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-2- <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 Board 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 />Board. <br />FURTHER, the Pemrittee 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 Inuring operations, including, <br />but not limited to, reclamafion. The Pernuttee 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 permitted mining area, nor the disturbance by the Warrantor of lands outside of the permitted <br />mining azea shall alter or diminish the Penmittee's obligation hereunder, which shall extend to the reclamafion of <br />all such lands disturbed. <br />The obligation of the Pennittee 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 />Pernrittee has so complied, shall release this performance warranty, and the Pemuttee from its obligation <br />hereunder, to the extent that the Boazd determines that such compliance has been accomplished. The obligation <br />of the Pemrittee hereunder shall continue until released in whole or in part by the Boazd in accordance with <br />applicable law. <br />In further satisfaction of the requirements of the Act, the Permittee promises to be responsible for the cost <br />of reclamation up to the amount established by the Boazd and has attached hereto its financial warranty, which <br />may be amended from time to time. The Pemrittee agrees that it will maintain a financial warranty (or <br />warranties) for the estimated costs of reclamation in 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 />Board 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 fmancial responsibility but hereby promises to be responsible for the cost <br />of reclamation up to the amount specified by the Boazd. <br />If the Board determines that the Permittee 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 financial 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 />