Laserfiche WebLink
<br />-z- <br />5. The "Royalty" payment shall be in the amount of twenty- <br />five cents ($0.25) per ton for each and every ton of. aggregate <br />removed and marketed from the premises, with payment to be made <br />on the 20th day of the month following the removal from said <br />premises. Within ten days from the date of approval of the <br />"Permit Application" by the COLORADO MINED LAND RECLAMATION <br />BOARD, a minimum annual royalty payment will be made to the <br />Lessor, in the amount of two thousand four hundred dollars <br />($2,400.00), which shall represent a prepayment of royalties. <br />This minimum annual royalty payment shall be made each year <br />during the term of this Agreement, under the same conditions. <br />6. The right and privilege of the Lessee to mine and remove <br />the aggregate therefrom shall be exclusive in the sense that <br />the Lessor will not grant said rights and privileges to any- <br />one else during the term of this Agreement or any renewals <br />thereof. <br />7. The Lessee is hereby given the right, option and privilege <br />to renew this Agreement upon the same terms and conditions, <br />contained herein, for three (3) additional terms of five (5) <br />years from the expiration of the original term hereof, upon <br />giving written notice to the Lessor prior to the expiration of <br />the original or renewal terms hereof. <br />8. The Lessor covenants and agrees that they are the sole <br />owners and have good title to the demised premises and covenants <br />to defend title to said property and hold Lessee harmless against <br />the claims of all persons whosoever during the terms of this <br />Agreement and agrees that if at any time Lessor should fail to <br />pay any mortgage, loan deed, taxes or other lien upon rile de- <br />mised premises, Lessee shall have the right to pay such lien <br />or other charge and that such payment shall subrogate Lessee <br />to the rights of the holder thereof. Lessor further agrees that <br />all such payments may be deducted from any royalty thereafter <br />payable to Lessor. Lessor further warrants that Lessee shall <br />have peaceable and quiet possession thereof as provided herein. <br />EXH.Z6.zT O <br />