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<br />• <br />• <br />• <br />ARTICLE III ~ , <br />' BOYALTY PAYMENTS ' <br />3.1 Annual Minimum Rovalty. Upon the execution of.this ' <br />Lease, Lessee has paid Lessor as a.Minimum Royalty payment <br />the gum Of TEN DOLLARS_____________________~~~_______________,' and,. <br />thereafter, so long as this Lease may remain in force and . <br />effect on each anniversary date of the execution of this .~ <br />Lease (the "Anniversary Date"). Lessee shall paY Lessor an <br />'iAnnual Minimum Royalty" payment of <br />i 3.2 Production Rovalty. Upon the commencement of <br />production of Coal under this Lease, and for the entire term <br />of this Lease thereafter, Lessee shall pay Lessor a .. <br />production royalty (the "Production Royalty") of. seventy <br />percent (70X) of all proceeds, of whatever nature and kind, <br />received by Lessee's as a consequence of any sub-lease, ~. <br />assignment or sale of their rights in this Lease or their <br />rights to the minerals sub,)ect to this Lease. A copy of such <br />contract shall be provided to Lessor prior to its execution <br />by Lessee. • <br />3.3 Reeounment. In determining the amount of the <br />Production Royalty due from Lessee in any year, Lessee`shall.. <br />be entitled to.tako credit for any Annual Minimum Royalty. . <br />payments made he;sunder against the Production Royalty earned <br />by Lessor, and no such Production Royalty shall be payable . <br />until the full amount of such credit cumulated Prom year..~to:.;.• <br />., :.: <br />year has been exhausted. ~. !' ` <br />3.4 Payments. During the term oP this Lease the <br />Production Royalt s all be paid to Lessor <br />3.5 Valuation. All payments of the Production Royalty. ';~.',,'.,,. <br />shall be accompanied Ly weight certificates and Settlement .' - , <br />,. ~ . <br />sheets. .Lessor shall have the right,. at all reasonable times~,,_.r;`:• <br />and at Lessor's expense, to have inspected, monitored and',i:`'.'•,~', ~', <br />proved any devices of measurement or.assay used by Lessee..:'•;.~:'•:;i::•',:' , <br />If Lessor and'Lessee are unable to agree upon anY.particul,ar:; ~~~ ". <br />