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IV. Cornerstone's Covenants of Performance. <br /> a. To pay the rent for the premises above-described. <br /> b. To perform all financial and performance obligations set forth in Section III above. <br /> c. To sublet no part of the premises,and not to assign the lease or any interest therein <br /> without the written consent of B&L Land Company LLC. Due to the destructive <br /> nature of the gravel mining and processing operation on the property, B&L Land <br /> Company LLC shall have the absolute right to refuse any sublet or assignment. As <br /> used herein, the term "sublet" or "assignment" shall include but not be limited to <br /> the transfer or attempted transfer any portion of the leasehold interest created <br /> hereunder and/or the transfer (whether individual or aggregate transfer during the <br /> life of this lease)of more than ten percent of the membership interest in Cornerstone <br /> itself. The parties understand that there shall be no sublet and/or assignment of this <br /> lease prior to the full payment of the full Additional Rental Payment set forth in <br /> Paragraph III(b) above. Additionally, any assignee of Cornerstone shall have an <br /> obligation to pay a minimum annual rental agreement o $100,000.00 in payable in <br /> four equal quarterly payments. <br /> d. To use the premises only for gravel mining and aggregate processing and related <br /> purposes. To use the premises for no purposes prohibited by the laws of the United <br /> States or the State of Colorado,or of the ordinances of Gunnison County,Colorado <br /> and for no improper or questionable purposes whatsoever,and to neither permit nor <br /> suffer any disorderly conduct. <br /> e. To allow B&L Land Company LLC and/or its agents to enter upon the premises at <br /> any reasonable hour. <br /> V. General Provisions. <br /> a. No assent, express or implied,to any breach of any one or more of the agreements <br /> hereof shall be deemed or taken to be a waiver of any succeeding or other breach. <br /> Any payment by Cornerstone, or acceptance by B&L Land Company LLC, of a <br /> lesser amount than due shall be treated only as a payment on account. Further, <br /> failure of the B&L Land Company LLC to timely bill for taxes,insurance or repairs, <br /> as required herein, shall not be deemed a waiver of the Cornerstone's liability to <br /> pay same. <br /> b. If, after the expiration of this lease, the Lessee shall remain in possession of the <br /> premises and continue to pay rent without a written agreement as to such <br /> possession, then such tenancy shall be regarded as a month-to-month tenancy, at <br /> the same rental amount as set forth hereunder, and subject to all the terms and <br /> conditions of this lease. <br /> c. If Cornerstone breaches this lease and/or this lease terminates prior to full payment <br /> of the Additional Rent Payment set forth in Section III. (b) above, the remaining <br /> balance of said Additional Rent Payment shall be due in full upon termination. <br /> d. B&L Land Company LLC reserves the right but not the obligation to graze cattle <br /> on any part of the Property which is not at that time currently being mined and/or <br /> reclaimed, subject to all terms and conditions of any and all applicable state permits <br /> governing the mining operation. <br /> e. The Parties acknowledge that there is no security deposit paid by Cornerstone or <br /> held by B&L Land Company LLC. <br /> 3 <br />