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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 comply <br />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 the <br />Board. <br />FURTHER, the Operator promises the Board, pursuant to 34- 32- 112(2)(d) or 34- 32.5- 112(1)(c)(iv) of the <br />Act, that it has the lawful authority to enter upon the Affected Lands to conduct mining operations, including, but <br />not limited to, reclamation. The Operator 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 Operator's obligation hereunder, which shall extend to the reclamation of <br />all such lands disturbed. <br />The obligation of the Operator hereunder is such that, if the Operator shall successfully comply with the <br />requirements of the Act, applicable rules and regulations, and the permit, then the Board, upon a finding that the <br />Operator has so complied, shall release this performance warranty, and the Operator from its obligation <br />hereunder, to the extent that the Board determines that such compliance has been accomplished. The obligation <br />of the Operator 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 of the Act, the Operator 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 Operator agrees that it will maintain a financial warranty (or warranties) <br />for the estimated costs of reclamation in good standing for the entire life of the permit. Please note that under the <br />provisions of the Colorado Mined Land Reclamation Act and the Colorado Land Reclamation Act for the <br />Extraction of Construction Materials, any Applicant or Operator that submits proof, acceptable to the Board or <br />Division of Reclamation, Mining and Safety, that an Applicant or Operator is a unit of County or Municipal <br />government, or is a department or division of State government, the Applicant or Operator is not required to <br />submit or post any other instrument of financial responsibility but hereby promises to be responsible for the cost <br />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 to <br />cure such default, although written notice of such default and ample time to cure such default have been given, <br />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. <br />