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ael)'°& <br /> LEASE AGREEMENT <br /> This agreement is made / 2 2 / ? by Paul G Hertzog and Rosemary <br /> Hertzog(lessors)and Russell D.Taylor(lessee) <br /> Now therefore for and in consideration of the mutual promise,covenants and agreements of the <br /> parties hereto and contemporaneously with the execution of this agreement,the receipt and <br /> sufficiency whereof is consideration, lessors do hereby leases to lessee the hereinafter described <br /> property upon the following described terms and conditions. <br /> !. Property Subject to Lease: Those lands owned by lessors located in Sections 1 through 12 of <br /> Township 6 North, Range 95 and Section 6 and 7 of Township 6 North, Range 94 West in Moffat County <br /> ,Colorado(hereinafter the property). This property is located south of highway 40 and west of County <br /> road 74 and runs along the east side of the Yampa River. Except trust property at the northern most <br /> portion located at section 63A. <br /> 2. Purpose of lease: To explore for, remove and stockpile rock,sand,and gravel. To include all <br /> operations necessary to make marketable products. <br /> 3. Limitations on leasehold: Lessee will begin its operations in a double pit,and shall proceed <br /> therefrom in a solid and contiguous pattern. Lessee shall have the right to open additional pits,so long <br /> as this course of action is not capricious. <br /> Lessee shall have the right to process materials removed from the property;however,such <br /> processing shall also be confined to a double site. Lessee shall have the right to erect,construct and <br /> maintain any buildings,plants,structures,equipment,appliances and other facilities which may be <br /> convenient or necessary for carrying out the purposes hereof upon the property. Lessee shall have the <br /> right to use,strip and remove parts of the surface of the property and may be reasonably required in <br /> the exercise of the rights granted herby,including,but not limited to the right to place,pile or dump <br /> dirt, refuse or material or substances of any kind normally produced by the type of operation <br /> contemplated hereby. <br /> In addition,lessee shall have the right to conduct any other business or operations upon portions of <br /> the property,which business or operations use products mined and removed from the property. Lessee <br /> shall have the right to adjudicate water rights for its use upon the property. <br /> 4. Term of lease:this lease shall begin on the date of the issuance of all necessary permits in order to <br /> conduct operations and shall continue so long as the terms and conditions hereof are met by lessee,but <br /> for a period not to exceed a 10 year period. This lease is non-transferable without written permission <br /> from lessor except however if the property described above is sold the lease agreement will transfer to <br /> the new owner who will then become Lessor,at which time all monies payable shall go to new Lessor. <br /> This lease also supersedes and nullifies any and all preceding leases agreements regarding above <br /> mentioned property. <br />