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<br /> <br />C. The right to grant rights-0f--way over said premises for pipelines, roads, rallroads, power, <br />telegraph, telephone, ditches, and canal lines. or any other lawful purpose, or leaze the <br />above~escribed lands for arty other purpose than the one specified therein, which such grants or <br />leases shall be so made az not to interfere with the operation of this lease, and so az to require the <br />grantees of such rights to assume all risk resulting therefrom. <br />D. All rights and privileges of every kind and nature not herein expressly granted. <br />TO HAVE AND TO HOLD The above-0escribed premises, with the appurtenances, unto Lessee and the <br />heirs, assigns, successors or legal representatives of Lessee, from 12:00 Noon on the _~ day of <br />7anuarv .. 1994 . for the term of five (~) years, until 12:00 Noon on the 19}]L day of Ianuarv , Jam. <br />Any extension shall be negotiated within sixty (60) days prior to the termination date herein. Lessor reserves the <br />right not to renew this lease. <br />1. ROYALTY -Lessor reserves az royalty, and Lessee agrees to pay to Lessor on or before the lazt day <br />of each calendar month following the month of production, S ~~ per ton of 2000,7, or S 0.50 per <br />cubic yard, or N/A 96 of the gross sale.price at the first point of sale, whichever is greater. <br />Within sixty days prior to the termination of each and every five-year period for so long az this <br />lease remains in effect, Lessor may reappraise the property herein leased and fix and determine the rate <br />of production royalty to be paid during each year of the succeeding five-year period. Failure to comply <br />with any new royalty rate set by Lessor may subject this lease to cancellation by thirty-0ay written notice <br />by Lessor. <br />2. ADVANCE MINIMUM ROYALTY - As minimum and advance royalty, without relation to the amount <br />of material mined from the leazed premises, Lessee shall pay annually in advance to Lessor the following <br />amounts: <br />LEASE YEAR AMR LEASE YEAR AMR <br />1994 -0- <br />1995 -8- <br />1996 -0- <br />1997 ~ <br />1995 ~ <br />Royalty due for material produced from said premises shall be credited against such advance minimum <br />royalty until the total sum is equal to the advance minimum royalty previously paid to the State, at which <br />time a regular monthly royalty will be due and payable az herein provided. >n the event Lessee does not <br />extract minerals from the leased premises during the leaze term or any term so agreed to by Lessor, the <br />minimum amounts above paid to the State will be forfeited. <br />Acreage changes resulting from surrender or partial assignment may reduce the advance minimum royalty <br />proportionately. Further, at the end of each five-year period, commencing from the original lease date, <br />Lessor may reazonably change the raze or amount of advance minimum royalty to be paid by Lessee. <br />In case of assignment of this lease, all advance minimum royalty paid to the State shall be carried forward <br />and credited to the new azsignee. <br />Page ~ of ~ <br />