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-4- <br />IV. RECITALS <br />1. On ~1 ~ ~~ I Rg g Permit Number was granted to <br />(~-c1ERwl {M11D8lLESovnt~u.iUf,. (existing operator)!"Permittce"),puisuantto <br />which Petmittce has been conducting a mining operation in the County of F,eE//lON T .State <br />of Colorado. <br />2. Permittce wishes to assign the permit to Marge west, Inc. <br />(crew operators as Successor Operator ("Suooessa") and Successor wishes to become Successor Pem»ttce <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 responsibi{ity <br />for the completion of the Plan. <br />V. AGREEMENTS <br />Petmittce and Successor hereby agree, for the'v own benefit and for the benefit of the State, such <br />agreements to be effective jpss coupon the approval by the State of the transfer of the Permit from <br />Pemrittce to Successor, as follows: <br />1. Suooessar has inspected the mining and reclamation operations W 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 reclamation plan, and hereby assumes liability for completing such <br />plan as to all areas heretofore distufied, as well as to all areas hereafter disturbed. Successor will perform <br />all of the obligations of the Permitter under the Permit which fiave not heretofore been performed by <br />Pemrittce. <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 Permittce, <br />effective upon the 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 <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 />Petmittce and Successor hereby request the State to consent to the assignment of the Permit, to recognize <br />Successor as Successor Operator under the Permii, and to accept the tendered substitute Performance and <br />Financial Warranties in place of the Warranties presently on file with the State. <br />