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ROYALTY AGREEMENT <br /> This Royalty Agreement ("Agreement") is made effective (The Effective Date) as of 1 <br /> 2M by and between Fetcher Ranch Land,LLP,and Charles E. Vale and Bobbie Jean Vale, o ers of <br /> Hassle Haven Ranch, ("Lessors"), and ELAM CONSTRUCTION,INC. ('Elam"). The parties agree <br /> as follows: <br /> LEGAL DESCRIPTION. The legal description for the Premises,owned in combination by above <br /> Lessors,is: <br /> N1/2 SWUM SWl/2 andNWI/4 SWIM Section 28 Township 9 North Range 85 West <br /> TERM. The agreement term will begin on the effective date and will terminate on December 31, <br /> 2024. <br /> ROYALTY PAYMENTS. Elam shall pay to Lessors as follows, with one half to Fetcher <br /> Lands,LLP and one half to the owners of Hassle Haven Ranch(Charles E. Vale and Bobbie Jean <br /> Vale,and Chad E.Vale): <br /> 1) Commencing on January 1, 2014, each annual period be inning on Januar <br /> and ending on December 31, Elam shall pay a Royalty oi�per ton u <br /> ofgravel removed in the annual period All tons of vel removed exceedin the <br /> annual period shall be 'd ty o Fill dirt is excluded from the royalty <br /> calculation and the ann ons accumulation. <br /> 2) Royalty o4jjMr cubic yard for fill dirt removed from the property. For purposes of the <br /> royalty calculation, fill dirt will be scaled and weighed in tons, and the cubic yards will be <br /> calculated using a factor of 1.4 tons/yard. <br /> 3) Annual lease paym due on May ist of each lease year. <br /> Royalty shall be paid on all material removed from the premises. Elam shall weigh all material as <br /> material is removed from the premises and keep good and accurate records thereof. Elam shall <br /> also provide Lessors with a statement as to all materials removed from the premises in the <br /> preceding month and make payment to the Lessors of the royalty due by the 20th day of each month <br /> for materials removed the preceding month. <br /> Topsoil shall not be sold or removed from property. Topsoil shall be stockpiled and utilized on the <br /> property for reclamation. <br /> After each 5 years of this agreement, royalty rates may be modified upon mutual agreement by all <br /> parties. <br /> USE OF PREMISES. Lessors hereby grant unto Elam the exclusive right to enter upon the <br /> premises described above and to extract, process, stockpile and remove there from sand, gravel, fill <br /> dirt, and topsoil. Any equipment Elam deems necessary to accomplish the foregoing,including, but <br /> without limitation,the right to operate a hot mix asphalt plant, gravel crusher, and concrete plant,in <br /> accordance with all required pemuts,is allowed in accordance with the terms set forth herein. Elam shall <br /> be entitled to store items of personal property within the premises owned by Lessors during the <br /> Fetcher Vale Royalty Agreement <br /> Page 1 of 5 <br />