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_~,. <br />IV. RECITALS <br />1. On February 7 1978 Perra[Number M-1977-153 was granted to <br />Albert Frei & Sons. Inc. (existing operator) ("Permittee"), pursuant to <br />which Pemrittee has been conducting a mining operation in the County of Adams _ State <br />of Colorado. <br />2. Permittee wishes to assign the permit IO Denver Water <br />{new operator), as Successor Opetatm ("Successor") and Successor wishes to become Successor Permittee <br />under the permit. <br />3. Suaessor understands chat the reclamation plan (the "Plan") required by the permit and by <br />applicable State laws and regulations has not been cornpfeted and is willing to assume full responsibility <br />for the completion of the Plan. <br />V. AC,RFFMFIVTC <br />Pemtittee and Successor hereby agree, for their own benefit and for the benefit of the State, such <br />agreements to be effective ~ f~lQ upon the approval by the Stan of the transfer of the Permit from <br />Permittoe to Successor, as follows: <br />1. Successor has inspectaf the mining and reclamation moons 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 eomplere the reclamation plan, aced hereby assuaus liability for completing such <br />plan as W all areas heastofa+a disturbod, as well as to all areas hereafter disturbed. Successor will perform <br />all of the obligations of the Permittee 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 Warranties heretofore filed by the Permittee, <br />effective upon the release of the latter Warranties. <br />4. Successor represents to the State that, to the best of its imowledge, 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 t~ducted.by it in the State of Colorado. <br />Permittee and Successor hereby request the State to consent to the assignment of the Fermit, to recognize <br />Successor as Successor Gpaatar under the Permit, and to accept the tendered substitute Performance and <br />Financial Warranties in place of the Warranties presently on fife with the State. <br />