Laserfiche WebLink
then current Extension, and Kilgore shall have no further or additional right to extend this Lease. <br />The option to extend in this Paragraph 1(c) is not transferrable or assignable by Kilgore. In no <br />event will any transferee or assignee of Kilgore have any right to exercise the option to extend. <br />(d) D tion to Terminate. In the event that Kilgore deems that the Properties <br />have exhausted the mineable gravel that is contained within their reserves, or in the sense have all <br />been "mined out" and the mineable reserve is no longer economically feasible for operations, then <br />Kilgore shall have the option to terminate this Lease upon notification to Parkerson. Notice shall <br />be given at least 90 days prior to the termination of this Lease under this Paragraph 1(d). Any <br />Prepaid Royalty balance still remaining described as such in Paragraph 4(c) shall become <br />ownership of Parkerson and no termination fee shall be collected upon such early termination. <br />Upon such early termination, Kilgore shall transfer ownership of all permits associated with the <br />Properties to Parkerson, at Parkerson's discretion, after completion of all reclamation or upon <br />mutual agreement of the Parties regarding the transfer of reclamation responsibilities. <br />2. Lease. <br />(a) Use of Pro erties. Parkerson hereby leases to Kilgore, on an exclusive <br />basis, except that during the term of this Lease Kilgore may only mine the Properties for Kilgore's <br />own purposes upon the terms and conditions hereinafter set forth, for the purposes of sampling, <br />drilling and testing for, mining, quarrying, excavating, removing, processing and selling sand, <br />gravel, overburden, shale, clay, topsoil, and any other minerals ("Sand and Gravel") from the <br />Properties and erecting any facilities required to aid in the production of the Sand and Gravel and <br />to bring any equipment onto the Properties necessary or useful to Kilgore's mining activities (the <br />"Activities). Notwithstanding the foregoing, Kilgore may mine the 23 %a Road Properties, and any <br />other of the Properties with Parkerson approval, for third party sales. So long as Parkerson has an <br />active permit for its Valley Vista Pit, Kilgore may also erect its Hot Mix Asphalt Plant at that <br />location. All of the Activities shall be under the exclusive control and management of Kilgore. <br />Existing Sand and Gravel stockpiled at the Properties shall remain the property of Parkerson and <br />Parkerson shall have the right to remove and replace such Sand and Gravel at any time during the <br />term of this Lease. <br />(b) Commencement of Activities. Kilgore may begin the Activities as of the <br />Effective Date, but Kilgore shall not begin the Activities as to any pit in particular until such time <br />that Kilgore has obtained all relevant and necessary permits as provided for in Paragraph 11 below, <br />including but not limited to permits issued by the Colorado Department of Public Health and <br />Environment ("CDPHE") Air Pollution Control Division, CDPHE Water Quality Control <br />Division, Colorado Division of Reclamation, Mining and Safety, Colorado Parks and Wildlife, <br />United States Army Corps of Engineers, United States Environmental Protection Agency, and <br />United States Fish and Wildlife Service that are necessary for that pit. <br />(c) Existing Piles. Any pile of Sand and Gravel that exists on the Properties <br />before the Effective Date may be used by Parkerson at its sole discretion and they may be sold <br />by Kilgore. If the piles are sold by Kilgore, Kilgore shall pay Parkerson at a negotiated price per <br />C`IATTYEIV\PuBrO1A& MUg"Multi-Pit Mixing Lease Agrn-7-12-17-clean dncx Page 2 of 18 <br />