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LICENSEE shall furnish to LICENSOR a certificate of insurance showing that the <br />requirements of this paragraph have been satisfied. <br />3. Permits and Reclamation. LICENSEE shall bear the responsibility and cost of obtaining <br />all federal, state, and local permits necessary to perform exploration activities on the <br />Property as authorized in this Agreement and LICENSOR agrees to provide any <br />consents necessary to secure such permits. LICENSEE shall be responsible for all <br />reclamation necessary as a result of its operations and for other costs and liabilities <br />including without limitation payments to landowners for surface damages, replacement <br />of fencing, loss of livestock, loss of forage, and use of water supplies. LICENSEE shall <br />conduct all operations in compliance with all federal, state, and local laws and <br />regulations. LICENSEE shall use existing roads for ingress and egress on or over <br />LICENSEE'S property. LICENSOR shall advise LICENSEE of any special or unusual <br />conditions required by any lease agreement or other agreement applicable to Exhibit A. <br />4. Term of Agreement. This Agreement shall be and remain in effect for a period of two <br />(2) years commencing on the Effective Date ('Term"). <br />5. Operative Provisions of Agreement. <br />(a) This Agreement and Exhibit A attached hereto state the entire agreement <br />between the Parties, and replace all oral and written representations, <br />correspondence and agreements by or between the Parties concerning the <br />Property. No amendment or modification of this Agreement shall be binding <br />unless made by written instrument of equal formality. Each Party shall be <br />entitled to insist strictly upon the timeliness of performance by the other Party of <br />the other Party's obligations. <br />(b) The rights, duties and benefits of this Agreement shall accrue to and be binding <br />upon the respective successors and assigns of the Parties. <br />(c) No assignment of the Agreement or of any interest therein, and no sublicense for <br />any purpose shall be made or granted by LICENSEE without the prior oral or <br />written notice to LICENSOR. <br />IN WITNESS WHEREOF, the Parties have executed this Agreement in duplicate as of <br />the date first above written, by their own hand and deed. <br />LICENSEE: <br />Colorado Coal Resources, LLC <br />By: -~.~t~~4ru ~ c <br />Its: ~ _~res~aev~~ <br />Dated: J - Iq- ~~" <br />LICENSOR: <br />D. <br />By: <br />Beverly J. Zulian Revoc~file Trust <br /> <br />Dated: ~ e2y -' ~ ,~ <br />2 <br />