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X00 D ELL ~ <br />BROTHERS I]~IC. <br />Ct}nt}-c},~}r,rs ~ . <br />. ._ -. _._._..._.__... _._._...------- - ~•- h <br />- sox ~~ <br />EATON. COLORADO soars <br />PHONF, asa-3399 <br />Page 3 <br />CONTRACT FOR PURCHASE AND SALE OF GRAVEL <br />_ HERMAN D. AND DORTHY JUNE FEIT AND DONALD E. AND MILDRED FEIT <br />AND COODELL BROTHERS, INC. <br />OPTIONOR hereby coarrants that he has good title to the above described <br />premises; that he has the lawful right to grant this Contract, and that <br />he agrees to hold OPTIONEE harmless from any and all claims from others <br />asserting any interest in the subject land. <br />For a term beginning from the date of this Agreement until <br />OPTIONEE shall have t}~e exclusive right to remove, process and e:ctract <br />the rock, gravel and other material from the premises provided, }iowever, <br />that such exclusive right may be terminated by OPTIONOR if the provisions <br />for payment of the annual payment and for the material is not made as <br />hereinafter specified. <br />• OPTIONEE shall pay to OPTIONOA the sum of two thousand doll~irs <br />annually from the date of this Agreement. It is understood by <br />both Parties that one thousand dollars ($1,000.00) of the tc,~o <br />thousand dollar ($2,000.00)annual payment shall be applied t:o <br />any royalty payments due OPTIONOR during that year and deducted <br />at the following royalty rates. These same rates shall be used for <br />basis of payments due OPTIONOR for material removed: <br />(a) Sand and Gravel at twenty cents ($0.20) per ton for the <br />• first 20,000 ton removed annually from the date of this <br />Agreement. <br />(b) Sand and Gravel at fifteen cents (0.15) per ton for each <br />ton removed over 20,000 ton annually from the date of this <br />Agreement. <br />(c) Common Borrow at fifteen cents ($0.15) per cubic yard <br />• <br />