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hydrologic conditions encountered, and copies of in-hole surveys; this information to be collected and <br /> prepared under the supervision of a qualified geologist, geological engineer or mining engineer. Other <br /> qualified persons may collect and prepare this data, if agreed to in writing between Lessee and Lessor. <br /> Any request to keep certain information confidential should be in writing to Lessor at the time such <br /> information is submitted to Lessor, and such data may be kept confidential as consistent with state <br /> law. The existence and terms of this Agreement may be a public record and subject to the Colorado <br /> Open Records Act ("CORA"), C.R.S. § 24-72-200.1, et. seq. Data, maps, surveys, and other information <br /> prepared by or furnished to the Board pursuant to this Agreement are subject to the confidentiality <br /> provisions of C.R.S. 5 36-1-138(2). <br /> Lessee shall submit, if requested by Lessor, such additional reports, records or documents regarding <br /> Lessee's operation on the Leased Premises as necessary for the compliance with Lease provisions. <br /> 7. OVERRIDING ROYALTY LIMITATIONS -- The parties agree that this Lease or any subsequent assignment <br /> hereof shall not be burdened with overriding royalties the aggregate of which exceeds two percent (2%) <br /> of the gross value of the Minerals at the first point of sale. Lessor must be notified of all overriding <br /> royalties accruing to this Lease. <br /> 8. DEVELOPMENT -- Lessee will diligently explore and develop the Leased Premises by utilizing methods <br /> of exploration commonly used in the industry, such as mapping, sampling, drilling, trenching, <br /> geophysical exploration, and laboratory analysis. <br /> Indirectly related exploration and development work such as work done on adjacent properties, or <br /> design or construction of a mill will not be considered as diligent development of the Leased Premises <br /> unless approved by Lessor. <br /> 9. PENALTIES -- A penalty shall be imposed for, but not limited to, late payments, improper payments, <br /> operational deficiencies of any kind whatsoever, violations of any covenants of this Lease, or any false <br /> statements made to Lessor. Penalties shall be determined by Lessor unless otherwise provided for by <br /> law and may be in the form of, but not limited to, interest, fees, fines, and/or lease cancellation. Such <br /> penalties shall be taken from the State Land Board's published fee schedules, as they may be amended <br /> by the Board from time to time (the "Fee and Penalty Schedule") For any non-monetary deficiencies, <br /> Lessor shall grant to Lessee sixty (60) days to cure such deficiencies after written notice to Lessee <br /> without incurring a penalty. Should a non-monetary default be such that cure is not possible within <br /> sixty (60) days, Lessor shall allow Lessee such additional time as is reasonable to cure the default, so <br /> long as (i) there is no monetary default under the Lease; and (ii) Lessee is working in good faith to cure <br /> the default. <br /> 10. ASSIGNMENT - Lessee shall have the right to assign or transfer its interests in and to the Lease, in <br /> whole or in part, to an affiliated entity (an entity that is owned, controlled by or under common <br /> control with Lessee) without written consent of Lessor, but with written notice to Lessor. Such transfer <br /> shall be without fee or penalty to Lessee, except for the payment of the Lease Assignment Application <br /> Fee, as set forth in the Fee and Penalty Schedule. Notwithstanding the foregoing, Lessee, only with <br /> Page 5 of 15 <br /> 524702 <br />