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The Company shall maintain at its sole expense and at all times <br /> statutory Workers Compensation Insurance coverage as required under <br /> the laws and regulations of the State of Colorado for all its officers and <br /> employees who perform work for the Company hereunder. <br /> The Company shall purchase,at its sole expense, and shall maintain at <br /> all times the following minimum insurance protection with Lessor <br /> designated as an additional insured providing for written notice to <br /> Lessor thirty (30) days prior to cancellation. Company shall provide <br /> Lessor with a certificate of such insurance annually. <br /> i. Comprehensive General Liability in the amount of$1,000,000 <br /> combined single limit; <br /> ii. Employer's Liability Insurance in the amount of$500,000 each <br /> occurrence; <br /> iii. Automobile Liability Insurance in the amount of$1,000,000 <br /> combined single limit; and <br /> iv. Adequate and reasonable insurance for other risks ordinarily <br /> insured against in similar operations. <br /> The Company agrees that it shall require all contractors and <br /> subcontractors who perform work on the Company's behalf in <br /> connection with the Property to have similar and adequate insurance in <br /> full force and effect. <br /> 8. Title and Other Conditions. <br /> Lessor warrants that Lessor owns the surface estate and the materials <br /> within the Property subject to easements,restrictions and reservations <br /> of record or in use, and Lessor agrees to defend said title against all <br /> adverse claims. If any title defects which adversely affect the <br /> Company's right to mine are not cured within sixty days after notice, <br /> the Company, at its option, may terminate this Lease without any <br /> further obligation to Lessor or,at its option may resolve the adverse <br /> claim and deduct the cost incurred from payments otherwise due <br /> Lessor. <br /> If Lessor own less than one hundred percent(100%)of the Materials <br /> under all or any portion of the Property,then the amounts payable to <br /> Lessor hereunder as Sales Royalties may be reduced in the proportion <br /> that the interest of the Lessor in the Materials bears to one hundred <br /> percent(100%)of the Materials within the Property. <br /> The Company's obligation under this Lease is specifically conditioned <br /> upon the Company obtaining all required permits for mining the <br /> Property, including access to a public roadway on terms reasonably <br /> 6 <br /> Lessor Initials <br /> Lessee Initials <br />