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W V N N • • L. i.s:.: J ~.. -: ~:7 Renewal of the lease beyond the 1nl teal term, Pe ynie nts mey be ode to And rer Maneotis or nay be nef led ar del lvered for deposit to And rer Mane o641'a credit 5n the ,Court ('pu...rY /l/~Tit9s/gr p/.tar of Sr6M~Ur ..Y'lrs~ which be nk ar Its successor shall continue to 6e the depository for Such renU Is es the repre- tentetire pf Lessors and Lessors' successors and assigns, end the death pr Inca pec sty of any ~L esspr shell not to rmine to or affect Gulf's rlgAt to continue to deposit all peymen is 1n a Id depository bank or its succ eaSOr. 5. INDEMNIFICATION Gulf agrees to Indemnity and save lessors from end ayetnst any and all cla tors, demands, Butts or causes of action In lew or equity far damages, InJ cartes end death of every kind end nature to persons end property occurring on sold Lends during the [e rm oI this Leese. 6. TA SES Ouring the tcrn o! this Leese, Gulf shall D+Y enY and ell rases lerled or assessed against se ld Lands, or such eases es mey bt su bstl toted for taaet lerled or assessed against se ld Lands. Gulf shall del firer to Lessors evidence of payment o! current taxes prior to any delinquency dates. 7. CONDUCT OF OPEAATIO NS Gulf shall cq nduct ell of Its opera tlpns hereunder to e proper ns nner and shall fully obey and comply wl th all eD011ca ble laws end regulstlont now In effect or enacted or issued during the term hereof 6y the United S[e tes of Amerlcs, 't he State of Colorado, Aputt County or any pplitical subdlrlslp n, bu reeu or daps r[ment thereof tale ring to the use end occupancy of sa ld Lands. B. RIGHTS NOT 70 AE SUSPENDED If any payment to be pa ld LessD rs by Gulf hereunder tame ins unpaid after the date of rh5ch the same 15 requ5 red [o be paid here- under, lasso rs shell Sire to Gulf rrl teen notice specifying [he Nq,,. 5 (~,7 ,,.1 rw e default. and 6u1t shall bare eta ty (6D) days after recelring thlt notice in rhich Co remedy the default; hoverer, 1f Gulf does not agree rlth Lessor rs' Dosl tlon, it shall so notify lcssors rlth In such tla ty (60) - day period, and 1f a dlspu to still remains, Che parties hereto shall submit sane to binding arbltn tlon by the American Arhltra tlon As tot la tton. g, ASSIGNMENT The rights of either party hereunder nay 6e assigned 1n thole ar In part, and the Dror lslons hereol Shall eatend to the successors •nd asslgnt of the D+rtles; but no change or dirt stun In the ownership of the Bald Lands shall operate to enlarge the o bllga dons or dlmini sh the rights of Gulf. Mo tha nqe or dlvltlon In the pwnershlp of the sa td Lends for purposes of any DlYmentf to be made hereunder by Gull shell pe bind ing upon Gutf until Gull has been fu rn lshed such Instruments as IC may require reflerting such cha nqe In or nership. No assignment of the Lease 6y Gulf shall release Gulf tram its De rip rmance of all o611gatlons under the provltlo ns of Che Lease. 10. NOTICES Any no t5ce. payment or other correspondence requSred or permitted under this Leese shall be given to writing and del leered er United States Hall or Yestern Union telegram, with all necessary postage and charges preps ld, to the addresses herelna bove set forth. Any Da rty hereto nay change its address /or loch receipt at any floe by 9lrtng written no rice thereat to the other D+rtY hereto. I 11. [A ALT TERMINATION After the Inf riot term of ten (10j years from the date Mreol, GuSi nay at any time ternlna to this Lease 6y g5r1n9 th5rly (DO) days rl reran notice of sucA to rmine tlon to Lestm rs, and all rights and a6lige dons pf the pertles hereto shall cease: Dror lded, hoverer, that Gulf pay to lessors One Hundred Oollers (1100.00). 12. RE Si0AAT10N At the termination o/ the lease period, Gulf shell restory