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LICENSE AND ROYALLY AGREEMENT <br /> Phis License and Royalty Agreement (this "Agreement"), is made and entered into to be effective as of the <br /> Effective Date (defined below) by and between Rockhottom. L.G.C., a Colorado limited liability company, whose <br /> address is 555 Ernest Ayc., Westelifle, Colorado 81252 (as "Licensee") and Chuck and Rebecka Osborn, individuals, <br /> +hose address is 4720 County Road 123, Penrose. C0 81240(as"i.iccnsor''). <br /> PREMISE <br /> W11FREAS, Licensor is the owner (it' a certain tract of real property located at 471-0 County Road 123, <br /> Penrose. CO 81240. and <br /> WHEREAS, licensor desires to license to licensee, and Licensee desires to license from licensor. a portion of <br /> property is more particularly described (and depicted)on Exhibit -A- attached hereto (such area depicted and described <br /> on Exhibit "V'. the "Licensed Premises-). x\hich will he surveyed to desi-natc cxact location. <br /> AG REEINIEN 'C: <br /> NOW THEREFORE, in consideration of the mutual covenants and promises hereinafter set forth, the parties <br /> hereto agree as fullocc s: <br /> 1. Agreement is null and void if l-remont County or State does not issue permit. <br /> �. Licensed Premises. Licensor hereby licenses to Licensee on an exclusive basis the Licensed Premises. <br /> 3.1 The terns of this Aereernent shall be for a period of ten (10) years and shall terminate on June 1st, 2030 <br /> (the "Term") unless terminated earlier by reason of Lieen-we's thirty (30) day advance written notice to Licensor, or by <br /> reason of Licensee's default hereunder. <br /> 3.2 Licensee shall have the option to extend the'fernr fur two. successi%c li\e(5)year terrtts each(the"Spotted <br /> Burro Pit L•xtension Right") upon Licensee's written notice to licensor, not Icss than one hundred eighty (180)days prior <br /> to the expiration of the Tenn, of Licensee's intent to exercise such Spotted [Burro Pit I'mension Itight. <br /> 'I• 1..4�SSi�4'i� Ili��. If Licensee terminates this lease earl' (Prior to all material extraction), reclamation will start <br /> immediately. If Licensor terminates this; lease early (Prior to all material extraction). reclamation will start %%ithin 6 <br /> months and Licensor will be liable air all survey costs; its connection to this Lease and beloic and after fencing costs. <br /> 5. License I:cc. <br /> 5.1 licensee shall pat• to Licensor a royalty as fallow~: <br /> A S10,000.00 Royalty prepayment will be paid when mining of leased property begins. lliis amount will be <br /> deducted from royalty payment when mining of leased property is complete. <br /> S 1.00 per ton for al pit run. ruck,or road base materials. <br /> S.30 per ton for all crusher tines. <br /> 'I hcsc quantities will be calculated off the belt of the crusher and matcrial will be removed from the Property. <br /> Starting in 2025 and each year thereafter the royalty per ton will increase by S.04 per ton on all materials <br /> except crusher fines and the royalty will increase by S.02 per ton on crusher tines. <br /> 5.2 All Royalties shall he paid within 3 months of the crushing, whether or not the materials have sold. Payment <br /> may or may not be paid all at once. <br />