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L E A S E
<br />EXHIBIT P
<br />' TI1IS IPPJ1•;h"fU,tE, made this 5th day of October, tn76, hetwecn Robe°t C,
<br />,IcAtee and I•:arjorie L. I+]c .1tee, of Sterling, Colorado, herein referred to as
<br />lessors, and Sterling Heady-41ix Concrete Cor~pany, a Cnlorr:rlo Corporntinn, herein
<br />referred to as lessee,
<br />Tn consideration of the sum of Ten llo1L•u•s (3t0,nn) and other pond and
<br />valuable consideration, receipt of which ir. hereby acknowleiped, lessors -_et ex-
<br />clusively to le:;see the follo'.rinr, described lands:
<br />A tract of 1^nd lying in the E~ SE4 of Sec, 28, T 8N, R 5z<•1 of the 6+;h
<br />Principal i~ieridian, ~•o;*,an C•~~int,y, Colora:o, said tr?,r+. h,•'~r m,~rc ;,_:•-
<br />ticularly described a^ follo:•;s:
<br />' Bee-inning at the SE corner of said Sec. ^8, thence 1•Inrth 4° 33' 20"
<br />!lest and ahng the East line of said Sec. 28, a distanr.r of 1675.0
<br />feet to a p~+int on tar ;;Huth Right-of ':'ay line of the il~irlin,;ton
<br />' :lorthnrn R, R. ; thence South 77° 45' 40" ;Jest and alonr; the South
<br />line of said R. R, Rir;ht-of-!lay a distance of 13!48,7 feet to a point,
<br />on the East 1/16 line of said :,ec. 28; thence South 4° !43' 00" E anti
<br />along the 1?ast 1/16 line of s.id Sec. 28 a distance of 7(11,6 feet;
<br />' thence CI &i° 00' 30" isast. Ind parallel to the South line nl' said Sec.
<br />98 a distance oC ?25,0 feet; f•nunce South 4° 43' 00" Eaat• and para-
<br />lell to the rant 1/16 line of said Sec. 28, a distance of 350.0 feet.;
<br />thence South 8~i° 00' 30" 'aest and parallel to the South line of sate.
<br />Sec. 28 a distance of 295.0 feet; thence South 4° 43' 00" East and
<br />along the Eant 1/16 line of said Sec. 28 a distance of j70,0 feet,
<br />' thence North 8G° OC' 30" cast and along the South line of said Sec.
<br />78 a distance of1332.b feet to the point of beginning, containing
<br />46,55 acres more or lees
<br />for the sole purpose of c:chl.~ration, rr,ininp and sale of sand anal gravel deposits.
<br />Lessee shall pay to lessor a royalty of ten cents (;;,10) p•~r ton of the net
<br />' tonnage of all sand and gravel extracted from the pre•nisos durinr• the term of this
<br />lease, Faymcnt to be rnade on nn annual basis within thirty (30) days follot.'inl; Uie
<br />close of the lessee's fi^cal year,
<br />' Lessee shall not mul:::t, injure or interfere with lessor in the full use,
<br />or.cupat.inn and cnj^.. r t ne *!- -•,~•;nos and the t`,~a~lir^,: i.i,^rn•.,.ents tnurcon,
<br />at say timr, mare then it;+.~ i.•• nr.:e.,: ary for the nf`ioi en+. •rrr:tim• of the lands !,y
<br />' lessee, amt lessee shall i• ~;; fir n-~y dama;fie that may be ca std u, vz;,r cron;, livc-
<br />storl:, or other pro; erl,y on t,h ~ re•::.~ses by the negli^ence or other fault ~f lessee.
<br />' Lessee sr,aLl kc-r,p "r: prr.,,iaes tree r:na clear of .all liens, casts and cn-
<br />c'r~:,ra.nces, and lraenr nhalL i,l„c' and n:aint.`t~n in crrt-:ri~,:r it rizc•• ur~~i t1~, ^f.:_
<br />ices sucu notice as :;h.a'1 '.r ~.,,..~•~t',. ~;e^~ _,, '~ ,ro; r1. 1 .,.:ur against such claims.
<br />' Af' machinery and i~nrruvr^nr:nts placed u;+on tft~: ;~rc•mi3es by lesser rnny t,e re-
<br />moved within ten (10) days after the ter:aination of this; lalsc,
<br />' Gessee shall cart; a •.: ~r:,-.nn's cu:n:~~•raation t~alicy •.dith a responsible com-
<br />pany, such policy to be obtained print to the commencement of any work uprn t.hc prcmines
<br />by any employee of lessee,
<br />' This lease shall rennin ir: force for a term of five (5) years fron this date.
<br />It is agreed, howevrr, that las::ee rnay, provided it has frilly complied •.rith all r.oven-
<br />ants artd agreements contained I~crcin, on tJritten notice t.o lessor at least ninei.y (90)
<br />' days prior to the end of the primary term thereof, drma,nd and receive from le;snr a
<br />renewal and extension of Lhis arr•e~~:ucnt for an add; ti.onal t^rm of five (5) ;; ca••s on
<br />the same Lerms and conditions as :rovided in Lh~~ pri^iar.y term; and may likewise demand
<br />' and receive a renewal and exie nsion hereof for n third, fourt.'~ and fifth 'ive-yerr term
<br />respectively,
<br />3°
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