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Blue Pit 112 Permit Amendment <br />ii <br />.t <br />I <br />I <br />I <br />r <br />i <br />l _ <br />t <br />� L <br />f <br />i <br />,C <br />i, <br />I <br />i <br />I <br />ZA <br />royalty provided in paragraph 4 herein. Per -ton royalties due shall be off against the <br />minimum royalty: paid until such time as per -ton royalties due for production in a given <br />Lease year exceed the minimum royalty paid. At that time Lessee shall begin making <br />monthly payments on the first day of each ensuing month equal to the excess production in <br />the previous month. The minimum royalty for the first yearthis Lease shall be <br />The minimum royalty shall be adjusted each year in the <br />same manner as a per -ton royalty provided In paragraph 4.b and 4.c herein. <br />17. DEFAULT. If for any reason Lessee shall fail or refuse to comply with any <br />material terms or provisions hereof, and such failure continues for a period of slily (60) <br />days after receipt of written notice by Lessor to Lessee specifying the nature and character <br />of the default, then, at the option of Lessor, this Lease and all right of Lessee hereunder <br />shall be terminated'and Lessee shall quietly and peaceably surrenderthe leased premises <br />to Lessor, provided, howeverthat Lessorwill notterminate this Lease if, through nofaultof <br />the Lessee such failure is impractical to correct within the sixty -day period following . <br />Lessor's notice and If within such period. Lessee commences and thereafter prosecutes <br />with continuity and diligence measures to correct such failure, <br />18 TERMINATION[.. During the term of this Lease, Lessee may terminate the <br />Lease at the end of any Lease year by giving written notice to Lessor ninety {90) days <br />before the the and of such Lease yeas Upon such early termination, Lessee agrees to pay <br />Lessor any unpaid per. -ton royalties due in excess ofthe minimum royalty for that year, plus <br />the prorated minimum royalty that Would have been due for the firstthree (3) months ofthe <br />coming Lease year.. Lessee shall also deriver to Lessor a recordable instrument of <br />surrender. In the event of termination of this Lease by expiration of the term hereof, or for <br />any reason whatsoever, Lessee agrees to surrenderthe leased premises to Lessor in good <br />condition and in full compliance with the above - mentioned Special Use Permit, Mined Land <br />Reclamation Permit, and Emission Permit, and to cooperate with Lessor in keeping all <br />permits in force and good standing until re- ransferred to Lessor or Lessor's designee can <br />be aocompfished. Priorto the expiration of this Lease, or within ninety (90) days thereafter, <br />Lessee shall effect the removal of machinery, equipment and improvements placed by it on <br />the leased premises. Any such machinery,-equipment or Improvements not removed prior <br />to the expiration of ninety (90) days following termination of the Lease shall be deemed <br />affixed to the leased premises and shall'become and remain the property of Lessor. <br />19. EXTENSIONS. Lessor, as additional consideration forthe <br />royalties hereunder, <br />. <br />grants to Lessee the irrevocable option to extend this Lease under the same terms-and <br />conditions for four (4) additional five (5) year periods. In the event of exercise of this <br />option, the annual adjustment in royalties shall continue in the same manneras during the <br />primary term. Lessee shall give written notice to Lessor of its exercise of each option at <br />least six (6) months prior to the expiration of the primary or extended term of this Lease.. <br />20. RIGHT OF FIRST REFUSAL. Lessor, as additional consideration for the <br />royalties hereunder, does grant to Lessee an irrevocable right of first refusal to purchase a <br />Page 6.of 6 <br />Blue Pit May 2014 N -11 <br />