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2s z-_i',f 1 r A y 4;1P 1 FQq ;G1TR PnSrp}F <br /> d rf 8 Q 41 i11 0 1. {phtip COUNTY CLERK <br /> 12. Right of First Refusal to Purchase Premises: <br /> If Lessor receives a written offer which it has decided it will accept, to sell the Premises, <br /> or any part thereof,Lessor shall deliver a copy thereof to Lessee. Lessee shall have 14 days after <br /> receipt of such written offer, to notify Lessor that Lessee intends to purchase the same property <br /> on the same terms and conditions set forth in such written offer. If Lessee does not so purchase, <br /> then Lessor shall be entitle to complete the sale without change in any terms, conditions or parties <br /> as set forth in the written offer delivered to Lessee. Failure of Lessee to exercise its right of first <br /> refusal shall not cause a termination of this Lease - the Lease shall continue. This right of first <br /> refusal shall continue for any subsequent offers made to Lessor that are different from any offers <br /> delivered to Lessee, and for all subsequent owners of the Premises or parts thereof. <br /> 13. Stockpiled Sand, Gravel and Rock: <br /> The parties understand that Lessee processes sand, gravel and rock prior to actual sale. <br /> The parties agree that such stockpiled sand, gravel and rock shall be deemed to be the property <br /> of Lessee subject to payment of Royalties as provided above. Lessee may remove such <br /> stockpiled materials at any time, on the condition that the Royalties as provided above are paid <br /> for such removed materials. <br /> 14. Lessee's Default: <br /> If Lessor believes that Lessee is in default, Lessor shall give to Lessee a written notice <br /> t of the specific default claimed, and Lessee shall have thirty(30) days after receipt of such notice <br /> to cure said default. <br /> 15. Arbitration and Costs: <br /> If the parties cannot resolve any disagreements, or alleged defaults, the parties agree to <br /> submit the matters to binding arbitration with the American Arbitration Association, or similar <br /> organization handling arbitration hearings. Any such award may be enforced in the Grand <br /> County District Court. The parties agree that the party substantially prevailing on any disputed <br /> matter shall be entitled to be reimbursed by the other party of its reasonable attorney's fees and <br /> court/arbitration costs. <br /> 16. Miscellaneous: <br /> a. This Lease may be recorded in the Grand County Recorder's Office. <br /> b. This Lease shall be binding on the successors,assigns,heirs,devisees and personal <br /> representatives of the parties. <br /> C. The Sand and Gravel Lease and the Water Lease Agreement first referred to above <br /> (both dated May 15, 1995) are hereby cancelled, and deemed merged and restated <br /> herein. <br /> Lessor's Initials l 4 Lessee's Initials <br />