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I Illlll Illll Illll IIIII IIIIII 11111111111111111111111 IN 3216934 09/0812004 02:10P Weld County, CO 3 of 6 R 31,00 D 0.00 Steve Moreno Clerk& Recorder C. Construction of the lakes and ponds shall be completed as follows: Phase 1 —Property South of file Drain—within 5 years. Phase 2—Property between Tile Drain and Whitney Ditch—within 10 years. Phase 3 —Property North of Whitney Ditch—within 15 years. D. Tenant shall be responsible for compliance with all rules and regulations ofthe DMG and shall be responsible for reclamation of the Property to the extent the Property is actually mined by Tenant. E. In the event that at the termination ofthis Lease there remains any restoration to be completed upon the surface area,including any partially completed pits, Tenants agrees to provide a corporate surety performance bond in the amount required to adequately insure that said restoration work will be performed in accordance with the appropriate rules and regulations of the DMG. 11. Reservation by Landlord. Landlord reserves the right to continue farming or otherwise making use of that portion of the Property on which Tenant is not conducting its operations. Tenant will construct or keep intact all ditches or other waterways necessary for Landlord's continued farming operation. Furthermore, if Tenant's mining operations interfere with the drain tiles located on the Property, Tenant will move the drain tiles to another location on the Property to be agreed upon by the parties, or Tenant will otherwise reroute the water previously flowing through the drain tiles. 12. Removal of Improvements and Equipment. All improvements and equipment placed on the Property by Tenant shall remain the property of Tenant. On termination ofthis Lease for any cause,Tenant shall have the right to remove all its improvements and equipment, except water well casing, fences, gates, and cattle guards. The right to remove its improvements and equipment,however,shall include any material mined and produced, but not removed on the date of termination, all subject to payment of royalties provided in the Lease. 13. Default by Tenant. If any defaul4 occurs in the performance of any tenor or condition of this Lease by Tenant, Landlord shall have the right to give a 30 day notice in writing to Tenant demanding the correction or removal of the default. If Tenant fails to correct or remove the default within this period, Landlord may, at Landlord's option, terminate this Lease. If this Lease is terminated by Landlord pursuant to this section, Tenant shall have three (3) months after the termination within which to remove any improvements or equipment placed on the Property by Tenant. Page 3 of 6