Laserfiche WebLink
CMS 62167 <br /> "Lease Fees"means the minimum compensation due and payable annually, in advance, under this Lease <br /> regardless of compensation otherwise due from Lessee as Royalties. <br /> I.Leased Premises <br /> "Leased Premises"means the real property described in Exhibit A,hereto. <br /> J.Offender Labor Agreement or OLA <br /> "Offender Labor Agreement"and"OLA"mean a separate but associated agreement between Lessor and <br /> Lessee which describes the understandings of the Parties as to training and employment of offenders remanded <br /> to DOC custody,associated with Lessee's operations at the Leased Premises,as detailed in Exhibit H. <br /> K.Overburden <br /> "Overburden"means organic materials and soils(including topsoils providing a matrix and medium for the <br /> growth of plants and other flora),and which lies above commercially viable deposits of Construction Material. <br /> Overburden may have some commercially nonviable amounts of Construction Material in its matrix. <br /> L.Party or Parties <br /> "Party"means the Lessor or Lessee and"Parties"means both the Lessor and Lessee. <br /> M.Producer Price Index or PPI <br /> "Producer Price Index"and"PPI"mean the statistical change in the cost of a producer,expressed as a <br /> multiplier of a base year,as published by the U.S.Bureau of Labor Statistics,or its successor entity("BLS"), <br /> for non-metallic mining of sand and gravel(or similar NAISC code current at the time of making any annual <br /> adjustment)titled Construction Sand and Gravel,West(Commodity Code 132401304),or its successor BLS <br /> index. <br /> N.Review <br /> "Review"means examining Lessor's performance pursuant to§21 to ensure that it is adequate,accurate, <br /> correct and in accordance with the criteria established in the Lease,including its Exhibits. <br /> O.Royalty or Royalties <br /> "Royalty"or"Royalties"means compensation due to Lessor for Construction Materials removed from the <br /> Leased Premises. <br /> P. Split Estate <br /> "Split Estate"means property rights to the Surface and the Subsurface Estates are subdivided or split in <br /> ownership between two or more parties,and includes subdivisions of either estate. <br /> Q.Subcontractor <br /> "Subcontractor"means third-parties,if any,engaged by Lessee pursuant to this Lease. <br /> R.Subsurface Estate <br /> "Subsurface Estate"means that portion of an estate which is severed from, and not part of,the Surface Estate; <br /> the underground,or mineral estate. <br /> S.Surface Estate <br /> "Surface Estate"means an estate in or ownership of the surface of the Leased Premises,and exclusive of other <br /> estates split from fee ownership,such as the Subsurface Estate. For purposes of this Lease,the Parties have <br /> assumed the Surface Estate includes Construction Materials and Overburden. <br /> 5.TERM <br /> A.Indal Term <br /> The initial term of this Lease shall be for a term of ten(10)years beginning on the later of either the Effective <br /> Date, or March 1,2014,and ending on February 28,2024,unless sooner terminated as provided for herein. <br /> B. Extension <br /> Lessor shall have the option to extend the term of this Lease for a period of up to ten(10)additional years, <br /> subject to the following. <br /> L Lessee shall furnish a development plan satisfactory to Lessor for continuing operations for the renewal <br /> term of the Lease. <br /> iL Lessee shall famish adequate geological evidence to Lessor that the acreage subject to the renewal term of <br /> the Lease is in fact an integral part of and contains reserves in a logical mining unit. Lessor has absolute <br /> discretion to determine whether the acreage is or is not a part of a logical mining unit. <br /> iii. An extension of this Lease as determined by Lessor would be in the best interest of the State. <br /> Page 3 of 13 <br /> N - LA <br />