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ceases to conduct Gravel Pit Operations for 180 days out of any 210 consecutive day period(other than due
<br /> to force majeure types of events,which would be outside of any reasonable operator's reasonable control,
<br /> or due to BV having previously achieved the 70,000 ton per year limit allowable under the Permit), this
<br /> Lease may be terminated by written notice from Trust to BV. As used herein, "Gravel Pit Operations"
<br /> shall include all activities relating to: (i)obtaining the necessary permits to quarry, market, mine, process,
<br /> remove and sell the Materials ("Permitting"); and (ii) storing, stockpiling, processing and selling the
<br /> Materials, to the extent permitted by applicable laws. BV shall continue to be liable to Trust after
<br /> termination ofthis Lease for the performance of all obligations and satisfaction of all liabilities that accrued
<br /> prior to such termination, including,but not limited to(i)payment of the Rent(as defined under paragraph
<br /> 5 below)that accrued prior to termination,(ii)compliance with all laws,regulations and permit conditions
<br /> applicable to the Quarry and operations hereunder, including, but not limited to, all reclamation,
<br /> environmental and land use laws,regulations and permit conditions,and(iii)the indemnification obligation
<br /> set forth in this Lease.
<br /> 4. Use. BV shall use the Quarry for the sole purposes of quarrying, mining, removing, processing,
<br /> stockpiling,marketing and selling rock,aggregate,and sand(collectively,the"Materials"). BV shall at all
<br /> times during the Term of this Lease operate the Quarry in a good and proper manner and in compliance
<br /> with all applicable laws and regulations and with all applicable permits. BV agrees that it will not conduct,
<br /> nor allow any affiliate(s), customer(s), authorized agent(s) and/or client(s) to conduct, mining operations
<br /> on the Quarry before 7:00 a.m.or after 6:00 p.m.Monday through Friday or on Saturdays or Sunday,unless
<br /> otherwise agreed to in writing by Trust in its sole discretion.
<br /> 5. Rent. As rent for the leasing of the Quarry by Trust and designation of BV as Operator under the
<br /> Permit,BV agrees to pay to Trust an amount equal to eight percent(8%)of all revenue generated from the
<br /> sale of the Materials from the Quarry each month.Trust and BV agree that such Rent shall not be less than
<br /> Fifteen Thousand and No/100 Dollars($15,000.00)per quarter on a cumulative basis(e.g.,if BV pays Trust
<br /> $25,000.00 in the first quarter of a year, BV's payment to Trust in the second quarter of that year shall not
<br /> be less than $5,000.00(i.e., for a total of not less than $30,000.00 in such first two quarters)) during the
<br /> Term(provided, however,such$15,000.00 per quarter minimum shall be reduced proportionately for any
<br /> partial lease quarter(e.g., in the event this Lease is terminated) and for any portion of a lease quarter in
<br /> which BV is unable to operate due to force majeure types of events which would be outside of any
<br /> reasonable operator's reasonable control)(the "Rent"). The first payment of Rent shall be made to Trust
<br /> no later than three(3)months from the Effective Date. Within fifteen(15)days after the end of each quarter
<br /> thereafter(being a three-month period), BV will (i) submit to Trust a reasonably detailed statement (the
<br /> "Quarterly Statement") of the types and amounts of Materials sold in the immediately preceding quarter,
<br /> the revenue generated from such sales, and the amount of Rent due to Trust based on such sales, and (ii)
<br /> pay the amount of Rent due to Trust. If, at the end of any quarter during the Term, BV has not paid the
<br /> minimum amount of Rent(on a cumulative basis) provided for above during such quarter, within fifteen
<br /> (15) days after the end of such quarter, BV will pay the remaining amount owed to Trust to meet BV's
<br /> minimum rental obligation for that quarter(on a cumulative basis). If BV fails to make any payment when
<br /> due, BV shall pay interest thereon at the rate of fifteen percent(15%) per annum until paid. Trust shall at
<br /> all times have reasonable access to BV's books and records with respect to the operation of the Quarry(and
<br /> related sales), including to documents filed with applicable governmental authorities, to verify the
<br /> information contained in BV's Quarterly Statements. BV and Trust agree that at the expiration or earlier
<br /> termination of the Term of this Lease, if there are Materials which have been mined by BV, but not yet
<br /> sold, BV shall have a period of not more than six(6)months after the expiration or earlier termination of
<br /> the Term to sell such Materials,and any remaining stockpiled Material on the Quarry at the end of such six
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