2002-07-16_REVISION - M1977346 (2)

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_, . lV. RECITALS On March 30, :990 , Permit Number M-77-346 was granted to HO1 nom inc. (existing operator) ("fermi[tee"), pursuant to which Pertnittee has been conducing a mining operation in the County of Ldri mer ,State of Colorado. 2. Permittee wishes to azsign 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. AGREEMENTS Permittee and Successor hereby agree, for they own benefit and for the benefit of the State, such agreements to be effective !R~ f~c p upon the approval by the State of the transfer of the Permit from Permittee to Successor, az follows: 1. 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 duturfxd, az welt 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 Permittee. 3. Successor hereby larders to the State its attached Performance and Financial Warranties', which are to be substituted for the Performance and Financial Warranties heretofore filed by the Permittee, effective upon the release ofthe latter Warranties. 4. Successor reprsents to the State that, to the best of its knowledge, information and belief, it is not in violation of any ofthe provisions ofthe Colorado Mined Land reclamation Act with respect to any other operation conducted by it in the State of Colorado. Pemtittee and Sucarsor hereby request the State to consent to the assignment of the Permit, to rewgnize Successor as Successor Operator under the Permit, and to accept the tendered substitute PerFiinance and Financial Warranties in place of the Warranties presently on file with the State.