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LEASE <br /> B&L Land Company LLC as Lessor and Cornerstone Materials, LLC, ("Cornerstone") of 23625 <br /> Uncompahgre Road,Gunnison,CO 81403 as Lessee,in consideration of the covenants,conditions <br /> and agreements set forth herein, the sufficiency of which is hereby recognized agree to the <br /> following. <br /> I. The Property: <br /> B&L Land Company LLC owns and herby agrees to lease to Cornerstone, approximately 19.93 <br /> acres of property more particularly described on Exhibit A which is incorporated herein by this <br /> reference. The "Property". <br /> II. Term of Lease: <br /> a. Primary Term: The initial term of this lease shall be for a period of five years <br /> commencing on February 25th, 2021 and terminating on February 25th, 2026 <br /> unless terminated sooner under the terms set forth herein. <br /> III. Payment of Rent: <br /> a. Base Rental Payment: Cornerstone shall pay B&L Land Company LLC a land <br /> rental payment of more than 5 business days from receipt of <br /> mobilization funds received from American Civil Constructors in the Spring of <br /> 2021. <br /> b. Additional Rental Payment: Cornerstone shall pay B&L Land Company LLC, <br /> additional rental payments included but not limited to virgin materials extracted <br /> from the property, rate to be determined, additional land use for storage, parking <br /> and other activities specific the Blue Creek Canyon Project. <br /> c. Additional Financial Obligations of Cornerstone: <br /> i. Taxes. Cornerstone shall pay all federal, state, and local taxes arising out <br /> of Cornerstone's operation on the Property or related to the property or <br /> production from the property. This obligation shall include but not be <br /> limited to any and all ad valorem taxes and/or production taxes due on the <br /> Property or the product mined from the Property. Should B&L Land <br /> Company LLC receive any tax notice and/or bill arising out of the <br /> ownership or use of the Property, it shall tender the same to Cornerstone <br /> within ten days of receipt and Cornerstone shall pay said tax bill in a timely <br /> manner, subject only to Cornerstone's right to protest the accuracy of any <br /> such tax and/or valuation to the taxing entity levying the tax. <br /> ii. Insurance. Cornerstone shall take out and maintain a policy of general <br /> liability insurance in a form and from an insurer acceptable to B&L Land <br /> Company LLC which shall insure B&L Land Company LLC and its <br /> partners, owners and officers in an amount of no less than one million <br /> dollars per occurrence and two million annual aggregate. Cornerstone shall <br /> provide to B&L Land Company LI.0 a certificate of insurance showing that <br /> 1 <br />