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NORTH STAR PIT 112 RECLAMATION PERMIT APPLICATION <br /> ARTICLE 11 <br /> GRANT <br /> Section 2,1 1-4)m atxi aftc-r the pffe live Date ;And subject to the remiss and conditions,nfthic <br /> Leatic (and any ruisamcnts. ►ricumhrancez and right-of-wny of rutxml or in use whit respvw:t t@ the <br /> Propert Y), 1AN%tx iictr:lby Krauts,kasits and dernisex exclu,,Ivch,To l rc.v=the PnTerty fair the purposes of <br /> quarrying, excaysting, mining- producing, transporting, processing stockpiling, crusting, mine vmg. or <br /> reltinp.the MateriAs atvi condkieIing such odwr aeliviiik5 wtate i rhi-,etn <br /> ARTICLE III <br /> TERM <br /> Section 3.1 This Lease is granted for a term commencing on the Effec:tl%v Date and <br /> extert{itng for a period of[tl years (tie"Priararl�Torn'). In the tmm�i this Lcasc is cmcrAmi ik pruvi&—d <br /> for in Stxlicm 3.2 balvw, the additmnal period of time steall be referred to as the'' art st Tam The <br /> Pr'imaryTcrm and Extended Terra shall colleen-mly be reicrrrc to as-the'Lcasct .' <br /> Seethm 3.2 Thin I•ww shall be emended by the sttisfaclory perforiti anoe by the l,rs.-►c of the <br /> follm. -inlr provisions: (a)I.cs,,x:trust have devcl red at lehst fifty pxzn ere(TON-)of the acreage permitted <br /> fbr extraction by the end of the Primary Teary,(h)I esMe must demarat:trate a good faith effort to continue <br /> de%t10 mens of the rerriaming acrrnge during The Extended Term, (c) L.escee roust tuo-v all iwcesuD- <br /> riftrxyits and be irr compliance with such pennits, and(d) Lessee mint be in eomplimtce wcth the terms of <br /> thins Ixar►t. <br /> AR'i'IC.LE IV <br /> PAY'MENI TO LUSSOR <br /> Section 4.1 Pnpouuctian Rcr alty. Subject to Farssgrphs 4.2 and 4 3, fM all MaterTillf, WW or <br /> removed fmm the Property during each calceidar month, Lessee shall, within 30 doy% after- the close of <br /> stic t Ilc�tttdalt mcmth, pay to Le:sor it rrrvahy (the "Product <br /> Rnybit�r") ' <br /> Section 4.2 Nyjprnts done a Extelidtxl Term. if this Lease is extpldod,as provided for rn <br /> Article III above,the royalty rate shall retrain the same as the my-31ty rate applicable during the last Leasc <br /> Yciir ul`the Primary Term,unless othcrw[sc agreed to by the parties_ <br /> %mtioa 4.3 C1y6stIIs.14 atb, malty rate for gold, silver or oilirr pteciuus riloals <br /> Extracted flora The Piuleily, If ally, bliall SMif out Fourieds I eveived by Urhsee fol Stich ltiek.iou! <br /> metals. <br /> Section 4.4 Production It s. Icssec shall keep and maintain adequate and accurate <br /> records of the quantities of Materials mined and sold or removed from the Plant Site and Property to <br /> permit deterctainatwo of the Product Yons and calculation of the Production Royalty_ 'lhe royalty <br /> payments shall be accompanied by a monthly statement with the royalty calculation that includes an <br /> a=wnting of the tarns of Materials mined from the Property and said or rcinoved (or deemed sold or <br /> mmoved punRumit to Paragraph 6.C) for the mamth_ Iessr-r sluill have the right at all mast-tiiable tirtres <br /> during besirims hours and upon reasonable prinr notice to examntie and audit cuch r►awds of Lv,,set at tlx: <br /> off00% of Lessee and to verify the. quantities of Materials remnvad, and sold and rite' accuracy of the <br /> scales used to weigh the Materials, In the e+ront of a dispute between the parties wish rcgwxl to the <br /> measurement or weighing of the Materials nr the calculation of the royalty ratU% sire ptu*iw: agM--c W <br /> %ubsnit to binding wNtration pursuant the terms of Article,XIV <br /> North Star Pit 112 Reclamation Permit 181 <br /> Page <br />