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GoodMiller #2 Pit 112c Permit <br />Lessee shall, upon execution of this lease, at its cost, prepare a Notice, pursuant to C.'.R.S.1973, § 38 -22 -105 <br />and cause the same to be posted for the purpose of protecting Lessor against any liens or encumbrances upon the <br />Leased Premises by reason of work, labor, services or materials contracted for or supplied to Lessee. <br />24. BOND — It is agreed that no operations are to be commenced on the lands herein described unless and until Lessee <br />or Lessee's agent has filed a good and sufficient bond with Lessor in an amount fixed by lessor, to secure the <br />payment for damages caused by Lessee's or Lessee's agent's operations on said lands. Lessor reserves the right to <br />grant relief from the foregoing bond requirements. Lessor may require such bond to be held in full force and effect <br />for one year after cessation of operations for which the bond was intended. This requirement may be waived in <br />favor of We requirements of the Division of Reclamation, Mining, and Safety. <br />27. WATER -- if Lessee initiates or establishes any water rights for which the point of surface diversion or ground water <br />withdrawal is on tie leased Premises, title to such water rights shall, upon termination of the lease, become the <br />property of the surface owner without cost, and title to the water rights shall be conveyed to the surface owner <br />immediately upon termination, except that if Lessor is the surface owner the water right shall be taken in the name of <br />Lessor in the first instance and shall be the property of Lessor without cost. <br />28. SURRI-:hDER AND RE• LINQUIS"M — Lessec may, at any time, by paying to Lessor all amounts then duc as <br />provided herein, surrender and cancel this lease insofar as the same covers all or any portion of die lands herein <br />[cased and be relieved from fwther obligations or liability hereunder with respect to the lands so surrendered; <br />provided that no partial surrender or cancellation of this lease shall be for less titan tracts of approximately forty (40) <br />acres or governmental lot corresponding to a quarter- quarter section, the rental being reduced proportionately. <br />This surrender clause and option herein reserved to Lessee shall cease and become absolutely inoperative <br />immediately and concurrently with the institution of any suit fit arty court of law by Lessee, Lessor or any assignee <br />of either to enforce this lease, or any of iv; terms, express or implied, but in no case shall surrender be Xective until <br />Lessee shall have made full provision for conservation of die minerals and protection of the surface right% of the <br />Leased Premises as may be determined by Lessor. <br />Notwithstanding the foregoing, no surrender and relinquishment of this lease shall be effective unless and <br />until all reports, documents and information of any kind required to be submitted to Lessor under this lease, or to <br />such state agencies as provided in this lease have been submitted to lessor or such state agency. <br />29. RiGIIT OF RF MOVAI. -- In the event this lease is tenninated by surrender, or the expiration of its term, and all <br />obligations of Lessee under this lease are satisfied, all Lessee's improvements, equipment, man -made objects of any <br />type, including stockpiles and dumps except as these stock piles and dumps may be disposed of pursuant to the <br />reclamation plan, shall be removed front the Leased Premises within six months from the date of such termination at <br />Lessee's expense. Such removal is to be accomplished without unnecessary wade or damage to the premises and <br />Lessee shall restore the surface of die Leased Premises to the same condition as immediately prior tv the execution <br />of this lease as it pertains to such removal. All improvements and equipment remaining on the Leased Premises six <br />months after the termination hereof shall be forfeited to Lessor, at Lessor's discretion, without compensation and <br />without necessity of execution of additional documents. <br />30. CONDEMNATKIN -- If the Leased Premises shall be taken in any condemnation proceeding, this lease shall <br />automatically terminate as of the date of taking. The award for such condemnation shall be paid to Lessor, except <br />t'or any specific award(s) paid to Lessee; for severed minerals reserves, in which event a percent of such specific <br />awards) equal to royalty shall be paid to Lessor in lieu of royalty lost by virtue of the condemnation. Improvements <br />shall be removed by Lessee per terns in the RIGHT OF REMOVAL paragraph herein. If only a portion of the <br />Page 7 of 1 i <br />GoodMiller #2 Pit Dec 2014 N -8 <br />