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( COLORADO <br /> w IState Land Board <br /> Department of Natural Resources <br /> Effective Date (as defined below). <br /> 3. Upon the Effective Date (as defined below}, Assignor shall relinquish all possession of and right to the Leased <br /> Premises (as defined in the Lease). <br /> 4. As consideration, the receipt and sufficiency of which is acknowledged by the parties, Assignee agrees to pay to <br /> the State Land Board the past due royalty, rent, and advanced minimum royalty in the amount of Thirty One <br /> Thousand Three Hundred Fifty ►ive Dollars and Sixty Five Cents (S31,355.65). Assignee acknowledges and agrees <br /> that such payment is non-refundable. <br /> 5. The State Land Board agrees to waive alt interest and penalties on the past due amounts. <br /> 6. All parties represert they have had the opportunity to be represented by independent counsel to fully and <br /> completely explain the terms of this terms and conditions of this agreement. Each party waives any claim, <br /> objection, or defense on the grounds that this agreement has not been reviewed by legal counsel. <br /> (Signature Page to Follow] <br /> Lease No. IoZqr6 Page 2 of 3 <br />