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the actual termination date. The License Period may be extended by a separate agreement <br /> executed by both parties hereto. <br /> 3. License Fee. Licensee shall oav a one-time license fee "License Fee") for the <br /> Licensed Area in the amount o The License <br /> Fee shall be payable by Licensee to Licensor within sixty(60)days of the Commencement Date, <br /> and shall be made payable to Licensor in United States dollars and delivered to Licensor at the <br /> address specified herein or such other address as Licensor may designate by written notice from <br /> time to time. <br /> 4. Maintenance Payments. Licensee shall pay an annual maintenance fee <br /> "Maintenance Fee) to Licensor in the amount of <br /> The License Fee shall be payable by Licensee to Licensor annually on November <br /> 1 of each year during the License Period,and shall be made payable to Licensor in United States <br /> dollars and delivered to Licensor at the address specified herein or such other address as <br /> Licensor may designate by written notice from time to time. <br /> 5. Cgntingencies. The License Period shall automatically terminate if Licensee's <br /> pending Land Use Change Permit Application with Garfield County,Colorado and Construction <br /> Material Regular(112)Operation Reclamation Permit Application with the Colorado Division of <br /> Reclamation, Mining and Safety are not granted within one (1)year after the Commencement <br /> Date. <br /> 6. Use of Licensor's Proms. The 25 foot wide Licensed Area shall be used for <br /> installation of approximately 5,200 feet of 10" pipe, which shall run from the eastern edge of <br /> Licensee's property to the Colorado River,which shall be used to dewater Licensee's property to <br /> facilitate gravel mining. Upon completion of installation, Licensee shall seed and mulch any <br /> portions of Licensor's property, including the Licensed area, as well as repair any fences or <br /> others structures disturbed during installation. The Licensed Area shall be used for no other <br /> purpose except as may be agreed upon by Licensor in writing in its sole and absolute discretion. <br /> 7. Use of Licensee"s_POMW for Gmzing. During the License Period, Licensor <br /> shall be permitted to graze cattle on those portions of Licensee's property not being utilized for <br /> gravel mining. Licensee is developing its property for gravel mining purposes, and therefore <br /> may periodically conduct construction or construction-related activities at its property;Licensor <br /> agrees to take whatever steps are necessary to avoid interfering with Licensee's construction or <br /> construction-related activities whenever necessary. <br /> 8. Comoliange with Laws and Regulations. Licensee shall promptly comply with all <br /> present and future: <br /> a rules and regulations published by the Licensor (if any) including, without <br /> limitation, regulations applicable to use, storage and disposal of hazardous <br /> substances, waste.and other environmental matters with respect to the use of the <br /> Licensed Area;and <br /> Page 2 of 6 <br />