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MEMORANDUM OF SURFACE USE <br />AND SUBSIDENCE AGREEMENT <br />THIS MEMORANDUM OF SURFACE USE AND SUBSIDENCE AGREEMENT <br />(the "Memorandum") dated effective the I" day of August 2015 is by and between Ashley <br />Investment, LLC, a Colorado limited liability company, with an address of 625 Second Street, <br />Helena, MT 59601 (hereinafter referred to as "Surface Owner"), and Twentymile Coal LLC, a <br />Delaware limited liability company, with an address at 29515 Routt County Road #27, Oak <br />Creek, Colorado 80467 (hereinafter referred to as "Twentymile"). <br />Surface Owner, in consideration of the covenants and agreements contained in that certain <br />unrecorded Surface Use and Subsidence Agreement (the "Agreement") dated concurrently <br />herewith, granted unto Twentymile certain rights to enter upon and use certain lands (the <br />"Lands") belonging to Surface Owner being more particularly described in Exhibit "A" attached <br />hereto and made a part hereof by this reference. <br />Surface Owner specifically authorizes Twentymile to undermine any and all <br />improvements, including occupied structures, which are located within one hundred feet (100') <br />of Twentymile's underground mining operations. <br />The Lands are subject to all of the terms and conditions of the Agreement. The terms and <br />conditions of the Agreement are covenants running with the Lands. Should there be any <br />discrepancy between this Memorandum and the Agreement, the Agreement shall control. <br />The primary tenni of the Agreement shall commence on the effective date of the <br />Agreement and end at 12:00 midnight on the 315 day of July, 2025 unless otherwise extended in <br />accordance with the Agreement. <br />Copies of the Agreement may be found at the above indicated addresses of the parties. <br />This Memorandum may be executed in any number of counterparts and shall be binding <br />upon all owners of interests in the Lands executing the same or a counterpart hereof, whether or <br />not named herein as one of the Surface Owners, and whether or not other owners of interest in <br />the Lands have executed other counterparts or have not entered into the Agreement. <br />All the terms, conditions and covenants of the Agreement shall be binding upon and shall <br />inure to the benefit of the heirs, successors and assigns, respectively, of each of the parties <br />hereto. <br />