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-2- <br />WHEREAS, the Permittee hereby gives the Board a performance warranty pursuant to <br />Section34 -32- 117(2) or Section 34- 32.5 - 117(2) of the Act, and herein promises the Board that it <br />will comply with all applicable requirements of the Act with regard to those Affected Lands. <br />NOW, THEREFORE, the Permittee hereby promises the Board that it will comply with <br />all applicable requirements of the Act and rules and regulations of the Board with respect to the <br />Affected Lands. <br />FURTHER, the Permittee hereby promises the Board that it will comply with all of the <br />terms of the application for a permit, as amended and supplemented, as well as any conditions <br />attached to the permit by the Board. <br />FURTHER, the Permittee promises the Board, pursuant to 34- 32- 112(2)(d) or <br />34- 32.5- 112(1)(c)(iv) of the Act, that it has the lawful authority to enter upon the Affected Lands <br />to conduct mining operations, including, but not limited to, reclamation. The Permittee further <br />recognizes the right of the Board to enter to reclaim lands affected by the operation. <br />The description of lands herein is for convenience of reference only, and no error in such <br />description, nor any revision of the permitted mining area, nor the disturbance by the Warrantor <br />of lands outside of the permitted mining area shall alter or diminish the Permittee's obligation <br />hereunder, which shall extend to the reclamation of all such lands disturbed. <br />The obligation of the Permittee hereunder is such that, if the Permittee shall successfully <br />comply with the requirements of the Act, applicable rules and regulations, and the permit, then <br />the Board, upon a finding that the Permittee has so complied, shall release this performance <br />warranty, and the Permittee from its obligation hereunder, to the extent that the Board determines <br />that such compliance has been accomplished. The obligation of the Permittee hereunder shall <br />continue until released in whole or in part by the Board in accordance with applicable law. <br />In further satisfaction of the requirements of the Act, the Permittee promises to be <br />responsible for the cost of reclamation up to the amount established by the Board and has <br />attached hereto its financial warranty, which may be amended from time to time. The Permittee <br />agrees that it will maintain a financial warranty (or warranties) for the estimated costs of <br />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 <br />Act for the Extraction of Construction Materials, any Applicant or Permittee that submits proof, <br />acceptable to the Board or Division of Reclamation, Mining and Safety, that an Applicant or <br />Permittee is a unit of County or Municipal government, or is a department or division of State <br />government, the Applicant or Permittee is not required to submit or post any other instrument of <br />financial responsibility but hereby promises to be responsible for the cost of reclamation up to <br />the amount specified by the Board. <br />If the Board determines that the Permittee is in default under this performance warranty <br />and has failed to cure such default, although written notice of such default and ample time to <br />cure such default have been given, the Permittee's financial warranty shall be subject to <br />forfeiture. <br />