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<br /> <br />are computed at the rate of Sixty-Five Cents ($.65) per <br />ton for each ton of rock, sand and gravel actually removed <br />from the Property. T he minimum tonnage payments shall <br />be payable as follows: <br />(i) $4,000.00 shall be payable at such time <br />as C b C Sand obtains a quarry permit or upon April <br />1, 1985, whichever first occurs. <br />(ii) The remaining $48,000.00 shall be payable <br />in minimum monthly payments of $1,333.33 commencing <br />thirty (30) days from the due date of the $4,000.00 <br />payment made pursuant to the preceding subparagraph <br />(i) and continuing thereafter on the same day of <br />each and every month until the entire remaining sum <br />of $48,000.00 has been paid. The payments pursuant <br />to this subparagraph are intended as minimum monthly <br />payments regardless of the tonnage of rock, sand <br />and gravel removed from the Property. <br />(iii) As the initial payment of $4,000.00 is <br />made and upon the making of each of the minimum monthly <br />payments, credits shall be established for C b C <br />Sand permitting C & C Sand to cemove rock, sand and <br />gravel from the Property to the extent of the payments <br />previously made, which credit shall be established <br />at the rate of $.65 per ton. 1n the event that no <br />more prodL_t is removed than the existing credits, <br />-3- <br />