2014-07-10_REVISION - M2001052 - Laserfiche WebLink

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Material removed from the Premises shall be adjusted based upon the Carter Inc.3/4 inch rock price(the "Index"). The royalties payable under this Lease will be amended on December 1 to reflect the same percentage change,whether negative or positive,as the Indexes percentage change from its prior November price. 4. ADDITIONAL COVENANTS OF TENANT. Tenant covenants and agrees with Lessor as follows: 4.1 To comply with all applicable laws,rules and regulations of applicable governmental authorities, including,without limitation, the Mined Land Reclamation Board,the State land use, the other Department of Public Health and Environment,as well to comply with appropriate n, regulations of Kit Carson County,Colorado. 4.2 To allow the Lessor or their officers or agents, from time to time,to enter upon all parts of the leased premises for the purpose of i rrspection, surveys,taking of samples and measurements, 4.3 To provide the Lessor continued access to those portions of Premises not actually being used in mining activities of the Tenant. reverted by 4.4 To keep the Premises at all times clear of trash,rubbish,orjunk,unless p extraordinary conditions or temporary breakdown of equ i pment. 4.5 At the termination of this Lease,to leave the Premises in an orderly and clean condition conforming to the requirements of the reclamation plan approved by,or as thereafter amended by,the Colorado Mined Land Reclamation Board, of the Tenant in and about the 4.6 To pay all personal properly taxes on the personal property Premises. 1 or attachment to be placed upon the 4.7 Not to cause or suffer or allow any lien judgm t, levy, Premises of the Lessor by reason of any actions of the Tenant of any nature or kind. 4.8 To provide, at Tenant's sole expense, any reclamation bond required by the State of Colorado relative to the mining operations on the Premises. 4.9 Neither Tenant nor its agents nor contractors will use County Road 30 at any time for the travel of gravel trucks to or from the Premises. If more than three breaches of this covenant occur,Lessor may terminate this Lease on three(3)days notice to Tenant. 5. [intentionally left blank] 6.PAYMENT OF TAXES. Lessor agrees to pay all real estate taxes levied against the Premises before they become delinquent. In the event that the Lessor fails to pay The taxes,Tenant may,at its optio ,pay g yy taxes and assessments that may be levied against the Premises and deduct the amount of tax payments, her with any penalties or interest required to be paid,from any amount due or to become due to Lessor. 7. REMOVAL OF IMPROVEMENTS AND EQUIPMENT. All improvements and equipment placed on the Premises by Tenant,including fences,gates,and cattle guards,shall remain property of Tenant,and Tenant shall have the right to remove its property prior to the expiration of this Lease so long as no monetary defaults exist. On termination of this Lease for any cause other than nonpayment of royalties,Tenant shall have the right to remove its improvements and equipment within 30 days from the date of termination. If the Lease shall terminated for the non-payment of royalties,upon payment by Tenant of any delinquent royalties Tenant , then have the right to remove its improvements and equipment within 30 days thereafter. Tenant shall have 30 clays from the date of termination to remove any Material mined and processed but not removed on the date of termination subject to payment of royalties as provided in this Lease. 8. INSURANCE.Tenant shall carry the following types and minimum coverage of insurance: (a)Worker's Compensation insurance in compliance with the laws of the state of Colorado;Employer's Liability insurance with a limit of not less than$1,000,000.00;and where applicable,insurance in compliance with any other statutory obligations pertaining to the compensation of injured employees;(b)Comprehensive General Liability i 4 /A 2