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geophys';cat e'npto ati0 and taborato"`/ :a,inalysis and wit, expend as a minimum annuatly the amounts <br /> set forth beto`+4': <br /> LEASE YEAR rA1N EXPEND LEASE YEAR MIN EXPEND <br /> N��-- NA-- -- 1d.4 --- NA— — <br /> Indirectly related exploration and development work such as work done on adjacent properties, or <br /> design: or construction of a mitt w`tt not be considered as diligent development of the Leased Premises <br /> unless approveo by Lessor. <br /> 9. PENALTIES -- A penalty shall oe imposed for, but not limited to, late payments, improper payments, <br /> operational deficiencies of any k;i-A whatsoever, violations of any covenants of this Lease, or any false <br /> statements made to Lessor. Penalties shalt be aetermined by Lessor unless otherwise provided for by <br /> iaVi and rna'y be in the form of, bu; not tirnited to, interest, fees, fines, and/or tease cancellation. A <br /> penatty schedule sha:l be p^opared by Lessor and shalt become effective immediately after public <br /> notice. S76�7 SCiledU!e may b' �ti rl�cC from Lillie to tide after such notice. <br /> 10. ASSIGNMENT -- Lessee, only with �vritter, consent of Lessor, may assign this lease as to the leasehold <br /> interest of such Lessee in alt or par. of the lands covered Hereby; not less, however, than tracts of <br /> aoproximate.y forty {40) acres or govornme:ital iots corresponding to a quarter-quarter section for any <br /> partial assignment. Lessor reserves the right to e-evaluate the production royalty rate at the time an <br /> assignment is requested, and may designate a ne,r; royalty rate based on current market rates. <br /> No assignment of undivided interests o- retention or reservation of overriding royalties will be <br /> recognized oi- approved by Lessor, and the ef,ect, if any, of any such assignments of- reservations will <br /> be strictty and only as between the parties thereto and outside the terms of this lease. No dispute <br /> between parties to any assignment, or reservation shall operate to relieve Lessee from performance of <br /> any terns o- conditions hereof or to postpone the time thereon-. Lessor will at all times be entitled to <br /> took solely- to Lessee or his assignee shu,,wi on Lessor's books as being sole owner hereof, and for the <br /> sending of a'.t notices required by this Leave, for tree performance of ail terms and conditions hereof. <br /> If an assigiirrient of a Jar L of this Leas' is approved, a new tease designated as an assignment <br /> lea-sip Wltt 1)c 1Ssled i0 tt asS?11 e Co:'eri ° t t tcr'CiS asslgnea for the"' balance of the term of the base <br /> lease on the rn;Ming tease forrni in use at trine -,_irne of assignment acid limited as to term as said tease is <br /> limited. Th assi2-nor yvitl be released and discharged from all further obligations for such lands <br /> assigned, as if the same hid Clever- heart a part of this Lease. <br /> 1 i. ASSIGNMENT CONSIDERATION -- The consideration for approval of assignment by Lessor shalt be 10% of <br /> the value of arly coris'derati-.+n tendered to ASsionor b , Assignee for the assignment. Divulgence of the <br /> vatue of these consider atio, shall be r-,andatarv, in affidavit form, which form shalt be presented to <br /> Lessor atop, with the otne- assignment instruments in order to obtain Lessor's approval for the <br /> assignment. An assignment does not constitute a new lease but is a continuation of the base tease. <br /> Any attempt to withhold this iiiforrnation shalt b construed as an attempt to defraud the State of <br /> Colorado and sh.ak render this tease nutl, void and nonexistent, and all moneys paid to Lessor shalt be <br /> forfeited to Lessor. In additior,, the current Statutory fees Witt oe paid at the time the assignment <br /> record form is submitted. <br /> 12. WEIGHTS -- It is agreed that all ores, minera's and other materials mined and taken from the Leased <br /> Premises shati be weighed and assayed and the weight and assay thereof shall be entered in due form <br /> in weight and assay records kept for such purposes by Lessee. <br /> Ton means 2000 pounds. Ton shalt be determines by Colorado State certified scales or other <br /> methods approved by Lessor. <br /> 13. STEWARDSHIP TRUST STIPULATION--This paragraph is celeted. <br /> Gr_110,681 Revised 9/2015 <br /> Pa;(,4 of 12 <br />