Laserfiche WebLink
I IVI. <br /> Leased Premises shall be for purposes other than and not inconsistent with the rights and <br /> privileges herein specifically granted. <br /> c). The right to dispose of or lease the surface of the Leased Premises where Lessor is thesurface <br /> owner. <br /> d). The right at all times during the life of this Lease to go upon the Leased Premises and every <br /> part thereof for the purpose of inspecting the Leased Premises, and the books of accounts and <br /> records of Mineral workings therein, and of ascertaining whether or not Lessee and those <br /> holding thereunder by and from it, are carrying out the terms, covenants and agreements in <br /> this Lease contained. <br /> e). The right at any time to grant a right-of-way upon, over or across all or any part of the Leased <br /> Premises for any ditch, reservoir, railroad, communication system, electric powerline, or <br /> pipeline, schoolhouse or other lawful purpose; but that such grants shalt be subject to the <br /> rights of Lessee. <br /> 4. TERM -- Lessee may have and hold the Leased Premises for the term of ten (101 years beginning on the <br /> at day of June, 2019 , and ending at Twelve O'clock noon on the IA day of June, 2029 (the <br /> "Primary Term"), subject to compliance with the royalties, rentals, and other terms, conditions, and <br /> agreements of this Lease. This Lease may continue in effect for an additional twenty (20) years to the <br /> day of June,, 2049, (the "Secondary Term") as long as a Mining and Operations Plan to mine the <br /> Minerals has been submitted to the Lessor prior to the end of the Primary Term and a Mining and <br /> Operations Plan has been approved by the Lessor pursuant to Paragraph 16 within twelve (12) months <br /> of the commencement of the Secondary Term, and the Lessee is in compliance with the terms, <br /> conditions, and agreements of this Lease, and the royalties and rentals provided for herein are being <br /> paid. This Lease may continue in effect past the Secondary Term in accordance with Paragraph 7. <br /> 5. ADVANCE MINIMUM ROYALTY -- As Advance Minimum Royalty ("AMR"), without relation to the amount <br /> of Minerals mined from the Leased Premises, Lessee shall pay annually in advance to Lessor the <br /> following amounts: <br /> LEASE YEAR AMR <br /> 1-10 <br /> 11-20 S32.000 <br /> 21-30 S50.000 <br /> Acreage changes resulting from surrender or partial assignment will not reduce the AMR <br /> proportionately. If Lessee does not extract Minerals from the Leased Premises sufficient to return to <br /> the Lessor the minimum amounts above specified, it is nevertheless understood that the above sums of <br /> money are due and payable to Lessor whether or not Minerals are mined, but that such AMR shall be <br /> credited upon the first royalties due as herein provided for Minerals actually produced from the Leased <br /> Premises. In the absence of production of Minerals in continuous Paying Quantities necessary to fully <br /> use the AMR before the expiration date of this Lease, all AMR and all rentals shall be forfeited to <br /> Lessor. <br /> 6. PRODUCTION ROYALTY -- Lessor reserves as royalties, and Lessee agrees to pay to Lessor royalties, on <br /> all Minerals produced from the Leased Premises and sold by Lessee, based on the following: <br /> Monthly Royalty: Lessee shall pay Lessor the Monthly Royalty for Gold and the Monthly Royalty for <br /> Other Minerals in relation to any Gold and Other Minerals produced from the Leased Premises on the <br /> Page 2 of 18 <br />