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ii. All payments shall be made within twenty(20) days after the close <br /> of each calendar month. <br /> }}}}, 44 tha and ^fthe initial one (14 year-lease wF the pal4i@s agree to <br /> .4cgotiate, in good 44th new r-eyalty rates. in the evefft they do not <br /> agFee to new rates they shall engage a ee"eteot ffir-h-it-r-M-Ar.m440, <br /> !C/A/ <br /> shall have the sale tmthority to deeide the new r-eyafty FM@&,-a14 <br /> C. The Company shall keep and maintain adequate and accurate records <br /> of the quantities of Materials mined and sold. The Sales Royalty <br /> payments shall be accompanied by a monthly statement with the <br /> royalty calculation that includes an accounting of the tons of Materials <br /> mined from the Property and sold or deemed sold pursuant to <br /> Paragraph S.C. for the month. Lessor shall have the right at all <br /> reasonable times during business hours and upon reasonable prior <br /> notice to examine such records of the Company at the offices of the <br /> Company and to verify the quantities of Material removed and sold, <br /> and the accuracy of the scales used to weigh the Materials. <br /> 3. Operations. <br /> a. The Company shall conduct its operations on the Property in a prudent <br /> and workmanlike manner and in accordance with good and accepted <br /> mining and business practices and in compliance with all applicable <br /> federal, state, and local laws, rules and regulations and all applicable <br /> permits. The timing, nature, manner and extent of mining operations, <br /> processing and sales shall be within the sole discretion of the <br /> Company, and the Company shall not be required to mine, preserve or <br /> protect in its operations any Materials which, under good mining <br /> practices, cannot be mined or sold at a reasonable profit to the <br /> Company at the time they are encountered. <br /> b. The Company shall have the right to construct, maintain, use roads, <br /> power lines, telephone lines, conveyors and stockpile areas and any <br /> right of way it deems necessary or desirable for its operations on the <br /> Property related to the Company's operations under this Lease. Any <br /> roads constructed will be removed from the property,unless otherwise <br /> agreed upon, and the owner will sign a letter stating agreement of <br /> such. The Company shall have the right during the Term of this Lease <br /> and without payment to Lessor to strip and remove overburden and <br /> otherwise to use and occupy the Property as is reasonably required in <br /> connection with mining, quarrying, extracting,processing(including <br /> tailings-washed fines storage facilities), storage, transportation, sale <br /> and removal of Materials from the Property and from other properties <br /> on which the Company is conducting operations. <br /> 2 <br /> Lessor Initials OM <br /> Lessee Initials <br />