2019-10-08_PERMIT FILE - M2019054 (48)

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of cow STATE OF COLORADO �`` " \ STATE BOARD OF LAND COMMISSIONERS *, w• 1a76 SAND & GRAVEL LEASE NO. GL 112574 This Sand and Gravel Lease (the "Lease"), is made in duplicate and entered into this 15th day of July, 2019, by and between the State of Colorado, acting by and through the State Board of Land Commissioners, located at 1127 Sherman Street, Suite 300, Denver, CO 80203 ("Lessor"), and Leverite LLC, whose address is 16577 Columbine Lane, Cedaredge, CO 81413, ("Lessee"): WITNESSETH: Lessor, for and in consideration of the sum of two thousand nine hundred fifty one dollars and forty-eight cents ($2,951.48), receipt of which is hereby acknowledged as payment of the filing fee in the amount of $500.00, first year's rent in the amount of two thousand four hundred fifty one dollars and forty-eight cents ($2,451.48), and in further consideration of Lessee's agreement to pay Three and no/100 Dollars ($3.00) per acre annually as rental in advance of the anniversary date of this lease so long as said lease shall remain in effect; and in further consideration of the terms, conditions and agreements herein and of the payment of royalties reserved herein, to be kept and performed by Lessee, its successors and assigns, does hereby lease to Lessee the right and privilege of exploring and prospecting for, developing, and mining of and taking of Sand IY Gravel minerals from the lands situated in the County of Moffat, State of Colorado, more particularly described in Exhibit A attached hereto and made apart hereof ("Leased Premises"). The Leased Premises together with the right to use as much of the surface as may be reasonably required, including the right to reasonable ingress and egress; the right to make excavations, stockpiles, and other improvements as may be reasonably necessary in the mining and removal of said minerals; subject, however, to all existing easements and rights-of-way of third parties, as detailed on Exhibit B to this agreement, and the rights of surface lessees and surface owners, and further subject to the terms, conditions and agreements set out in this Lease. The above-mentioned rights may be exercised in connection with mining on other or adjacent lands only when mining on such lands is carried on in conjunction with the actual mining on the Leased Premises. The benefits, terms, and obligations of this Lease shall extend to and be binding upon the heirs, executors, administrators, successors, or assigns of the respective parties hereto. RESERVING, however, to Lessor: a) All rights and privileges of every kind and nature, except as are herein specifically granted. b) The right to use or lease said premises or any part thereof at any time for any purpose, including the right to explore and prospect said premises, which use and Leasing of said premises shall be for purposes other than and not inconsistent with the rights and privileges herein specifically granted. c) The right to dispose of or lease the surface where Lessor is the surface owner. d) The right at all times during the life of this lease to go upon said premises and every part thereof for the purpose of inspecting said premises, and the books of accounts and records of mineral workings therein, and of ascertaining whether or not said Lessee and those holding thereunder by and from it, are carrying out the terms, covenants and agreements in this lease contained. It is agreed that during all proper hours and at all times during the continuance of this lease, Lessor or Lessor's duty authorized agent, is authorized to check assays and scales as to their accuracy, to go through or on any part or all of the Leased Premises to examine, inspect, survey and take measurements of the same and to take samples of any kind and to examine and make extracts from or copies of all books and weight sheets and records which GL 112574 Revised DOL 11/2018 Page 1 of 16