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<br />1 <br />1 <br /> L E A S E <br />1 <br /> THIS LEASE AGREEMENT, made and entered into this <br />' 16th day of July, 1980 by and between United Sand and Gravel <br /> Company, A Colorado Corporation, hereinafter referred to as <br />' "United" and John D. and Etta J. Hill, hereinafter referred <br /> to as "Hill". <br />t WITNESSETH: <br />Hill hereby leases unto United the following de- <br />' scribed land, situated in the County of Mesa, State of Colo- <br />rado, to-wit: <br />Land owned by Hill in the DeBeque area and 3e- <br />' scribed in the following tax parcel numbers, <br />2671-084-00-045, 7.671-092-00-041, 2671-092-00- <br />' ~ 063 and 2671-084-00-0052 containing approximate- <br />ly 93 acres. <br />' for a period of ten (10) years, commencing August 1, 1980, <br />and continuing until August 1, 1990, for the purpose of ex- <br />' traction of sand, gravel and top soil, at a royalty rate of <br />s per ton. Said royalties shall be annually adjusted <br />on the 1st day of August each year, commencing on August 1, <br />' 1981 and shall be adjusted proportionally with the National <br />inflation rate for the proceeding twelve months. Said royal- <br />, ties shall be paid semi-annually on the 1st day of August and <br />the 1st day of March. The first payment of royalty shall be <br /> <br />