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2021-04-09_REVISION - M2012004
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2021-04-09_REVISION - M2012004
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Last modified
12/28/2024 8:45:45 AM
Creation date
4/12/2021 6:46:53 AM
Metadata
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Template:
DRMS Permit Index
Permit No
M2012004
IBM Index Class Name
REVISION
Doc Date
4/9/2021
Doc Name
Adequacy Review Response
From
Superior Oilfield Servoces, Co.
To
DRMS
Email Name
ECS
Media Type
D
Archive
No
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ARTICLE II <br /> GRANT <br /> Section 2.1 From and after the Effective Date and subject to the terms and conditions of this <br /> Lease (and any easements, encumbrances and right-of-way of record or in use with respect to the <br /> Property), Lessor hereby grants, leases and demises exclusively to Lessee the Property for the purposes of <br /> quarrying, excavating, mining, producing, transporting, processing, stockpiling, crushing, removing, or <br /> selling the Materials and conducting such other activities related thereto. <br /> ARTICLE III <br /> TERM <br /> Section 3.1 This Lease is granted for a term commencing on the Effective Date and <br /> extending for a period of 10 years (the "Primary Term"). In the event this Lease is extended as provided <br /> for in Section 3.2 below, the additional period of time shall be referred to as the "Extended Term". The <br /> Primary Term and Extended Term shall collectively be referred to as the "Lease Term." <br /> Section 3.2 This Lease shall be extended by the satisfactory performance by the Lessee of the <br /> following provisions: (a)Lessee must have developed at least fifty percent(50%)of the acreage permitted <br /> for extraction by the end of the Primary Term, (b) Lessee must demonstrate a good faith effort to continue <br /> development of the remaining acreage during the Extended Term, (c) Lessee must have all necessary <br /> permits and be in compliance with such permits, and (d) Lessee must be in compliance with the terms of <br /> this Lease. <br /> ARTICLE 1V <br /> PAYMENT TO LESSOR <br /> Section 4.1 Production Royalty. Subject to Paragraphs 4.2 and 4.3, for all Materials sold or <br /> removed from the Property during each calendar month, Lessee shall, within 30 days after the close of <br /> such calendar month, pay to Lessor a royalty at the rate $0.55 per Product Ton (the "Production <br /> Royal "). <br /> Section 4.2 Payments during the Extended Term. If this Lease is extended, as provided for in <br /> Article III above,the royalty rate shall remain the same as the royalty rate applicable during the last Lease <br /> Year of the Primary Term,unless otherwise agreed to by the parties. <br /> Section 4.3 Precious Metals. The royalty rate for gold, silver or other precious metals <br /> extracted from the Property, if any, shall be 50% of net proceeds received by Lessee for such precious <br /> metals. <br /> Section 4.4 Production Records. Lessee shall keep and maintain adequate and accurate <br /> records of the quantities of Materials mined and sold or removed from the Plant Site and Property to <br /> permit determination of the Product Tons and calculation of the Production Royalty. The royalty <br /> payments shall be accompanied by a monthly statement with the royalty calculation that includes an <br /> accounting of the tons of Materials mined from the Property and sold or removed (or deemed sold or <br /> removed pursuant to Paragraph 6.C) for the month. Lessor shall have the right at all reasonable times <br /> during business hours and upon reasonable prior notice to examine and audit such records of Lessee at the <br /> offices of Lessee and to verify the quantities of Materials removed, and sold and the accuracy of the <br /> scales used to weigh the Materials. In the event of a dispute between the parties with respect to the <br /> measurement or weighing of the Materials or the calculation of the royalty rate, the parties agree to <br /> submit to binding arbitration pursuant the terms of Article XIV. <br /> 2 <br />
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