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In addition,lessee is given the first right to lease the property for the same of similar purposes for <br /> terms commencing at the end of the above term by meeting any bona fide offer to so lease the same, <br /> received by lessors from any third person, Should Lessors receive any such bona fide offer (which offer <br /> they are willing to accept,absent the provisions), Lessors shall immediately notify Lessee thereof,and <br /> lessee shall have thirty(30)days within which to elect to meet the same and thus to lease the property <br /> beyond the initial term hereof. Lessee shall have the right to receive all information and to make all <br /> reasonable inquiry concerning the bona fides of such offer. <br /> 5. Royalty: Lessee agrees to pay lessors$1.35 per ton with an(.10)ten cent increase every five years <br /> starting from time of permitting process is completed. For any of the first three possibly inactive years a <br /> payment of$1,000 per year will be paid to lessor and this payment may be applied to royalties for that <br /> year. <br /> 6. Taxes: During the lease term, Lessee shall seasonably pay any and all ad valorum taxes or other <br /> taxes,assessments or license fees upon the property caused or assessed by reason of Lessee's <br /> operations hereunder. <br /> 7. Obligations of lessee: Lessee shall keep and maintain true and accurate accounts of all production <br /> hereunder and lessors shall be entitled to examine and reproduce the same at all reasonable times and <br /> places. Reclamation of the affected portions of the property shall be in accordance with the Colorado <br /> Land Surface Reclamation Act, and to applicable Federal laws,if any. <br /> 8. Termination: This lease may be terminated by Lessors for failure of Lessee to observe and perform <br /> any of its obligations hereunder and those specified below,if within 120 days of mailing notice of such <br /> observance or performance or embark upon and thereafter diligently pursue a course of action designed <br /> to cure such default. Lessee will have thirty(30) days only to cure any failure to pay monies due. Upon <br /> termination of this lease for any reason,Lessors shall have the right,with reasonable notice,to re-enter <br /> and repossess themselves of the property and upon such termination,Lessee shall quit and peaceabley <br /> surrender the property. <br /> 9. Upon termination of this lease for any reason, Lessee shall have a period of 180 days within which <br /> to remove any and all buildings,plants,structures,equipment and other facilities placed thereon by <br /> lessee,this at no additional cost or expense to Lessee,and shall have the continuing right to complete <br /> reclamation work. <br /> 10. Notices: Any notice sent hereunder shall be sent to each of the following addresses,directly to <br /> the attention of the persons indicted or such person as may hereafter by indicated: <br /> Lessors: <br /> Name Address <br /> Paul G. Hertzog PO. 40‘9'2W Ihavid I)1W ' 816 1/0 <br />