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shall furnish to LICENSOR a certificate of insurance showing that the requirements of this <br />paragraph have been satisfied. <br />3. Permits and Reclamation. LICENSEE shall bear the responsibility and cost of obtaining all <br />federal, state, and local permits necessary to pertorm exploration activities on the Property <br />as authorized in this Agreement and LICENSOR agrees to provide any consents necessary <br />to secure such permits. LICENSEE shall be responsible for all reclamation necessary as a <br />result of its operations and for other costs and liabilities including without limitation <br />payments to landowners for surface damages, replacement of fencing, loss of livestock, <br />loss of forage, and use of water supplies. LICENSEE shall conduct all operations in <br />compliance with all federal, state, and local laws and regulations. LICENSEE shall use <br />existing roads for ingress and egress on or over LICENSEE'S property. LICENSOR shall <br />advise LICENSEE of any special or unusual conditions required by any lease agreement or <br />other agreement applicable to Exhibit A. <br />4. Term of Agreement. This Agreement shall be and remain in effect for a period of two (2} <br />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 between <br />the Parties, and replace all oral and written representations, correspondence and <br />agreements by or between the Parties concerning the Property. No amendment or <br />modification of this Agreement shall be binding unless made by written instrument <br />of equal formality. Each Party shall be entitled to insist strictly upon the timeliness <br />of pertormance by the other Party of 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 written <br />notice to LICENSOR. <br />IN WITNESS WHEREOF, the Parties have executed this Agreement in duplicate as of the <br />date first above written, by their own hand and deed. <br />LICENSEE: <br />LICENSOR: <br />Colorado Coal Resources, LLC Gras e Hol ' g Company, LLC <br />By: ~1 ~ By. I <br />Its: J/r~ Its: <br />Dated: ~-// `OFD Dated: <br />2 <br />