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-2- <br />WHEREAS, the Permittee hereby gives the Board a performance warranty pursuant to <br />Section 34-32-117(2) or Section 34-32.5-117(2) of the Act, and herein promises the Board that it will comply <br />with all applicable requirements of the Act with regard to those Affected Lands. <br />NOW, THEREFORE, the Permittee hereby promises the Boazd that it will comply with all applicable <br />requirements of the Act and rules and regulations of the Boazd with respect to the Affected Lands. <br />FURTHER, the Permittee hereby promises the Boazd that it will comply with all of the terms of the <br />application for a permit, as amended and supplemented, as well as any conditions attached to the permit by the <br />Boazd. <br />FURTHER, the Permittee promises the Boazd, pursuant to 34-32-112(2)(d) or 34-32.5-112(1)(c)(iv) of <br />the Act, that it has the lawful authority to enter upon the Affected Lands to conduct mining operations, including, <br />but not limited to, reclamation. The Permittee further recognizes the right of the Boazd to enter to reclaim lands <br />affected by the operation. <br />The description of lands herein is for convenience of reference only, and no error in such description, nor <br />any revision of the perntted mining area, nor the disturbance by the Wazrantor of lands outside ofthe permitted <br />mining azea shall alter or diminish the Permittee's obligation hereunder, which shall extend to the reclamation of <br />all such lands disturbed. <br />The obligation ofthe Permittee hereunder is such that, if the Permittee shall successfully comply with the <br />requirements of the Act, applicable rules and regulations, and the permit, then the Board, upon a finding that the <br />Permittee has so complied, shall release this performance warranty, and the Permittee from its obligation <br />hereunder, to the extent that the Board determines that such compliance has been accomplished. The obligation <br />of the Permittee hereunder shall continue until released in whole or in part by the Board in accordance with <br />applicable law. <br />In further satisfaction of the requirements of the Act, the Pernuttee promises to be responsible for the cost <br />of reclamation up to the amount established by the Boazd and has attached hereto its fmancial warranty, which <br />may be amended from time to time. The Permittee agrees that it will maintain a fmancial warranty (or <br />warranties) for the estimated costs of reclamation ni good standing for the entire life of the permit. Please note <br />that under the provisions of the Colorado Mined Land Reclamation Act and the Colorado Land Reclamation Act <br />for the Extraction of Construction Materials, any Applicant or Permittee that submits proof, acceptable to the <br />Boazd or Division of Minerals and Geology, that an Applicant or Permittee is a unit of County or Municipal <br />government, or is a department or division of State government, the Applicant or Permittee is not required to <br />submit or post any other instrument of financial responsibility but hereby promises to be responsible for the cost <br />of reclamation up to the amount specified by the Boazd. <br />If the Boazd determines that the Pemuttee is in default under this performance warranty and has failed to <br />cure such default, although written notice of such default and ample time to cure such default have been given, <br />the Permittee's fmancial warranty shall be subject to forfeiture. <br />This performance warranty may be executed in multiple copies, each of which shall be treated as an <br />original, but together they constitute only one agreement, the validity and interpretation of which shall be <br />governed by the laws of the State of Colorado. <br />