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no vv <br />V~ ~ X27-1995 d a+. ~o .~. <br />: d7AF1 ~ v a <br />"FROt•1 aua n~mu o uc~~~crt ici.u min ipj uuo <br /> P. 3 <br />~- -' i 998 t 2 : 51 PM ~ PETER MARR I S Rl,OY PC 970 679 ~ P, 3 <br />to wmmence it's Operations, iarluding the e.;..+~g and removal of <br />Minerals from the Property. Mixing Places and Permits shall include, <br />but not be limited to, the Mining Plan, and the permits issued by the <br />State of Colorado, Division of MineraL9 and Geology, Mined Land <br />Reclamation Board. Colorado Department of Health and aqy Specisi <br />Use Permits required by Gunnison County, Colorado. <br />TerrQ <br />2.1 The initial term of this Lease Agreement shall be for ten (10) years <br />("Initial Term"). GALLEGOS shall notify owner in writing one <br />hundred eighty (180) days before the ezpiratioa of the initial Term of <br />this Lease Agreement of its desire to renew the Lease on terms and <br />conditions mutually acceptable to the parties, <br />2.2 Owner may terminate this Lease if thirty (80) days have elapsed after <br />written notice to GALLEGOS of GALLEGOS' failure to comply with <br />the terms, conditions sad provisions of this Lease Agreement, if <br />GALLEGOS has not cured the failure to comply within that thirty (30) <br />day period. <br />2.3 This Agreement shall also teztninate at such time as GALLEGOS <br />determines in its Bole discresnoa that it has removed by cvmmerctally <br />reasonable methods all Minerals on the Property. <br />Payments. <br />3.1 Payment by GALLEGOS for this Lease sad Mineral Purchase <br />Agreement shall be made to Ownes for all Minerals removed by <br />GALLEGOS or its agents from the Property (the "Purchase Priee'~, <br />during the Initial Term of this Lease shall be $35.00 per two thousand <br />pound ton ("Saes Rate") <br />3.2 The Base Rate to be paid by Gallegos during any option period shall be <br />negotiated in good festh between the parties at the time GALLEGOS <br />elects to renew the Lease. <br />9.2 On or before the 30th day of each month Chia Agreement is in effect, <br />GALLEGOS shall ply Owner the Purchase Price for all Minerals <br />removed during the previous ealeadar month. <br />3.3 GALLEGOS agrees to mine sad cemove from the Property a minimum <br />of coven hundred, fifty (750) tons of Minerals during the first and each <br />rdtyos.Genao I.aeae and Nu~aal Pu.eAose AC~mnn.t, Page z. aiteiss <br />