2019-02-27_REVISION - M2009048 (3)

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Quality Stormwater (Discharge Permit COG501532); and (c) Colorado Department of Public Health and Environment permit issued for the Property. 2.3 In addition to the permits described in subsections 2.1 and 2.2, if not already obtained as of the Commencement Date, Lessee will promptly apply for any other permits required from any applicable local governmental authority required to operate the Business. The permits referenced in this subsection 2.3 together with the permits described in subsections 2.1 and 2.2 are sometimes referred to as the "Permits." 2.4 Lessee will take all actions and make all payments required to maintain the Permits in full force and effect and good standing throughout the Term and shall not cause or permit any violation or default under any Permits. Notwithstanding the foregoing, however, Lessee will maintain any and all water -related permits under Lessor's control, including but not limited to Well Permit 74966-F, Substitute Water Supply Plan ID: 5155 for DRMS file No. M-2009-048, and Water Service Contract No. 12 -WC -40-450 Wayne N. Aspinall Storage Unit, Colorado River Storage Project, all of which are necessary or convenient for Lessee's operation of the Business, only until the commencement of reclamation under Section 9, at which time responsibility for the same shall shift to Lessor. 2.5 Any Permit may be applied for and obtained in Lessor's name, if so agreed by Lessor and Lessee. 3. Term. 3.1 The initial term of this Lease ("Primary Term") is for a period of two (2) years, commencing on the date of approval of the transfer of all Permits ("Commencement Date' ). During the Primary Term, Lessee will develop, mine, produce, remove, process, stockpile and market Common Materials from Pit 1. During the Primary Term, Lessee may also explore the feasibility of producing Common Materials in commercially reasonable quantities from Pit 5_ Lessee will be allowed to stockpile materials on the Pit 5 site duri.ng the Primary Term. 3.2 During the first twelve (12) months of the Primary Term, Lessee will also explore the feasibility of producing Common Materials in commercially reasonable quantities from Pit 5. If within such twelve (12) month period Lessee determines in its sole and absolute discretion that Common Materials can be produced from Pit 5 in commercially reasonable quantities, Lessee shall develop and map a mining plan with the assistance of Lessor for Pit 5. Upon approval by such plan for Pit 5 by Lessor, which approval may be granted or subject to other conditions in Lessor's sole and absolute discretion, Lessee shall have the option to extend the Primary Term for one renewal period {"Extended Tenn) of three (3) years. 3.3 Lessee's option to extend the Lease for the Extended Term shall be exercised by Lessor's receipt from Lessee of written notice to extend within thirty (30) stays after receipt of Lessor's written notice of approval of the map a mining plan 3