Laserfiche WebLink
<br />THIS AGREEMENT is made and entered into this 1st day of January, <br />1991, by and between GRASSY CREEK COAL COMPANY, a Colorado <br />corporation (herein called "Lessor"), and SUN COAL COMPANY, INC., <br />a Colorado corporation (herein called "Lessee"). <br />W I T N E S S E T H: <br />WHEREAS, Lessor and Lessee entered into a Coal Lease and an <br />Ancillary Agreement, both dated October 18, 1976; and <br />WHEREAS, said Coal Lease and Ancillary Agreement have been <br />previously amended from time to time, most recently by and <br />Agreement dated December 19, 1985; and <br />WHEREAS, Lessor and Lessee wish to enter into this Agreement <br />for the purpose of further amending the Coal Lease and the <br />Ancillary Agreement. <br />NOW, THEREFORE, for and good and valuable consideration, <br />Lessor and Lessee agree as follows: <br />1. Notwithstanding the provisions of Article 3 of the Coal <br />• Lease, the Coal Lease will terminate on December 31, 1993, and <br />neither Lessor nor Lessee will have a right to terminate the coal <br />Lease before that date or extend it beyond that date. The <br />guaranteed advance annual minimum royalty will be $25,000 per year <br />(payable on January 31, 1991, January 15, 1992, and January 15, <br />1993), rather than the amounts set forth in the Ancillary <br />Agreement. However, in the event that Lessee or any successor or <br />assignee of Lessee hereafter mines coal in commercial quantities <br />from.the leased premises, then effective the next January 15, the <br />advance annual minimum royalty payments shall be as set forth in <br />Article 2 of the Ancillary Agreement, rather than as set forth <br />above. <br />2. Notwithstanding the provisions of Article 18 of the Coal <br />Lease, Lessee will not have the duty to pay the ad valorem taxes on <br />the land subject to the Coal Lease for 1991, 1992 or 1993. <br />3. Notwithstanding the last sentence of Article 15 of the <br />Coal Lease, Lessee shall after the December 31, 1993 termination <br />date of the Coal Lease have th_e right of access to..the._.premises. <br />which were under the Coal Lease for_the_purpose of..perf.orming:-such <br />reclamation duties as are necessary or appropriate, such right of <br />access to continue until Lessee has secured release of its <br />reclamation bond. <br />4. Except as set forth above, the terms of the Coal Lease.as <br />. amended and the Ancillary Agreement as amended remain the same and <br />33 fA CiQEV 71q~) <br />