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the event Licensee installs any fixtures on the Property, at the termination of this agreement, <br /> those fixtures shall become the property and assets of the Licensor unless the Licensor <br /> determines that it does not want said fixtures, and in such event, the Licensee agrees to remove <br /> said fixtures in accordance with Section 5(E)below. <br /> 3. Term. The amended term of this License shall begin on the date of this Agreement, and <br /> shall continue for one year. This agreement shall automatically renew for consecutive one(1) <br /> year terms unless terminated by Licensor upon written notice at least 30 days prior to the end of <br /> the one(1)year term, or otherwise terminated under this agreement. In the event of default of <br /> this Agreement, for whatever reason,Licensee shall immediately suspend all use of the Property, <br /> including but not limited to, the production, marketing,promotion, distribution, sales, and use of <br /> Product until such default is cured. If such default is not cured within period described in this <br /> Agreement,then this Agreement shall immediately terminate and Licensor shall cease all <br /> operations or use of the Property. <br /> 4. Payment. Licensee shall be obligated to pay a license fee to Licensor for all Product <br /> removed from the Property. The license fee to be paid for all Product Removed from the <br /> Property shall be fifty cents($0.50)per cubic yard of Product that is removed from the Property <br /> whether that product is sold to third parties or removed by Licensee from the property for the <br /> Licensee's own use. Said license fee shall be paid by the fifteenth of the month following the <br /> month the Product is removed from the Property. Licensee shall keep an accurate accounting of <br /> the product removed from the Property, and Licensor reserves the right to audit said accounting. <br /> 5. Licensees On-Site Obligations. As additional consideration for this Agreement,the <br /> Licensee agrees that is shall: <br /> A) Comply with all governmental regulations, and apply for all licenses and bonds <br /> necessary for the removal of the Product and the operation of the Property as a <br /> gravel pit, and provide to Licensor updated copies of the same; <br /> B) Avoid the use of or storing of any hazardous materials on the Property; <br /> C) Promptly restore any damage to the Premises caused by the Licensee's activities <br /> on the Premises, except for reasonable wear and tear to the internal access road <br /> and areas necessary for the Licensee to remove Product, screen and sort Product, <br /> and stockpile Product; <br /> D) Maintain insurance as specified in this Agreement; and <br /> E) Within one year of the termination of this Agreement,restore the Property by: <br /> -2- <br />