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c,0 STATE OF COLORADO
<br /> STATE BOARD OF LAND COMMISSIONERS
<br /> y ` 0t
<br /> **1976"* SAND & GRAVEL LEASE NO. GL 110167
<br /> This Sand and Gravel Lease (the "Lease"), is made in duplicate and entered into this 10"'day of
<br /> March, 2016, by and between the STATE OF COLORADO, acting by and through the STATE BOARD OF LAND
<br /> COMMISSIONERS, located at 1127 Sherman Street, Suite 300, Denver, CO 80203 ("Lessor"), and OLDCASTLE SW
<br /> GROUP, INC., whose address is P.O. Box 1969, Bayfield CO 81122, ("Lessee"):
<br /> WITNESSETH: Lessor, for and in consideration of the sum of Eight hundred sixty and no/100 Dollars
<br /> ( 860.00), receipt of which is hereby acknowledged as payment of the filing fee in the amount of $500.00, first
<br /> year's rent in the amount of Three hundred sixty and no/100 Dollars ( 360.00), and a bonus in the amount of
<br /> zero and no/100 Dollars ( 0.00) , and in further consideration of Lessee's agreement to pay Three and no/100
<br /> Dollars (5 3.00) per acre or fraction thereof annually as rental in advance of the anniversary date of this lease
<br /> so long as said lease shall remain in effect; and in further consideration of the terms, conditions and
<br /> agreements herein and of the payment of royalties reserved herein, to be kept and performed by Lessee, its
<br /> successors and assigns, does hereby lease to Lessee the right and privilege of exploring and prospecting for,
<br /> developing, and mining of and taking of Sand Et Gravel minerals from the lands herein described, situated in
<br /> the County of Rio Grande, State of Colorado, to wit:
<br /> ACRES SUBDIVISION SEC-TWP-RGE PATENTS
<br /> 120 N2SW, NWSE 27-40N-4E (NM PM) None
<br /> FUND: School
<br /> Containing 120.0 acres, more or less, (the "Leased Premises") together with the right to use as much
<br /> of the surface as may be reasonably required, including the right to reasonable ingress and egress; the
<br /> right to make excavations, stockpiles, and other improvements as may be reasonably necessary in the
<br /> mining and removal of said minerals; subject, however, to all existing easements and rights-of-way of
<br /> third parties, as detailed on Exhibit A to this agreement, and the rights of surface lessees and surface
<br /> owners, and further subject to the terms, conditions and agreements set out in this Lease. The
<br /> above-mentioned rights may be exercised in connection with mining on other or adjacent lands only
<br /> when mining on such lands is carried on in conjunction with the actual mining on the Leased Premises.
<br /> The benefits, terms, and obligations of this Lease shall extend to and be binding upon the heirs,
<br /> executors, administrators, successors, or assigns of the respective parties hereto.
<br /> RESERVING, however, to Lessor:
<br /> A. All rights and privileges of every kind and nature, except as are herein specifically granted.
<br /> B. The right to use or lease said premises or any part thereof at any time for any purpose,
<br /> including the right to explore and prospect said premises, which use and leasing of said
<br /> premises shall be for purposes other than and not inconsistent with the rights and privileges
<br /> herein specifically granted.
<br /> C. The right to dispose of or lease the surface where Lessor is the surface owner.
<br /> D. The right at all times during the life of this lease to go upon said premises and every part
<br /> thereof for the purpose of inspecting said premises, and the books of accounts and records of
<br /> mineral workings therein, and of ascertaining whether or not said Lessee and those holding
<br /> GL 110167 Revised 9/2015
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