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-4- <br />lv. RECTTALS <br />1. On ~ _, ~ Do y Permit Number ~ -I ~.~- I.~1~1 was granted to <br />Ypm and~nc ~armP./ (axis,/ti~ngoplerator)("Pecmittee'~,Pu~~ttowlrichPecmittee <br />has been conducting a mining operation in the County of I t lDrtr~~"rOS ~, .State of Colorado. <br />2. Permittce wishes to assign the permit to S ~- 5 H AD u a AT ~ . , ~ilt C . (new <br />operator), as Successor Operator ("Successor") sad Successor to b e Successor Permittee under the <br />permit <br />3. Successortmderstandsthatthereclamationplan(the"Plaa")requiredbythepermitand by applicable State <br />laves and regulations has not been completed and is willingto assume full responsibr7ityfor the compldion ofthePhm <br />V. AGREEMENTS <br />Peemittee and Su~ssor hereby agree, for their own benefit ®d for the benefit of the State, such agreements to be <br />effeclivei~sofgjQc uponlheapprovalbylheStateofthetransferofthePerunitfiomPeemitteetoSuccessor,ssfollows: <br />1. Stuxesserhas inspected the mining and reclamation operations to its entire satisfaction and is fully aware of <br />the conditions theaeof. Swecessor.•,+~t~~.,.ta end accepts all of the conditions of the Permit <br />2. Strccessorwillcwmpletethereclamationplan,andherebyasstrmesliabilityforcompletingsuchpLmastoall <br />areas heretofore disturbed, as well as to ell ~reashereafter disturbed. Successorwillperfo~m allofthe obligationsof <br />the Permittee under the Permit which have not hetetofim been performed by Permittce. <br />3. Suooesvar hereby tenders to the State its attached Performance and Financial Warrmtties-, which are to be <br />substituted forthe Performance andFinancial Warranties heretofore Sled by the Permittee, e$'ective upon the release <br />ofthe latter Warranties. <br />4. Su~arrepresentstothe5tatethat,tothebestofitslmowledge,i~'ormatiaaaadbelie~itisaotmviolation <br />of wry ofthe provisions ofihe Colorado Mined Land reclamation Act with respect to any other operation oo~ucted by <br />it in the State of Colorado. <br />Permittee and Sum hereby reques[the State to consent to the assignment ofthe Peewit, torecognnx Successor as <br />Successor Operator orals the Permit, and to accept the tendered substitute Performance end Financial Warranties in <br />place of the Werraffies pr+~ently on file with the State. <br />