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such policy. Prior to utilizing the property herein and upon LICESOR'S request, LICENSEE shall furnish to LICENSOR a certificate of insurance showing that the requirements of this paragraph have been satisfied. 3. Permits and Reclamation. LICENSEE shall bear the responsibility and cost of obtaining all federal, state, and local permits necessary to perform exploration activities on the Property as authorized in this Agreement and LICENSOR agrees to provide any consents necessary to secure such permits. LICENSEE sha(I be responsible for all reclamation necessary as a result of its operations and for other costs and liabilities including without limitation payments to landowners for surface damages, replacement of fencing, loss of livestock, loss of forage, and use of water supplies. LICENSEE shall conduct all operations in compliance with alt federal, state, and local laws and regulations. LICENSEE shall use existing roads for ingress and egress on or over LICENSEE'S property. LICENSOR shall advise LICENSEE of any special or unusual conditions required by any lease agreement or other agreement applicable to Exhibit A. 4. Term of Agreement. This Agreement shall be and remain in effect for a period of two (2) years commencing on the Effective Date ('Term°). 5. Operative Provisions of Agreement. (a) This Agreement and Exhibit A attached hereto state the entire agreement between the Parties, and replace all oral and written representations, correspondence and agreements by or between the Parties concerning the Property. No amendment or modification of this Agreement shall be binding unless made by written instrument of equal formality. Each Party shall be entitled to insist strictly upon the timeliness of performance by the other Party of the other Party's obligations. (b) The rights, duties and benefits of this Agreement shall accrue to and be binding upon the respective successors'and assigns of the Parties. (c) No assignment of the Agreement or of any interest therein, and no sublicense for any purpose shall be made or granted by LICENSEE without the prior oral or written notice to LICENSOR. IN WITNESS WHEREOF, the Parties have executed this Agreement in duplicate as of the date first above written, by their own hand and deed. LICENSEE: Colorado Coal Resources, LLC Its: ~~.~ r- Dated: ~-\~- O~ LICENSOR: Everett L. Williams Mary J. Williams /~~ ~ 1 By: "Y V ) 1 Dated: ~' - ~