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MLA - Sege(ke <br />pit from which they were removed, place the existing stockpile of topsoil over said <br />material and back -slope the entire Premises. In addition, Lessee will restore/reclaim the <br />Premises in accordance with Section 8, below. Lessee shall not be permitted to store any <br />discarded or unwanted waste debris on the Premises or the Property. <br />Lessee accepts the Property and Premises in its "AS -IS" condition, without any <br />express or implied warranty by Lessor. <br />2. GOVERNMENTAL APPROVALS. The parties acknowledge and agree <br />that the NICHOLSON GRAVEL PERMIT # M-1986-048 has been assigned by Galen Reese <br />and Reese Contracting, Inc, as permittee, to Lessee. However, the State of Colorado ("State") <br />is required to approve of such assignment. This Lease shall be contingent upon the State's <br />final written approval ofthe assignment of the Permit from Galen Reese and Reese <br />Contracting, Inc. to Lessee. Lessee shall be responsible for obtaining final written approval <br />of said assignment from the State. In addition, Lessee shall obtain any other permits, licenses <br />or authorizations required by the federal, State and local laws, rules and regulations. At all <br />times, Lessee shall comply with any and all federal, State and local laws, rules and <br />regulations pertaining to its use of the Premises, including the requirements for proper <br />closure of its mining activities at the Premises and restoration/ reclamation of the Premises. <br />3. TERM. This Lease term shall commence on the date the State gives its final <br />written approval of the assignment of the Permit from Galen Reese doing business as <br />Reese Contracting, Inc. to Lessee ("Commencement Date"), and shall be for one-year. <br />Lessee will give Lessor written notice and a copy of said approval from the State. <br />Lessor, in its sole discretion, may extend the term of the Lease for an additional <br />one-year term and for one-year terms thereafter by giving written notice to Lessee of his <br />intention to so extend at least 30 days prior to the end of the then -current term. <br />4. RENT. At the Commencement Date of the Lease and, if the term of the Lease <br />is extended by Lessor, at each anniversary of the Commencement Date thereafter, Lessee <br />shall pay Lessor a non-refundable fee of $1,000.00. During the one-year term following each <br />$1,000.00 payment, Lessee shall be permitted to remove the first 1000 cubic yards of <br />Material at no extra cost to Lessee. After Lessee removes the first 1000 cubic yards of <br />Material, Lessee shall pay to Lessor, as rent, $1.00 for each cubic yard of Material removed <br />from the Premises during the same one-year term. On or before the 10`h day of each quarter <br />period during the term of the Lease, Lessee shall forward to Lessor quarterly reports <br />showing the quantity of Material removed during the preceding quarter, along with a <br />detailed daily log of when the Material was loaded onto Lessee's trucks and when the trucks <br />left the Property. Each quarter report and log shall be accompanied with an appropriate rent <br />payment from Lessee to Lessor for the preceding quarte'r's Material extraction. In the event <br />any payment is not received by Lessor along with the quarterly report and log, or the <br />quarterly report and log are materially misleading, Lessor may terminate the Lease and <br />collect any lost rent from Lessee. <br />2 <br />L %S\5-0641\D03\DocsUN1NERAL EXTRACTION 03102005.doe <br />