrittee wishes 20 assign the pemtit to * (new <br />operator), as Successor Operator ("Successor") and Successor wishes to become Successor Petmittee under the <br />pemtic * Mount Sneffels Mining Company, LLC <br />3. Successor understands that the reclatnatiov plan (the "Plan") required by the pemrit and by applicable <br />State laws and regulations has not been completed and is willing to assume fait responsibifiTy for the completion of <br />the Plan. <br />V. AGREE!VTENTS <br />Pemtittee and Successor hereby agree, for their ownbettefit aztd for the benefit ofthe State, such agreements to be <br />effective inso facto upon the approval by the State of the transfer of the Permit from Pemtitree to Successor, as <br />follows: <br />1. Successor has inspected the mining andreclamation operations ro its entire satisfaction and is fully aware <br />of the conditions thereof. Successor tmdetstands and accepts all of the conditons of the Permit. <br />2. Successor will complete the reclamation plan, and hereby assumes liability for completing such plan as to <br />alt areas heretofore disturbed, as well as to all areas hereafter disturbed, Successor wilt perform ail of the <br />obligations of the Permittee under the Permit which have not heretofore been performed by Pennittee. <br />3. Successor hereby tenders to the State its attachedPerforntanceandFinanciatWamanties*, which are to be <br />substituted for the Performance aztd Financial Warranties heretofore filed by the Petmittee, effective upon the <br />release of the tatter Warranties. <br />4. Succr-ssor represents to the St:ue that, to the bzs[ of its lmowiedge, information and Fn;lief, ii is not in <br />violation of any of the provisions ofthe Colorado Mined Land reclamation Act wi th respect to any othez operstiozt <br />conducted by it in the Stale of Colorado. <br />Petmittee and Successor hereby request the State to consent to the assig}tmentofthe Permit, to recog»ize Successor: <br />as Successor Opezator under t$e Permit, and to accept the tendered substitute Performance and Financial <br />Warranties in place of the Warranties presently on file with the State. <br />