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SAND, GRAVEL AND AGGREGATE MINING LEASE <br /> This Sand, Gravel and Aggregate Mining Lease ("Lease") is made as of the 1 st day <br /> of May 2002 by and between Reuben Bernhardt, Hester P. Bernhardt, David L. Bernhardt <br /> and Timothy A. Bernhardt, 12281 Colorado State Highway 60, Milliken, Colorado 80543 <br /> ("Landlord") and Hall-Irwin Corporation, 3026 4th Avenue, P. 0. Box 2150, Greeley, <br /> Colorado, 80632 ("Tenant"). <br /> RECITALS <br /> A. Landlord owns the property described on Exhibit A attached hereto(hereafter known <br /> as the "Property"). <br /> B. Tenant seeks to permit the Property as a sand, gravel and aggregate mine and, if <br /> successful in its permitting activities,to conduct sand,gravel and aggregate mining operations <br /> thereon. <br /> NOW, THEREFORE, in consideration of the mutual promises and covenants <br /> contained herein,Landlord hereby leases to Tenant the Property for the purposes of operating <br /> a sand, gravel, and aggregate mine. <br /> 1. Incorporation of Background Statements by Reference. All of the recitals are <br /> incorporated herein by reference and made a part of this Lease. <br /> 2. Minerals and Other Materials to be Mined. Tenant shall have the right, but not <br /> the obligation, to remove overburden, sand, gravel and aggregate from the Property. Under <br /> no circumstances will Tenant be obligated to remove the overburden, sand, gravel, and <br /> aggregate if it would be, in Tenant's sole judgment, unprofitable or uneconomical to do so. <br /> As construed in this Lease the term"overburden"shall mean all dirt,topsoil and other natural <br /> material situated on the surface of the Property and overlaying the deposits of sand, gravel <br /> and aggregate. <br /> 3. Term. This Lease is effective as of the date first above written. The term of this <br /> Lease shall be ten (10) years from the date first above written and so long thereafter as <br /> production of sand, gravel and aggregate occurs in commercial quantities. The term <br /> "commercial quantities" shall mean the production and removal by Tenant of not less than <br /> 50,000 short tons (2,000 pounds) of sand, gravel and aggregate per lease year from the <br /> Property. <br /> Page 1 of 9 pages <br />