Laserfiche WebLink
with ancillary facilities, and shall also mean a concrete or asphalt batch <br />plant. <br />e. Term. The Term of this lease shall be for a period of Ten (10) years <br />commencing on the date on which Company receives its final agency <br />approval and permit for mining operations. The parties anticipate <br />Company will have all required agency permits. by Jurc 30, 2014. <br />Company shall have the right to renew this lease on giving written <br />notice more than sixty days before the end of the initial ten (10) year <br />term; as well as- more than sixty days before the end of any five year <br />estension term. Lessor and Company agree this Lease can be renewed <br />for three, five year terms (a total of fifteen years of renewals). <br />2. .Sales Royalties• <br />a. Subject to Paragraph 3.13. and 4, for all Materials sold from the <br />Property during each calendar month; the Company shall pay to Lessor <br />b. a "Sales Royalty" calculated as follows: <br />i• per ton for all road base and i" minus unerushed natural <br />material. <br />ii. ton for all other construction material and aggregate.at <br />iii• <br />All payments shall be made within twenty (20) days after the close <br />of each calendar month. <br />iv. The Company shall make a minimum annual payment to Lessor of <br />I amount shall be a credit against payments due <br />Lessor for materials mined and removed, as set forth in subsections <br />b (i).& (ii) above. 'To the extent that in any calendar year there <br />remains a credit to Company, that credit shall be carried forward <br />into the next calendar year and applied to mined and removed <br />materials. <br />v. Annual payments shall be made on or before January 20th, which <br />payment covers the period January 1— December 31 of each <br />calendar year of this agreement. <br />vi. At the end of the initial ten (10) year lease term the parties agree to <br />negotiate in good faith new royalty rates. In the event they do not <br />agree to new rates they shall engage a competent arbitrator who <br />shall have the sole authority to decide the new royalty rates, and <br />the parties shall be so bound. <br />C4 The Company shall keep and .maintain adequate and accurate records <br />of the quantities of Materials mined and sold. The Sales Royalty <br />payments shall be accompanied by a monthly statement with the <br />royalty calculation that includes an accounting of the tons of Materials <br />mined from the Property and sold or deemed sold pursuant to <br />Lessor Initialb Lessee Initials 2 <br />