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amount of Advance Annual Payment due to LESSOR shall be prorated to the date of termination. (c) LESSEE shallpay LESSOR, aroyalty ("Royalty")of FIFTY CENTS ($0.50) for each TON (2,000 pounds) of Leased Substances shipped firm the Property during the Option Term or until such earlier or later time es a crushing permit has been duly issued by Summit County and crushed Leased Materials are actually sold and shipped from the Leased Premises, after which LESSEE shall pay LESSOR, a royalty ("Royalty") ofONS DOLLAR ($1.00) foreachTON (2,000pounds) ofLeased Substancesshippedfrom the Propertyduring the Primary Term of this Agreement. During the first and second Renewal Periods, ttte Royalty shall be renegotiated by the parties hereto to reelect the then-applicable competitive market rates for Leased Substances in the Summit County, Colorado market; provided that such adjustment shall in no event be less that the Royalty rate in ell'ect at the end of ~1-e Primary Term nor more titan an amount equal the Royalty in effect, as of the Exercise Date . increased by the same amount as the Increase in the U.S. Department of Labor Producer ~ ~ •' . _ ~ Price Index for Rocky Mountain Region'Conshvc""koa'R%faterials frolic the ;Exercise Dgte'to ~ ~"-_ a date which is three (3) months prior to the date that such adjustment is to be made.. ' (d) „The Royalty payments due to LESSOR under paragraph (c) above shall be " :.„ ~ computed on a calendar quarter basis and shall be due and payable within Twenty(20) days " , r ~"~.~- ,~"` '"~` ~ from the end of each calendar quarterduringthe-1?rirrtary Tein- and any Renewal Periods of , '~'" -~~ k ¢' k this Agreement. 1 ~, (e) The Advance Annual Payment due and paid by LESSEE shall be credited . , against the quarterly Royalty payments due to LESSOR for the Option Term and any:lease year. Any excess Advance Annual Payment remaining after application to,a~l Royalty payments shall be credited toward the Royalty eemed during the next lease year, and may be carried forward. At the end of the Lease, whether by termination or otherwise, any part, rx r='- of the Advance Annual Payment that has been receivod,-but is still unearned, shall be ~~,` retained by LESS01t. ~ ~ ~ ''_ ~ ~~ ,~, -~ ~ ~ ~_~;," - .. .~ ., Ff ~ r ",P .'dt9'~v (fl e ' Aay and all giiyments made. by LESSEE. to LESSOR pursuant to dus` ~ $v ; ~~ A reement shall be made to LESSOR at the address first above set forth. ~ `' ~``{' ~-;: 6. ~~mnutation of Ro ties - $ecords: " ' E~., 2 ,_ (a) RoyaltiesshallbecomputedoathebasisofthequantityofLeasedSubstancee~ '' °~~' shipped from the Property during each calepdar'quarter. - ~ ~ ~`' ~ ~ ~°`,e~~a~ ~- - ~ - .'' ~ r ~~, (ls) The total quantity of Leases Substances shipped shall `be detenntnal ~"x,,.. ~ rs„< according to truck or front end loader bucket scale tickets and batch plant weightticke ' scales to be installed by LESSEE. In the event LESSOR disputes ai: to the accuracy"r weights, LESSOR may employ:a licensed engineer, at LESSOR'S own expense;:tg.tiu test or inspection deemed necessary to detennim the accuracy of the weigtits. 'LESS] ~.09l0612002 ~ L.CL Evart / Rock ldanil I.nd C.o . - ,Option md~l.enc Ayceimcnt _ ~ si rq i i `