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t <br /> i <br /> the term"Minerals" does not include coal, oil shale, oil and gas, methane, bentonite, sand and <br /> gravel or rock crushed for aggregate. i <br /> 2. Production Royalty. Under the Lease,Tallahassee is obligated to pay a production <br /> royalty to Lack,as set forth in the Lease. <br /> 3. Term of Lease. The term of the Lease ("Zcrin <br /> 21 shall continue in full force and <br /> effect for a period of ten (10) years from May 1, 2023. If Tallahassee commences mining <br /> operations within the initial ten-year term of this agreement,it has the right to extend.the Lease for <br /> so long thereafter as commercial quantities of Minerals are mined and marketed or minerals, <br /> concentrates or products are being produced from any processing facilities,or such later date as <br /> agreed in writing between Lack and Tallahassee,in consideration for an annual payment and by <br /> complying with all other applicable terms and conditions under the Lease. <br /> 4. Assignment. <br /> 3 <br /> 3 (a) By Tallahassee. Tallahassee has the right to assign the Lease in whole or in <br /> part at any time during the term thereof only with the prior written consent of Lack,which consent <br /> shall not be unreasonably withheld. No such consent is required. (i) for an assignment by <br /> Tallahassee to an affiliate or subsidiary, (h) in connection with a merger or reorganization <br /> i involving Tallahassee(including a change of control of Tallahassee or its direct or indirect parent <br /> companies);(iii)in connection with a We by Tallahassee of all or substantially all of its assets;or <br /> (iv) in connection with a pledge by Tallahassee of its interest in this Agreement for financing <br /> purposes. <br /> (b) By Lank. Lack may assign its interest in the Lease in whole or in part; <br /> provided that such assignment is in connection with a We of the Property by Owner to the same <br /> assignee, and provided further that its assignee shall fast execute and deliver to Tallahassee a <br /> written assumption of hack's obligations under the Lease, effective as to all Lack's rights and <br /> obligations under the Lease otherwise accruing from and after the effective date of such <br /> assignment. <br /> 5. Inurement Subject to the provisions of Section 4 above,the Lease is,and shall be, <br /> a covenant running with the Property and binding upon the parties, their respective agents, <br /> representatives, contractors, consultants, heirs, devisees, administrators, legal representatives, <br /> successors and assigns. <br /> 6. Relationship of Parties. The relationship of the parties hereto is contractual only. <br /> Neither this Short Form nor the Lease,nor any related documents to which Tallahassee and Lack <br /> are parties creates a joint venture,partnership,agency relationship or fiduciary duty,and no joint <br /> venture, partnership, agency relationship or fiduciary duty shall be deemed to exist, between <br /> Tallahassee and Lack. <br /> 7. Execution. This Short Form may be executed m multiple counterparts and,when <br /> counterparts of this Short Form have been executed and delivered by the parties hereto,this Short <br /> Form ahall be fully binding and effective,just as if all of the parties hereto have executed and <br /> delivered a single counterpart horeof. <br /> 2 <br />