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Lease Agreement
<br /> Mineral Estate of Sand, Rock and Gravel
<br /> THIS LEASE AGREEMENT, including specifically for the purposes of quarrying, mining, removing, crushing,
<br /> Processing, asphalt production, concrete batch plant, and marketing of all sand, gravel, rock, dirt, soil, and fill
<br /> material, egress, ingress, maintenance, repair, utilities, and all other uses of the Premises as normally
<br /> associated with a gravel pit or rock quarry is entered into this Iday of /eatira between
<br /> Pickering Family LLC, a Colorado Limited Liability Company, ("Landlord"), and Flintstone Gravel Pit Inc., a
<br /> Colorado Corporation, and assigns ("Tenant")("Lease Agreement").
<br /> RECITALS
<br /> WHEREAS, the property which is the subject of the Lease Agreement is owned by Pickering Family LLC,
<br /> a Colorado Limited Liability Company.
<br /> WHEREAS, Tenant, is in the business of excavation, mining and quarrying of gravel, sand and rock for
<br /> the purpose of marketing said mined material.
<br /> WITNESSETH
<br /> In mutual exchange of consideration the parties agree to the following terms and conditions of the Lease
<br /> Agreement. The Landlord, does hereby let and lease to said Tenant, the following described property,to wit:
<br /> As described in Exhibit A, attached and made a part of this Lease Agreement is herein
<br /> to be referred to as the Premises.
<br /> The initial term of the Lease Agreement shall begin January 3, 2022 and continue for ten (10) years.
<br /> Should the Tenant fail to obtain the permits by December 1,2022 this lease shall become null and void. Tenant
<br /> shall have the option to extend the term of the Lease Agreement for two (2) additional five (5)year terms upon
<br /> written notice sent to the Landlord at least thirty (30) days prior to the term then in effect. Any extensions so
<br /> made shall be upon the same terms and conditions as contained herein. Any sale of the Premises shall be
<br /> subject to the terms of this Lease Agreement. If in the event, for any reason Tenant defaults under the terms of
<br /> this Lease Agreement any permits and approval obtained by Tenant shall revert to Landlord.
<br /> 1. Landlord covenants that on performing the covenants contained in this Lease Agreement, Tenant shall
<br /> peacefully and quietly have, hold, and enjoy the demised Premises, for the use of the Premises for quarrying,
<br /> mining, removing, crushing, processing of mined materials, asphalt production, concrete batch plant,
<br /> concrete production, and marketing of all sand, gravel, rock, dirt, soil, and fill material, ingress and egress to
<br /> and from the Premises and easements for utilities for permitted activities upon the Premises. The
<br /> location of the permitted area to be mined shall be approved by the Landlord before any permits or
<br /> amendments to any permits are applied for which approval shall not be unreasonably withheld. All of the above
<br /> activities to be conducted pursuant to Tenant's permits and by the authority of the said permits issued by the
<br /> Colorado or Grand County governments. Any bond(s) required by such permits shall be at the sole expense of
<br /> Tenant. All top soil to be stored upon the Premises for reclamation and not to be sold as product of the
<br /> Intended operations herein.
<br /> 2. The Tenant agrees to pay the Landlord a rent Royalties and base rent in the following manner. Tenant
<br /> shall pay Landlord during the term of this Lease Agreement, with adjustment to be made a provided below
<br /> $1.05 (one dollar and five cents)for each tome of material, sand, gravel or rock mined or quarried and
<br /> removed from the Premises.
<br /> a. On January 1 st, 2022 and each year thereafter, during the term of this Lease Agreement and JY�G if
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