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-2- <br />FURTHER, the Permittee promises the Board, pursuant to 34-32.5-1 12(i)(d) of the Act, that it <br />has the lawful authority to enter upon the Affected Lands to conduct mining operations, including, but not <br />limited to, reclamation. The Permittee further recognizes the right of the Board to enter to reclaim lands <br />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 of lands <br />outside of the permitted mining area, its agents, contractors, and subcontractors shall alter or diminish the <br />Permittee's obligation hereunder, which shall extend to the reclamation of all such lands disturbed. <br />The obligation of the Permittee hereunder is such that, if the Permittee shall successfully comply <br />with the requirements ofthe Act, applicable rules and regulations, and the permit; then the Board, upor; a <br />finding that the Permittee has so complied, shall release this performance warranty, and the Permittee from its <br />obligation hereunder, to the extent that the Board determines that such compliance has been accomplished. <br />The obligation of the Permittee hereunder shall continue until released in whole or in part by the Board in <br />accordance with -applicable law. <br />In further satisfaction of the requirements of the Act, the Permittee has attached hereto its <br />financial warranty, which may be amended from time to time. The Permittee agrees that it will maintain a <br />financial warranty (or warranties) for the estimated costs of reclamation in good standing for the entire life of <br />the permit. <br />If the Board determines that the Permittee is in default under this performance warranty and has <br />failed to cure such default, although written notice of such default and ample time to cure such default have <br />been given, the Permittee's financial warranty shall be subject to forfeiture. In addition, the permit to extract <br />construction material may be.revoked. <br />This performance warranty may be executed in multiple copies, each of which shall be treated as <br />an original, but together they constitute only one agreement, the validity and interpretation of which shall be <br />governed by the laws of the State of Colorado. <br />The provisions hereof shall bind and inure to the benefit of the parties hereto and their <br />successors and assigns. <br />SIGNED, SEALED AND DATED, this day of f" <br />Jerald Seifert and Fred Lowry (SEAL) <br />Permittee <br />By ZNJ. <br />Title: cp/ C .. .. <br />NOTE: Notarization must also be completed on following page.