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i. <br />. -2- <br />WHEREAS, the Permittee hereby gives the "Board ,,a performance warrant y t pursuant to - <br />Section 34-31117(2)'or Section 34-32 5-117 2 of the Act; and herein promises the Board that it will comply <br />(. <br />with.all applicable requirements of the Act with regard to those Affected:Lands. <br />Nd:W, 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 1 c iv of <br />the Act, that rt has. the lawful. authority to enter upon the Affected Lands toconduct miming 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 m such description' n <br />any revision of the permitted mining area nor the" disturbance by the Warrantor of:lands outside of the permitted <br />mining area shalt alter or: dnninish the.Permittee'§Obligation?hereur'der, which shall extend to the reclamation'of <br />al.l such lands disturbed' <br />The`obligation of the Permittee hereunder is such that; if the Permittee shall successfully comply withthe <br />requirements of the Act; applicable rules, and regulations, and the permit,, then the Board; upon a'finding 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 been.accomplished. The obligation <br />of :the Permittee : hereunder shall continue until, released: in whole or: in. part by the' Board ; in accordance, with . <br />appl;icable"law <br />In further atisfactton' of the requirements of the 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 from -time to time. The Permittee agrees that it will ' inaintain a financial. warranty (or ` <br />wairtanties)',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'Cotoiado `Land Reclamation Act <br />for the Extraction.of Construction Materials, any Applicant or Permitte ' that submits proof, acceptable to the <br />Board or Dvisionof Reclamation, Mining and Safety, that an Applicant: or Permittee `is a unit of County or <br />Municipal:governffient, or is a department .or division .of State government, the Applicant qr Perzriittee is.not <br />: required to submit orpdst anyother instrument of financial responsibility but hereby promisesto be responsible <br />for the cost_of reclamation up to'the'amount specified by the Board. <br />If the Board determmes, that the Permittee is in default under this erformance warran <br />p ty "arid. has failed. to <br />cure}such default, although written notice of such default and ample tirne,to cure such, default. have been given, <br />-.the,Per,mitt0e,s fn4ncial`war'ranty shall"be subject to forfeiture. <br />This ':performance warranty, may be` executed in.multiple copies, each of which shall'be treated as an <br />onginal, but `together they constitute 'only, one agreement, the validity and interpretation of which"! shall be <br />governed by the laws ofthe State, of Colorado.