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SETTLEMENT AGREEMENT <br />This settlement agreement is entered into this day <br />of 1992 by the Colorado Mined Land Reclamation <br />Division ("MLRD"), the First National Bank of Florence ("the <br />BanK"), and Carl Strohecker. <br />RECITALS <br />1. The MLRD is an agency of the State of Colorado cre- <br />ated pursuant to § 34-32-105(1), C.R.S. (1991 Supp.) and charged <br />with the administration of the Colorado Surface Coal Mining <br />Reclamation Act ("SCMRA") §§ 34-33-101 to 137, C.R.S. (1984 & <br />1991 Supp.) <br />2. In 1987 the Colorado Mined Land Reclamation Board <br />("MLRB") issued a permit to the La Plata Coal Corporation ("the <br />coal company") to operate a coal mine in La Plata County. Pur- <br />suant to §34-33-113, C.R.S. (1984), the coal company provided the <br />MLRD with a letter of credit issued by the Bank to be held as a <br />reclamation bond. <br />3. On May 1, 1989, the MLRB revoked the coal company's <br />permit and ordered the reclamation bond to be automatically for- <br />feited on July 1, 1989. <br />4. On February 22, 1990, the MLRD and the Bank entered <br />into a Letter of Agreement whereby the MLRD permitted the Bank an <br />opportunity to reclaim the site in lieu of providing the MLRD <br />with the proceeds of the letter of credit. <br />5. Section II.A. of the Letter of Agreement specifically <br />provides for the demolition and removal of surface facilities, <br />structures and equipment by June 1990. <br />6. The site includes a conveyor used by the Coal Company <br />to convey coal. The conveyor has not been removed as required by <br />the Letter of Agreement, the permit and the SCMRA. The site can- <br />not be finally reclaimed until the conveyor is removed. <br />7. Dugan Production Company ("DPC") claims ownership of <br />the conveyor, having purchased same at a sheriff's sale. <br />8. Carl Strohecker is the owner of the real property on <br />which the conveyor is situated and may have an interest in the <br />conveyor. Strohecker would like to remove the conveyor for use <br />at another site. <br />