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-4- <br />1V. RECITALS <br />1. On z z- Permit Number A - 19S 4- - I b 1 was granted to <br />L rpyrez (existing operator) ("Permittee"),pursaanttowhichPermittee <br />has been conducting a mining operation in the County of pct&*&- . State of Colorado. <br />2. Permittee wishes to assign the permit to & AVrW , Z (new <br />operator), as Successor Operator ("Successor") and Successor wishes to become Successor Permittee under the <br />permit. <br />3. Successor understands that the reclamation plan (the "Plan") required by the permit and by applicable State <br />laws and regulations has not been completed and is willing to assume full responsibilityfor the completion ofthePlan. <br />V. AGREEMENTS <br />Permittee and Successor hereby agree, for their own benefit and for the benefit of the State, such agreements to be <br />effective ipso facto upon the approval by the State of the transfer of the Permit from Permittee to Successor, as follows: <br />1. Successor has inspected the mining and reclamation operations to its entire satisfaction and is fully awareof <br />the conditions thereof. Successor understands and accepts all of the conditions of the Permit. <br />2. Successor will complete the reclamation plan, and hereby assumes liability for completing such plan as to all <br />areas heretofore disturbed, as well as to all areas hereafter disturbed Successor will perform all of the obligations of <br />the Permittee under the Permit which have not heretofore been performed by Permittee. <br /> <br />3. Successor hereby tenders to the State its attached Performance and Financial Warranties*, which are to be <br />substituted for the Performance and Financial Warranties heretofore filed by the Permittee, effective upon the release <br />of the latter Warranties. <br />4. Successor represents to the State that, to the best of its knowledge, information and belief, it is not in violation <br />of any of the provisions of the Colorado Mined Land reclamation Act with respect to any other operatim conducted by <br />it in the State of Colorado. <br />Permittee and Successor hereby request the State to consent to the assignment of the Permit, to recognize Successor as <br />Successor Operator under the Permit, and to accept the tendered substitute Performance and Financial Warranties in <br />place of the Warranties presently on file with the State.