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<br />oversight over reclamation and closing of the quarries and will <br />assume responsibility for reclamation of the MCR Quarry utilizing <br />surety in the sum of Twenty Thousand Dollars ($20,000.00) to be <br />transferred to BLM as herein provided to assure reclamation. <br />2.3 Upon closing, PICO will have the right to remove <br />the quarried stone from the MCR Quarry under conditions and <br />subject to payments provided in an Operating Agreement with BLM <br />as hereinafter referenced. <br />3.0 This Agreement shall become effective on the date <br />that the last of the parties signatory hereto have executed the <br />same and prior thereto shall be without prejudice to the rights <br />of the parties and shall be olosed as follows: <br />3.1 DMG/MLRB will transfer jurisdiction over the <br />Marblehead Quarry to BLM. <br />3.2 MCR will assign Permit No. M-77-420 to Garfield <br />County, the assignment to be effective upon approval by DMG and <br />MLRD. <br />3.3 MCR/PICO will assign and transfer to Garfield <br />County all right, title and interest in and to the quarried stone <br />at Marblehead Quarry. <br />3.4 MCR/PICO will be released from all responsibility <br />for the Marblehead Quarry. <br />3.5 DMG will assign the Certificate of Deposit issued <br />by the Colorado National Bank in the sum of Two Thousand Five <br />Hundred Dollars ($2,500.00) to BLM to apply against reclamation <br />costs on the MCR Quarry. <br />3.6 DMG and MLRB will transfer jurisdiction to BLM on <br />the MCR Quarry. <br />3.7 In addition to assignment of the CD in the sum of <br />Two Thousand Five Hundred Dollars ($2,500.00) described in <br />Paragraph 3.5 hereof, DMG will transfer to BLM the sum of Seven <br />Thousand Dollars ($7,000.00) currently held by DMG as surety for <br />reclamation of the MCR Quarry. <br />- 3 - <br />