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<br />'• eonn44o F.u;F 179 <br />3. Royalties. In consideration of the granting <br />of this lease, Grace shall pay Christy a minimum monthly <br />royalty of 5100 during the term of this lease, payable on or <br />before the fifth day of each month, to Christy's account at <br />First National Bank of Pueblo, Colorado 81002. On coal <br />mined, removed and sold under this lease, Grace shall pay <br />Christy a production royalty of 5.25 per ton of coal as sold, <br />or Sy, of the selling price of such coal, whichever is greater; <br />provided, however, that the 5100 minimum monthly royalty <br />payments shall be recoverable out of any production royalties <br />payable to Christy hereunder after first deducting any tax <br />which Christy is required to pay on the production royalty <br />received by hi~ Any production royalties due Christy shall <br />be payable quarterly and within thirty days after the end of <br />the quarter in which the coal was mined, removed and sold. <br />4. Lesser Interest. In the event Christy owns <br />less than the full fee simple estate in the Coal, then the <br />minimum monthly royalties and production royalties herein <br />provided for shall be reduced in that proportion that Christy's <br />interest therein bears to the full fee simple estate in the <br />Coal. Christy shall be entitled to retain only such propor- <br />tion of the moneys previously paid to Christy hereunder as <br />Christy's said interest bears to the full fee simple estate <br />is Coal, and Grace shall be entitled to offset all other <br />moneys previously paid Christy hereunder against minimum <br />monthly royalties and production royalties which thereafter <br />become due and payable to Christy hereunder. <br />C Taxes. Croce agrees to pay during the term of <br />this lease all general ad valorem taxes and assessments <br />assessed against the Coal and Crace's operations under this <br />lease, provided that Christy shall pay that portion of such <br />taxes as are levied on or measured by production which is <br />attributable to the production royalty reserved herein. The <br />~ taxes and assessments on the Coal for 1977, and the taxes and <br />~~ <br />_2_ ~ <br />