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keep certain information confidential should be in writing to Lessor at the time such information is submitted to <br /> Lessor,and such data may be kept confidential provided that confidentiality is consistent with State law. <br /> The operations report will include an update of the Operation Plan, Paragraph 14, and a progress report <br /> dealing with Corps of Engineers 404 permit #1 988 1 1 488, including compliance issues related to the need for an <br /> integrated weed management plan, a grazing control plan, and compensatory mitigation for the adverse impact on <br /> mature cottonwoods as the result of the creation of islands and peninsulas during mining operations. <br /> Lessee shall submit, if requested by Lessor, such additional reports, records or documents regarding <br /> Lessee's operation on the Leased Premises as necessary for the compliance with lease provisions. <br /> 7. OVEMUDINGROYALTY LIMITATIONS--It is agreed that this lease or any subsequent assignment hereof shall <br /> not be burdened with overriding royalties the aggregate of which exceeds two percent(2%)of the gross value of the <br /> minerals or ore at the first point of sale. Lessor must be notified of all overriding royalties accruing to this lease. <br /> 8. DEVELOPMENT--This paragraph deleted <br /> 9. PENALTIES -- A penalty shall be imposed for, but not limited to, late payments, improper payments,operational <br /> deficiencies of any kind whatsoever, violations of any covenants of this lease, or any false statements made to <br /> Lessor. Penalties shall be determined by Lessor unless otherwise provided for by law and may be in the form of,but <br /> not limited to, interest, fees, fines, and/or lease cancellation. A penalty schedule shall be prepared by Lessor and <br /> shall become effective immediately after public notice. Said schedule may be changed from time to time after such <br /> notice. <br /> 10. ASSIGNMENT— Lessee, only with written consent of Lessor,may assign this lease as to the leasehold interest of <br /> such Lessee in all or part of the lands covered hereby; not less, however, than tracts of approximately forty (40) <br /> acres or governmental lots corresponding to a quarter-quarter section for any partial assignment. Lessor may deny <br /> assignment for reasons including but not limited to assignee's ability to assume the responsibilities of permitting,or <br /> complying with existing permits, including any 404 Permits, and for any permits or requirements under Colorado <br /> Mined Land Reclamation Act,§34-32-101 LI M.,C.R.S.as amended,or complying with the Operation Plan. <br /> No assignment of undivided interests or retention or reservation of overriding royalties will be recognized or <br /> approved by Lessor, and the effect, if any, of any such assignments or reservations will be strictly and only as <br /> between the parties thereto and outside the terms of this lease. No dispute between parties to any assignment or <br /> reservation shall operate to relieve Lessee from performance of any terms or conditions hereof or to postpone the <br /> time therefor. Lessor will at all times be entitled to look solely to Lessee or his assignee shown on Lessor's books as <br /> being sole owner hereof,and for the sending of all notices required by this lease, for the performance of all terms <br /> and conditions hereof. <br /> If an assignment of a part of this lease is approved,a new lease designated as an assignment will be issued <br /> to the assignee covering the lands assigned for the balance of the term of the base lease on the mining lease form in <br /> use at the time of assignment and limited as to term as said lease is limited. <br /> 11. ASSIGNMENT CONSIDERATION --The consideration for approval of assignment by Lessor shall be 100/6 of the <br /> value of any consideration tendered to Assignor by Assignee for the assignment. Divulgence of the value of these <br /> considerations shall be mandatory, in affidavit form, which form shall be presented to Lessor along with the other <br /> assignment instruments in order to obtain Lessor's approval for the assignment. An assignment does not constitute a <br /> new lease but is a continuation of the base lease as amended. Any attempt to withhold this information shall be <br /> construed as an attempt to defraud the State of Colorado and shall render this lease null, void and nonexistent,and <br /> all moneys paid to Lessor shall be forfeited to Lessor. In addition,the current statutory fees will be paid at the time <br /> the assignment record form is submitted. <br /> Page 4 of 12 <br />