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the event Licensee installs any fixtures on the Property, at the termination of this agreement, <br />those fixtures shall become the property and assets of the Licensor unless the Licensor <br />determines that it does not want said fixtures, and in such event, the Licensee agrees to remove <br />said fixtures in accordance with Section 5(E) below. <br />3. Term. The amended term of this License shall begin on the date of this Agreement, and <br />shall continue for one year. This agreement shall automatically renew for consecutive one (1) <br />year terms unless terminated by Licensor upon written notice at least 30 days prior to the end of <br />the one (1) year term, or otherwise terminated under this agreement. In the event of default of <br />this Agreement, for whatever reason, Licensee shall immediately suspend all use of the Property, <br />including but not limited to, the production, marketing, promotion, distribution, sales, and use of <br />Product until such default is cured. If such default is not cured within period described in this <br />Agreement, then this Agreement shall immediately terminate and Licensor shall cease all <br />operations or use of the Property. <br />4. Payment. Licensee shall be obligated to pay a license fee to Licensor for all Product <br />removed from the Property. The license fee to be paid for all Product Removed from the <br />Property shall be fifty cents ($0.50) per cubic yard of Product that is removed from the Property <br />whether that product is sold to third parties or removed by Licensee from the property for the <br />Licensee's own use. Said license fee shall be paid by the fifteenth of the month following the <br />month the Product is removed from the Property. Licensee shall keep an accurate accounting of <br />the product removed from the Property, and Licensor reserves the right to audit said accounting. <br />5. Licensees On -Site Obligations. As additional consideration for this Agreement, the <br />Licensee agrees that is shall: <br />A) Comply with all governmental regulations, and apply for all licenses and bonds <br />necessary for the removal of the Product and the operation of the Property as a <br />gravel pit, and provide to Licensor updated copies of the same; <br />B) Avoid the use of or storing of any hazardous materials on the Property; <br />C) Promptly restore any damage to the Premises caused by the Licensee's activities <br />on the Premises, except for reasonable wear and tear to the internal access road <br />and areas necessary for the Licensee to remove Product, screen and sort Product, <br />and stockpile Product; <br />D) Maintain insurance as specified in this Agreement; and <br />E) Within one year of the termination of this Agreement, restore the Property by: <br />-2- <br />