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-4- <br />IV. RECITALS <br />On _. ~'~ ~ ~ ~~~ ~9c~~ _ -__ Permit Number/) /~~/~ //2 was granted to <br />(existing operator) ("Pemrittee"), pursuant to which <br />Permittee has been conducting a mining operation in the County of /77P~~rA'-y , State of Colorado. <br />2. Permittee wishes to assign [he permit to ~~/~'~a~ s /~'G~.Lv~~!¢T~~, ~ (new <br />operator), as Successor Operator ("Successor") and Successor wishes to become Successor Petmittee under the <br />permit. <br />3. Successor understands that the reclamation plan (the "Plan") required by the permit and by applicable <br />State laws and regulations has not been completed and is willing to assume full responsibility for the completion of <br />the Plan. <br />V. <br />Pemuttee and Successor hereby agree, for their own benefit and for the benefit of the State, such agreements to be <br />effective i r~so facto upon the approval by the State of the transfer of the Permit from Permittee to Successor, as <br />follows: <br />I. Successor has inspected the mining and reclamation operations to its entire safisfaction and is fully awaze <br />of the conditions thereof. Successor understands and accepts all of [he conditions of the Permit. <br />2. Successor will complete the reclamationplan, and hereby assumes liability for completing suchplan as to <br />all areas heretofore disturbed, as we]! as to all areas hereafter disturbed. Successor will perform all of the <br />obligations of the Permittee under the Permit which have not heretofore been performed by Pemrittee. <br />3. Successor hereby tenders to the State its attached Performance and Financial Warranties*, which aze to be <br />substituted for the Performance and Financial Warranties heretofore filed by the Pertnittee, effective upon the <br />release of the latter Warranties. <br />4. Successor represents to the State that, to the best of its knowledge, information and belief, it is not in <br />violation of any of the provisions of the Colorado Mined Land reclamation Act with respect to any other operation <br />conducted 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 <br />as Successor Operator under the Permit, and to accept the tendered substitute Performance and Financial <br />Warranties in place of the Warranties presently on file with the State. <br />