Laserfiche WebLink
A. Fifty Cents ($.50) per ton for each ton of pit run, sand, road base and <br />soil extracted and sold from the Gravel Pit. <br />B. One Dollar and Fifty Cents ($1.50) per ton for each ton of rock that <br />is mined from the Gravel Pit, screened or crushed and thereafter sold. <br />For convenience of reference, the materials described in Sections 2.A and B above <br />shall be herein collectively referred to as "Materials." <br />Payments shall commence within sixty (60) days subsequent to the date of the <br />designation of Transferee as Successor Operator by the Division ( "Transfer Date ") and <br />shall continue within thirty (30) days following the end of each calendar month thereafter <br />during which Materials are removed and sold from the Gravel Pit until payment of a total <br />of One Hundred Thousand Dollars ($100,000.00) to Transferor, at which time no further <br />Royalty Payment shall be owing by Transferee to Transferor. In the event that Royalty <br />Payments in a total minimum amount of One Hundred Thousand Dollars ($100,000.00) <br />have not been paid by Transferee to Transferor on or before January 1, 2024, then <br />Transferee shall pay to Transferor on January 31, 2024, the difference between all <br />Royalty Payments previously made to Transferor and the sum of One Hundred Thousand <br />Dollars ($100,000.00) unless Transferee is prohibited or unreasonably restricted from <br />removal and sale of the Materials by future governmental regulations or legal actions <br />restricting or prohibiting mining operations from the Gravel Pit. <br />Within thirty (30) days following the end of each calendar month, Transferee shall <br />furnish to Transferor written verification of the gross sales made for Materials removed <br />from the Gravel Pit. Such information shall include the gross weight and the type of all <br />such Materials removed from the Gravel Pit and sold to third parties. Transferee agrees <br />that it will at all times keep complete, true and correct books of account containing a <br />record of all such sales of Materials from the Gravel Pit in sufficient detail to enable the <br />Royalty Payments payable under this Agreement to be computed and verified. <br />3. Assumption of Liabilities. Transferee expressly agrees to assume all <br />liability under the terms of the Mining Permit for events and circumstances that occur on <br />and after the Transfer Date and expressly agrees to and shall indemnify and hold <br />harmless Transferor from and against any and all charges, complaints, liabilities, <br />obligations, controversies, damages, actions, causes of action, suits, rights, demands, <br />debts, losses, claims, indebtedness, costs and expenses, including reasonable attorneys' <br />fees, arising out of any failure of Transferee to perform the obligations assumed herein <br />under the Mining Permit on and after the Transfer Date. <br />