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• <br />MINING LEASE <br />C~ <br />,,'1 ~~ THIS AGREEMENT OF LEASE, made and entered into this <br />ij~ / day of February, 1987, by and between J. E. LIONELLE of <br />Salida, Colorado, (hereinafter called "Lessor") and BILL TEZAK <br />and COLORADO QUARRIES, INC., (hereinafter called the "Lessees"): <br />WITNESSETH: <br />That the Lessor for and in consideration of the <br />royalites hereinafter reserved and the covenants and agreements <br />hereinafter expressed, and by the Lessee to be kept and <br />performed, hereby leases, demises and lets to the Lessee the <br />whole of the mining properties owned by Lessor, or in which <br />Lessor has an interest situated in the County of Chaffee, State <br />of Colorado as is set forth on Exhibit "A" which is attached <br />hereto and by this reference incorporated herein. <br />To have and to hold the premises described on Exhibit <br />"A" and appurtenances unto Lessee for a Lerm of thirty l30) years <br />commencing the 1st day of March, 1987 and expiring on the last of <br />February, 2017, unless sooner forfeited and terminated as <br />hereinafter provided. <br />Now, therefore, in consideration of the mutual <br />covenants and agreements herein contained, the parties hereto <br />agree as follows: <br />1. Lessees are leasing the premises described on <br />Exhibit "A" for the main purpose of extracting marble ore from <br />the premises. The royalty payment's set forth herein are for <br />marble ore. Should Lessees wish to develop, mine and sell other <br />ore from the property, Lessor and Lessees wiii determine royalty <br />for such ore by good faith negotiations. <br />2. Lessees shall enter upon said premises and work the <br />same in a good and minerlike manner so as to mine the greatest <br />amount of ore possible with due regard to the development and <br />preservation of the demised premises as a workable mine. <br />3. Lessees agree to pay to the Lessor the minimum <br />royalty as is set forth in Schedule "B" which is attached hereto <br />and by this reference incorporated herein. For that minimum <br />royalty set forth on Exhibit "B", Lessees may remove from the <br />premises the number of tons as specified under the column <br />denominated "tonnage available". For any amounts greater than <br />that which are removed from the premises, Lessees shall pay to <br />the Lessor the per ton amount as is set forth in said Exhibit <br />"B". The intent of this lease that Lessees shall make an advance <br />minimum royalty payment which allow removal from the premises of <br />that number of tons specified in Exhibit "B". For additional <br />tons removed, Lessee shall pay to Lessor 'the,.additional royalty <br />per ton as is specified in said exhibit. <br />~~ /X\\/ V <br />l <br />~i <br />