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at the en of the Ten (10) year term, unless the Company gives written <br /> notice to Lessor sixty (60)days before the end of term. <br /> 2. Sales Royalties. <br /> a. Subject W Paragraph 3.13. and 4, for all Materials sold from the <br /> Property during each calendar month, the Company shall pay to Lessor <br /> a"Sales Royalty" calculated as follows: <br /> b. <br /> i. ,per ton for all sand and gravel, aggregate, overburden or any <br /> other material. <br /> ii. All p yments shall be made within twenty (20)days after the close <br /> of ea h calendar month. <br /> iii. At th end of the initial five (5) year lease terns the parties agree to <br /> nego fate in good faith new royalty rates. In the event they do not <br /> agre to new rates they- shall engage a competent arbitrator who <br /> shall ave the sole authority to decide the new royalty rates,and <br /> the p rties shall be so bound. <br /> C. The Co pang shall keep and maintain adequate and accurate records <br /> of the qu ntities of Materials mined and sold. The Sales Royalty <br /> payment shall be accompanied by a monthly statement with the <br /> royalty- c lculation that includes an accounting of the tons of Materials <br /> mined fr inthe Property and sold or deemed sold pursuant to <br /> Paragrap 5.C. for the month. Lessor shall have the right at all <br /> reasonab a times during business hours and upon reasonable prior <br /> notice to examine such records of the Company at the offices of the <br /> Companyand to verify the quantities of Material removed and sold, <br /> and the acuracy-of the scales used to weigh the Materials. <br /> 3. �Vei hing of Materials: Commingling. For purpose of calculation of Sales <br /> Royalty, quantities of Materials removed from the Property on which Sales <br /> Royalty is due will be measured as follows: <br /> a. Use of S ales: All materials shall be weighed on a certified scale upon <br /> sale and emoval from the Property. If materials on which sales <br /> royalty- isi due are mixed with non-excavated materials (for example. in <br /> case of n fixing sand and gravel with water and Portland Cement in the <br /> concrete atch plant). then for purpose of calculating the sales roy alto. <br /> the weig t of the Subject material used in the mixture will be <br /> determin id using the certified scales at the Property to measure the <br /> weight o the materials that comprise the mixture and deducting the <br /> weight o I the added non-excavated materials. if necessary. <br /> Lessor Initials <br /> Lessee Initials <br />