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-2- NOW, THEREFORE, the Permittee hereby promises the Board that it will comply with al] applicable requirements of the Act and rules and regulations of the Board with respect to the Affected Lands. FURTHER, the Permittee hereby promises the Board that it will comply with all of the terms of the application for a permit, as amended and supplemented, as well as any conditions attached [o the permit by the Board. FURTHER, the Permittee promises the Board, pursuant to 34-32-112(2)(d) or 34-32.5-112(1)(c)(iv) of the Act, that i[ has the lawful authority to enter upon the Affected Lands to conduct mining operations, including, but not limited to, reclamation. The Permittee further recognizes the right of the Boazd [o enter to reclaim lands affected by the operation, The description of lands herein is for convenience of reference only, and no error in such description, nor any revision of the permitted mining area, nor the disturbance by the Warrantor of ]ands outside of the permitted mining azea shall alter or diminish the Pemuttee's obligation hereunder, which shall extend to [he reclamation of all such lands disturbed. The obligation of the Pemuttee hereunder is such that, if the Permittee shall successfully comply with the requirements of the Act, applicable rules and regulations, and the permit, then the Board, upon a finding that the Permittee has so complied, shall release this performance warranty, and the Pemuttee from Hs obligation hereunder, to the extent that the Boazd determines [hat such compliance has been accomplished. The obligation of the Permittee hereunder shall continue until released in whole or in part by the Board in accordance with applicable law. In further satisfaction of the requirements of the Ac[, [he Permittee promises to be responsible for the cos[ of reclamation up to the amount established by the Boazd and has attached hereto its financial warranty, which may be amended from time to time. The Permiitee agrees that i[ will maintain a financial warranty (or warranties) for the estimated costs of reclamation in good standing for the entire life of the permit. Please note that under the provisions of the Colorado Mined Land Reclamation Act and the Colorado Land Reclamation Act for the Extraction of Construction Materials, any Applicant or Permittee that submits proof, acceptable to the Board or Division of Minerals and Geology, [hat an Applicant or Pernut[ee is a unit of County or Municipal government, or is a department or division of State govemment, the Applicant or Pemtittee is not required to submit or post any other instrument of Ymancial responsibility but hereby promises to be responsible for the cost of reclamation up to the amount specified by the Boazd. If the Boazd determines that the Permittee is in default under this performance warranty and has failed to cure such default, although written notice of such default and ample time to cure such default have been given, the Permittee's financial warranty shall be subject to forfeiture.