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-4- <br />IV. RECITALS <br />1. On ' MLO-R "ZCJOFS Permit Number Nn asl was granted to <br />Q.01V 1 V t-- G O ---b C,0 M0" , vCM (existing operator) ("Petmittee"), pursuant to which <br />Permittee has been conducting a mining operation in the County of --Ke-E State of Colorado. <br />2. Permittee wishes to assign the permit to COLOV-0-D Mg. <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 <br />State laws and regulations has not been completed and is willing to assume full responsibility for the completion of <br />the Plan.. <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 <br />follows: <br />I. Successor has inspected the mining and reclamation operations to its entire satisfaction and is fully aware <br />of 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 <br />all areas heretofore disturbed, as well as to all areas hereafter disturbed. Successor will perform all of the <br />obligations of the Petmittee under the Permit which have not heretofore been performed by .Permittee. <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 <br />release 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 <br />violation of any of the provisions of the Colorado Ill fined band reclamation Act with respect to any other operation <br />conducted by it in the State of Colorado. <br />Permittee and S iccessor hereby request the State to coo sent to the assignir-- at o the Permit, to r ecogma- ?;uccessor <br />as Successor Operator under the Permit, and to accept the tendered. substitute Performance and Financial <br />Warranties in place of the Warranties presently on. file with the State.