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-2- <br />WHEREAS, :the Permittee hereby gives the Board a performance warranty pursuant to <br />Section 34-32-117(2).or_Section 34-32.5-117(2) of the Act, and herein promises the Board that it`will comply <br />with all applicablelrequirements of the Act with regard to those Affected Lands. <br />NOW, THEREFORE; the Permittee hereby promises the Board that it will comply with all applicable <br />requirements of the ,Act and rules and regulations of the Board with respect to the Affected. Lands:. <br />FURTHER, the Permittee. hereby promises the Board that it will comply with all of the terms of the <br />application for a permit; as amended and supplemented, as well as any conditions attached to the permit.by the <br />Board. <br />FURTHER, the Permittee promises the Board, pursuant to 34-32-112 2 d or 34-32 5=112(l)(c)(iv) of <br />the Act, that it has the lawful authority to enter upon the Affected Lands to conduct mining operations; including, <br />but not 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 description, nor <br />any revision of the permitted mining' area; nor the disturbance by the Warrantor of lands outside of the permitted <br />mining area shall,alter or diminish the Permittee's obligatiomhereunder, which shall extend to the reclamation of . <br />all such lands disturbed. <br />The obligation of the Permittee.hereunder is such that, if the Permittee shall successfully comply With the <br />requirements of the Act, applicable rules and regulations, and the permit, then theBoard u on a findin- that the <br />Permittee has so:complied; shall release this performance warranty, and the Permittee -from its obligation <br />hereunder.,to the extent that the Board determines that such compliance has beenaccomplished. The obligation <br />of-the Permittee hereunder:shall_continue until released in whole or in part by the:Board in accordance with <br />'applicable law. <br />In further satisfaction of the, requirements ofthe Act, the Permittee promises to be responsible for. the cost <br />of reclamation up to the amount established by the Board and has attached hereto its financial warranty, which <br />may be amended froni;,time.to time. The Permittee' agrees that it will maintain a financial` warranty (or <br />warranties) for the estimated costs of reclamation in good standing for the entire life of the permit. Please note <br />that under the provisions ofthe Colorado Mined Land Reclamation Act and the Colorado Land Reclamation Act <br />for the Extraction of Construction Materials, any. Applicant or Permittee that submits proof; acceptable to the <br />Board or. Division of Reclamation, Mining and Safety, that an 'Applicant or Permittee "is a unit of County or <br />Municipal government, or is a;department or division of, State government, the Applicant or Permittee is not <br />required to submit'or post any other instrument of financial responsibility but hereby promises to:be responsible <br />for the.cost of reclamation up o the amount specified by the Board: <br />If the Board determines that the Permittee is in default under this performance warranty and has failed to <br />cure such default,.although written notice of such default and ample time to cure such default have been given, <br />he Permittee's financial warranty shall be subject to forfeiture. <br />This performance; warranty may be executed in multiple copies; each of which shall be,treated as an <br />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.