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NOW, THEREFORE, the Operator hereby promises the Board that it will comply with <br /> all applicable requirements of the Act and rules and regulations of the Board with respect to the <br /> Affected Lands. <br /> FURTHER, the Operator hereby promises the Board that it will comply with all of the <br /> terms of the application for a permit, as amended and supplemented, as well as any conditions <br /> attached to the permit by the Board. <br /> Further, the Operator promises the Board, pursuant to 34-32-112(1)(d) of the Act, [hat <br /> it has the lawful authority to enter upon the Affected Lands to conduct mining operations, <br /> including, but not limited to, reclamation. The Operator further recognizes the right of the <br /> Board to enter to reclaim lands affected by the operation. <br /> The description of lands herein is for convenience of reference only, and no error in such <br /> description, nor any revision of the permitted mining area, nor the disturbance by the Warrantor <br /> of lands outside of the permitted mining area shall alter or diminish the Operator's obligation <br /> hereunder, which shall extend to the reclamation of all such lands disturbed. <br /> The obligation of the Operator hereunder is such that, if the Operator shall successfully <br /> comply with the requirements of the Act, applicable rules and regulations, and the permit, then <br /> the Board, upon a finding that the Operator has so complied, shall release this performance <br /> warranty, and the Operator from its obligation hereunder, to the extent that the Board determines <br /> that such compliance has been accomplished. The obligation of the Operator hereunder shall <br /> continue until released in whole or in part by the Board in accordance with applicable law. <br /> In further satisfaction of the requirements of the Act, the Operator has attached hereto <br /> its financial warranty, which may be amended from time to time. The Operator agrees that it <br /> will maintain a financial warranty (or warranties) for the estimated costs of reclamation in good <br /> standing for the entire life of the permit. <br /> If the Board determines that the Operator is in default under [his performance warranty <br /> and has failed to cure such default, although written notice of such default and ample time to <br /> cure such default have been given, the Operator's financial warranty shall be subject to <br /> forfeiture. <br /> This performance warranty may be executed in multiple copies, each of which shall be <br /> treated as an original, but together they constitute only one agreement, the validity and <br /> interpretation of which shall be governed by the laws of the State of Colorado. <br /> iv <br />