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permitted by any temporary or permanent permits, and in conformance with applicable laws <br />and regulations. <br />(b) During the Option Tenn, LESSEE sha116ave the right to perform such testa, <br />inquiries and other due diligence as LESSEE shall deem necessary or desirable in order to <br />determine ifthe Leased Premises, and the Leased Substances situate thereunder, are adequate <br />for LESSEE'S intended muting operations. During the Option Term, LESSEE shall have the <br />right to apply for and process such permit and other applications as may be necessary, and <br />on terms and conditions acceptable to LESSEE, in LESSEE'S sole discnMion, to agow <br />LESSEE to conduct mining operations and ancillary activities on the Leased Premises. <br />LESSOR agrees to provide LESSEE with all n~sonable cooperation in the submission and <br />processing of such applications and pemrits as may be requested by LESSEE; provided that <br />all such cooperation shall beat the sole cost and expense of LESSEE. <br />(c) At any time during the Option Tenn, the LESSEE may exerci~ the Option <br />herein granted to lease the Leased Premises upon the terms herein stated. - <br />(d) The LESSEE shall exercise the Option by giving LESSOR written notice of :. <br />its election. <br />(e) Upon giving such notice of election (tho "Exercise Date'7, the lease terms of .# r~ <br />this Agreement shall be in full Coree and effect. <br />(f) Prior to the LESSEE'S exercise of the Option, LESSEE shall have no <br />obli gations or other liability nnder this Agreement with respect to the Leased Premises unless <br />LESSEE shall commence mining operations, in which event LESSEE shall comply with the <br />terms and conditions of this Agreement applicable to LESSEE'S conduct of such activities. <br />(g) In the event that LESSEE shall not exercise the Option prior to the expiration ' <br />of the Option Term, then the Option shall expire and be of no further:force or pl)'ect; and ; ~ ~i, ~' <br />FORTY THOUSAND DOLLARS (E40,t100.00)oft}ie Option Payment shall be retumad bj% ~ ~ Y. z <br />LESSOR to LESSEE within Five (5) business days following the expiration of the Optron -~ ~ ~ F~ * t', <br /> <br />Term. The remaining amount of the Option Payment.shatl be retained by the LESSOR iri ~ :< <br />, _~ <~ »~k s <br />considerationofthegrantoftheOptiontoLESSEE. IftheOptionisnotexercisod,LESSEE ~ "` <br />shall repair any damage to the Leased Premises cattsed by or at the request of LESSEE and ' 4 <br />shall restore the Leased Premises to the condition it was in prior to the date of this Lease <br />Agreement, excepting the removal of piles of Leased Materials. ~'~ <br />(h) Upon exercise of the Option, the entire Option Payment shall be deemed ` `" " <br />~ <br />Prepaid Minimum Annual Royalty. ~ v <br />~~ - <br /> x <br />k ~~ <br /> <br /> <br /> pr. <br /> fi .n <br />