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IIIIIIIlIIIIIIIII Illlllllllillllililllllllll11111111111 <br /> 3216932 09/08/2004 02:10P Weld.County,,CO <br /> 2 of 11 R 56.00 0 0.00 Steve Moreno Clerk& Recorder <br /> c. Notwithstanding any other provision of this Agreement regarding payment of <br /> royalties, Tenant shall have all soil (overburden), sand, aggregate and other minerals (excluding <br /> oil and gasA water rights, wells and well rights from the construction of the Water Ski Lake <br /> without p ent of any royalty. <br /> d. Water augmentation for the Water Ski Lake shall be the sole responsibility of <br /> the Landlord. <br /> e. The mining activities of Tenant shall be no closer than 200 feet from the Water <br /> Ski Lake. <br /> f. Other than the Water Ski Lake, there will be no mining east of the section line <br /> dividing the Property, or north of the east-west overhead electric power line that is depicted on <br /> Exhibit D. <br /> g. Tenant shall be in default of this lease if Tenant does not substantially complete <br /> construction of the Water Ski Lake within eight (8) months of the date all permitting for the <br /> mining of the Property is completed. <br /> 3. Minerals to be Mined. Tenant shall have the right, but not the obligation, to <br /> remove sand, gravel and aggregate from the Property. <br /> 4. Term. This Lease is effective as of the date of execution and shall expire when all <br /> minerals are fully mined, but not later than thirty(30) years from the date of this Agreement. <br /> However, in the event Weld County does not issue a Use by Special Review Permit to allow sand <br /> gravel and aggregate mining on the Property, or the Colorado Mined Land Reclamation Board <br /> does not issue a permit by August 1, 1998, this agreement shall be terminated. <br /> 5. Storage. Tenant store sand, gravel and aggregate on the Property during the term <br /> of this Lease and shall not operate a batch plant on the Property. <br /> 6. Royalty. Tenant shall pay the Landlord as royalty twenty five cents ($.25)per ton <br /> of sand, gravel and aggregate sold from the Property(exclusive of sand, gravel and aggregate, or <br /> overburden removed by virtue of the construction of the Water Ski Lake) and payment shall only <br /> occur when such sand, gravel and aggregate is sold to customers of Tenant. The quantity shall be <br /> determined after the sand, gravel and aggregate is loaded in either Tenant's, or its customer's <br /> trucks. It is further agreed that Tenant shall have the right to mine all other materials and <br /> minerals (exclusive of oil and gas) on the Property. <br /> Tenant shall pay the amount of royalty and interest in arrears at the end of each <br /> month that this Lease is in effect. Tenant shall forward to Landlord monthly reports showing the <br /> quantity of sand, gravel and aggregate sold during the preceding month according to load tickets <br /> with dates of loading. The reports shall be forwarded to Landlord by the loth day of the month <br /> - 2 - <br /> M1997-058 EXHIBIT B <br />