2002-07-16_REVISION - M1977345 (2)

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~- IV. F.ECITALS On March 15, 1990 Permit Number M-77-345 was granted to Hol nam i nc . (existing operator) ("Pernitter"), pursuant to which Permittee has been conducting a mining operation in the County of Lari mer ,State of Colorado. 2, Permittee wishes to assign the permit to Ho 1 c i m (US 1 i nc . (new operator), as Successor Operator ("Successor") and Successor wishes to become Successor Permittee under the permit. 3. Successor understands that the reclamation plan (the "Plan") required by the permit and by applicable State laws and regulations has not been completed and is willing to assume full responsibility for the completion of the Plan. V. Permittee and Successor hereby agree, for their ovm benefit and for the benefit of the State, such agreements to be effective IA~4 act upon the approval by the State of the transfer of the Permit from Permittee to Successor, as follows: l . Successor has inspected the mining and reclamation operations to its entire satisfaction and is fully aware of the conditions thereof. Successor understands and accepts all of the conditions of the Permit 2. Successor will complete the reclamation plan, and hereby assumes liability for completing such plan as to all areas heretofore disturbed, as well as to all areas hereafter disturbed. Successor will perform all of the obligations of the Permittee under the Permit which have not heretofore been performed by Permitter. 3. Successor hereby tenders to the State its attached Performance and Financial Warrantless, which are to be substituted for the Performance and Financial Wartanties heretofore filed by the Permittee, effective upon the release of the tatter Warranties. 4. Successor represents to the State that, to the best of its knowledge, information and belief, it is not in violation of any ofthe provisions of the Colorado Mined Land reclamation Act with respect to any other operation conducted by it in the State of Colorado. Pernittee and Successor hereby request the State to consent to the assignment of the Permit, to recognize Suceessor as Successor Operator under the Permit, and to accept the tendered substitute Performance and - Financial Warranties in place of the Waranties presently on file with the State.