Laserfiche WebLink
Year, the Minimum Annual Royalty for the next Lease Year shall be reduced by <br /> such excess. <br /> 8. Mining Plan. Lessee agrees to provide to Lessor a copy of its proposed mining plan and <br /> reclamation plan ("Mining Plan") for review and comment prior to submitting it to the <br /> appropriate authorities. Lessee agrees to incorporate into the Mining Plan any <br /> requirements of Lessor that are reasonable and economically feasible in light of the <br /> Lessee's need for a commercially viable mining activity and Lessor's need to protect its <br /> property interests and to be left with a property after mining capable of potential use as a <br /> reservoir site and other beneficial use, enjoyment and value consistent with neighboring <br /> properties. Lessee shall comply with the Mining Plan incorporating Lessor's comments, <br /> as approved by the governmental authorities. <br /> 9. Miscellaneous. <br /> (a) Use of Scale. Quantities of the Minerals that are removed and sold from the <br /> Property will be measured as follows: Lessee shall maintain a scale or scales - to <br /> be located on Lessee's property -- which are certified by the State of Colorado, <br /> over which all Minerals removed and sold from the Property shall be weighed, <br /> and shall keep detailed and accurate records of all weights of such Minerals, <br /> including date and time when weighed, and including empty weights of the trucks <br /> or other vehicles transporting such Minerals, and a reasonable identification of <br /> such vehicles, which records shall be available for inspection by Lessor at all <br /> reasonable times during business hours upon twenty-four hours advance notice. <br /> (b) Records to be Kept. In addition to records ordinarily maintained by commercial <br /> sand and gravel operators Lessee shall keep detailed and accurate records of <br /> quantities, nature and weights of the Minerals removed from the Property and the <br /> Minerals sold from the Property or used by Lessee to make Aggregate Products, <br /> which records shall be available for inspection by Lessor at all reasonable times <br /> during business hours upon twenty-four hours advance notice. Records shall be <br /> kept and royalties computed following generally accepted accounting principles <br /> for mining activities, inventory accounting, and computation of Royalties. <br /> Royalty payments shall be accompanied by Lessee's detailed accounting <br /> summary demonstrating the computation of the amount of royalties due, <br /> including, without limitation, tons of Minerals mined, tons of Minerals sold and <br /> used by Lessee to make Aggregate Product, selling price of the Minerals sold, fair <br /> market value of Minerals used by Lessee to make Aggregate Product, and how <br /> royalties were computed. <br /> (c) Retention of Records. Records for each Lease Year shall be kept for ten years and <br /> may be destroyed after the end of each such ten-year period. <br /> 5 <br />