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:~: <br />,~ <br />GRAVEL, SAND, AND LIMESTONE LEASE <br />THIS AGREEMENT, made and entered into this ? 9 -'~' day of <br />F7ec.eM d Pr , 2003, by and between H. BARYON MENDENHALL of <br />the County of Otero and State of Colorado, hereinafter called "Lessor", and the <br />BOARD OF COUNTY COMMISSIONERS OF OTERO COUNTY, <br />COLORADO, hereinafter called "Lessee", <br />WITNESSETH: <br />Lessor, for and in consideration of the mutual promises hereinafter contained <br />on the part of Lessee to be paid, kept, and performed, has granted, demised, leased, <br />and does by these presents grant, demise, lease, and let exclusively unto the Lessee, <br />for the sole and only purpose of removal and operating for and mazketing of such <br />quantities of limestone, sand, and gravel as may be found in and on all that certain <br />tract of land situated in the County of Otero, State of Colorado, described as follows, <br />to-wit: <br />Certain portions of Section9s~32 and 33, located in Township 23 South <br />of Range 57 West of the 6"' P.M., as more particulazly set forth on the <br />plat which is attached hereto, marked as Exhibit "A" and hereby <br />incorporated by reference. <br />TERM. The term of this lease shall be for a period of twenty (20) yeazs <br />commencing Qe~...~er 29r ~naS ,and expiring on Dp~g...6er29 102 Q• <br />MINIMUM ROYALTY. The Lessee hereby agrees to pay a minimum <br />royalty of $2,000.00 per yeaz during each year of this lease. The minimum royalty <br />payment shall be paid on or before January 30th of each year for the year to which the <br />minimum royalty applies. <br />PAYMENT. The Lessee hereby agrees to pay to Lessor fifty cents ($.50) per <br />ton for all materials, including, but not limited to, limestone, sand, and gravel <br />removed from the premises by Lessee. The parties reserve the right to renegotiate the <br />price per ton of materials removed during the third, sixth, ninth, twelfth, fifteenth, and <br />eighteenth years of this lease. Any such modification shall be in writing signed by all <br />parties hereto. Said renegotiation shall be accomplished within sixty (60) days of the <br />anniversary of this lease, or this lease shall be terminated and at an end. <br />REVEGETATION. Once the mining is complete and this Lease is <br />terminated, the Lessee will use its best efforts to revegetate the land as set forth in the <br />mining permit and as required by the Colorado Mined Land Reclamation Act. The <br />Lessee will not be responsible for lease payments during the revegetation period as <br />