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SAND AND GRAVEL LEASE <br /> This -day of'. � 2017 ("Effective Date"). NIACKI:NZIE RANCH LLLP, a <br /> Colorado limited liability limited partnership and ANN M. EMMERSON TRUST (hereinafter <br /> collectively referred to as "Lessor'), and FREMONT PAVING & REDI MIX, INC., a Colorado <br /> Corporation (hereinafter referred to as "Lessee") enter into this lease agreement for the land <br /> described in Exhibit A. The Lessor and Lessee are at times collectively referred to hereinafter as <br /> the "Parties- or individually as the "Party.- This Sand and Gravel Lease shall be referred to <br /> hereinafter as the "Agreement." <br /> Lessor is the owner of that certain real property located in Fremont County. State of <br /> Colorado, consisting of acres more or less, which is legally described in <br /> Exhibits"A"and"B"attached hereto and made a part of this Agreement (the entirety of Lessor's <br /> property is referred to hereinafter as the "Property"). Lessee has previously leased the Propert} <br /> from the Lessor for the purpose of mining sand and gravel. The Parties desire to enter into this <br /> Agreement to allow- for the continuation of the mining of sand and gravel. This Agreement shall <br /> replace and supersede any and all prior lease agreements the Parties entered into for the mining of <br /> sand and gravel at the Property. <br /> NOW TI-11 REFORE, in consideration of the payment of the sum of Five Dollars ($5.00), <br /> the agreements set firth herein.and other good and adequate consideration.including the payment <br /> of royalties by the Lessee as provided herein. the Parties agree as follows: <br /> Terms of the Agreement <br /> 1. PREMISES. Lessor hereby leases to Lessee the Property, as more hilly described <br /> herein on Exhibits "A"and "B"attached hereto and a made a part hereof. <br /> a. The portion of the Property described on Exhibit A is referred herein as Phase <br /> L• <br /> b. The portion of the Property described on Exhibit B is referred to herein as <br /> "Phase If." <br /> c. Lessee shall continue and complete mining of gravel and aggregates located <br /> upon Phase I to the point in time where the "grey rock" suitable for use in <br /> concrete and decorative landscaping has been depleted before starting mining <br /> operations on the Phase II portion of the property. <br /> _'. LEASE AGRI:I:MEN"T "TERN4 The lease shall be for a minimum initial term <br /> of two years and a maximum initial term of ten (10) years from the Effective Date of this <br /> Agreement, as defined above (hereinafter "Initial "Perm"'). The Lessee may terminate this <br /> Agreement any time after the first three (3) years of the Initial "Term if Lessee reasonably <br /> determines in good faith that a sand and gravel operation on the Property is not economically <br /> feasible. Determination of"economicall,.- feasible" shall be at Lessee's sole discretion and upon <br /> written notice thereof, Lessee shall immediately have no further liability hereunder. Without cause <br /> and regardless of the economic feasibility of mining sand and gravel on the Property. the Lessee <br /> may also terminate this lease following completion of three years of the Initial Terni and payment <br /> of the first two years of royalty payments by written notice to Lessor sixty (60) days prior to the <br /> µ,v <br />