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SAND AND GRAVEL LEASE <br /> This Lease is made in duplicate and entered into this 19th day of February, 2018 by and <br /> between'Durango PTR Properties,LLC, whose address is 744 Lake Durango-Drive, Durango;CO <br /> 81303, hereinafter referred to as"Lessor"and Richardson Construction CO, LLC,and Kemple <br /> Excavation, LLC, whose address if 3940 CR 119,Hesperus,CO 81326, hereinafter referred to as <br /> "Lessee". <br /> WiTNESSETH, <br /> In consideration of the terms and conditions hereinafter set forth and for the payment of <br /> royalties by the Lessee to the Lessor,as provided herin, subject to the terms conditions and <br /> provisions contained herin,the Lessor and Lessee agree as follows: <br /> 1. Lease of Property. The Lessor herby leases to the Lessee as certain tract of land located <br /> in LaPlata County,Colorado and more particularly described on Exhibit"A"attached <br /> herto and made a part herof,being approximately One Hundred (100)acres, hereinafter <br /> referred to as "Premises". The Premises shall be utilized by the Lessee for the purposes <br /> of quarrying, mining, removing and marketing therefrom,all sand,gravel, rock and <br /> other related minerals, all of which are hereinafter referred to as"Material'. <br /> 2. Term.of the Lease. This Lease shall be effective for an initial term of ten(34 years from <br /> the date of signing this agreement. <br /> 3. Option to Negotiate Renewal and Right of First Refusal. The Lessee is herby granted an <br /> option to renew the Lease,so long as the terms and conditions of the initial Lease have <br /> been complied with and the Lessor and Lessee have agreed upon the royalty rate for the <br /> next.ten.(_10)year period..Written notice to exercise the option shall.begiVen by the <br /> Lessee to the Lessor at the address listed herin sixty(60)days prior to the expiration of <br /> the initial ten (10)year term and after an agreement upon the royalty rate for the next <br /> ten(10)year period has been set,at which time a second ten(10)year term will be <br /> granted. Notification shall be sent by regular mail and certified mail with return receipt <br /> requested. <br /> 4. Royalties. Lessee shaft pat the Lessor,as a royalty,the sum of$1.50 per ton of material <br /> removed from the premises. Not to include the stockpiled material on the top which the <br /> royalty has already been paid in advance to Consolidated Constructors. Measurement shall <br /> be determined by the scale weight which scale shall be certified annually by the Lessee. <br /> Lessee may bring in sand or other materials not mined on the property,however, Lessee <br /> shall be responsible for cleaning such material prior to bringing it onto the premises and <br /> accounting-for sand or other material when removed from the premises,and keep its <br /> 1 <br />