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-2- <br />WHEREAS, the Operator 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 <br />comply with all applicable requirements of the Act with regard to those Affected Lands. <br />NOW, THEREFORE, the Operator 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 Operator 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 <br />the Board. <br />FURTHER, the Operator promises the Board, pursuant to 34-32-112(2)(d) or 34-32.5-112(1)(c)(iv) <br />of the Act, that it has the lawful authority to enter upon the Affected Lands to conduct mining operations, <br />including, but not limited to, reclamation. The Operator further recognizes the right of the Board to enter to <br />reclaim lands affected by the operation. <br />The description of lands herein is for convenience of reference only, and no error in such description, <br />nor any revision of the permitted mining area, nor the disturbance by the Warrantor of lands outside of the <br />permitted mining area shall alter or diminish the Operator's obligation hereunder, which shall extend to the <br />reclamation of all such lands disturbed. <br />The obligation of the Operator hereunder is such that, if the Operator shall successfully comply with <br />the requirements of the Act, applicable rules and regulations, and the permit, then the Board, upon a finding <br />that the Operator has so complied, shall release this performance warranty, and the Operator from its <br />obligation hereunder, to the extent that the Board determines that such compliance has been accomplished. <br />The obligation of the Operator 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 Operator promises to be responsible for the <br />cost of reclamation up to the amount established by the Board and has attached hereto its financial warranty, <br />which may be amended from time to time. The Operator 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 <br />note that under the provisions of the Colorado Mined Land Reclamation Act and the Colorado Land <br />Reclamation Act for the Extraction of Construction Materials, any Applicant or Operator that submits proof, <br />acceptable to the Board or Division of Reclamation, Mining and Safety, that an Applicant or Operator is a <br />unit of County or Municipal government, or is a department or division of State government, the Applicant <br />or Operator is not required to submit or post any other instrument of financial responsibility but hereby <br />promises to be responsible for the cost of reclamation up to the amount specified by the Board. <br />If the Board determines that the Operator is in default under this performance warranty and has failed <br />to cure such default, although written notice of such default and ample time to cure such default have been <br />given, the Operator'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.