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Business Lease and Rovalty A ree e <br />This Agreement is entered into on this ( day of ber, 2014, by and between <br />HARDSCRABBLE LLC, (hereinafter referred to as "Hardscrabble'), and PIONEER SAND COMPANY, <br />INC., (Hereinafter referred to as the "Company" ). This Agreement takes precedent over all previous <br />agreements. <br />WITNESSETH: <br />In consideration of the rents and royalties to be paid in the covenants and conditions to be kept and performed, <br />Hardscrabble does exclusively lease to the Company, and the Company does hereby take and hire from <br />Hardscrabble, subject to all terms and conditions of this Agreement, concerning the real property situated in <br />Fremont County, Colorado, described in the Exhibit "A" attached hereto and incorporated by reference <br />(hereinafter referred to as the "Property") upon the following terms and conditions: <br />Term <br />PECL-t�3L -�. <br />1. The term of this lease shall commence on the day of N 2014 and shall continue for a period <br />of ten (10) years thereafter, expiring on the day of November, 2024. <br />Purpose <br />2. The Company shall, during the term of this agreement, be entitled to seek permits and licenses, extract, <br />process, stockpile, sell, and remove sand, gravel, rock, other aggregates, and all materials made from quarry <br />resources, as well as topsoil, all of which is hereby collectively referred to as "aggregate ", which is, or which <br />hereafter may be found on, in, or under the property, together with the right to make all excavations and <br />construction on the property, all buildings, openings, ditches, drains, roads, and other improvements which the <br />Company reasonably deems to be necessary for the extraction and removal of such product from the property. <br />The Company and its assigns shall also be entitled to install and operate a hot mix asphalt plant and/or a <br />concrete batch plant. <br />The right granted by Hardscrabble to the Company to perform the above named tasks shall be exclusive to the <br />Company on the property during the terms of this Agreement and all extensions thereof. <br />Preliminary Findings <br />3. This Agreement is conditioned upon a preliminary finding by the Company that there is sufficient aggregate <br />upon the property so that extraction is economically advantageous. Upon execution of this Agreement, the <br />Company shall diligently make that determination. Such determination shall be pursuant to a written plan <br />submitted by the Company and agreed to by Hardscrabble. Hardscrabble will have access to all information <br />obtained by the Company and will be provided a fv11 report on the findings of the Company. <br />The Company agrees to provide Hardscrabble with copies of all exploration data, maps of test hole locations, <br />test hole profiles, results of graduation tests, and all other physical tests performed on recovered material <br />samples. <br />