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<br />EXHIBIT M
<br />
<br />S&G-LSE.DOC STATE OF COLORADO
<br />Rev. 12/97 STATE BOARD OF LAND COMMISSIONERS
<br />Department ofNamralResources ®~M
<br />Denver, Colorado U
<br />SAND & GRAVEL LEASE NO. GL 3375
<br />THIS MINING LEASE, Made in duplicate and entered into this 23nd day of Febrttarv 1999 , by and
<br />between the State of Colorado, acting through its STATE BOARD OF LAND COMMISSIONERS, hereinafter referred
<br />[o as Lessor, and Robert C. Reeester
<br />P.O. Box 1045 Florissant. CO 80816 hereinafter referred to as Lessee:
<br />WITNESSETH: Lessor, for and in consideration of the sum of One hundred Dollars ($ 100.00 ), receipt
<br />of which is hereby acknowledged as payment of the filing fee in the amount of $ 20.00 ,firs[ year's rent in the atnoun[
<br />of $ 80.00 ,Dollar(s) and a bonus in the amount of $ 0 ,and in further consideration of Lessee's agreement to pay _
<br />Two and no/100 ---- Dollar(s) ($ 2.00 )per acre annually as rental in advance of the anniversary date of this lease so
<br />long as said lease shall remain in effect; and in further consideration of the terms, conditions and agreements herein and of
<br />the payments of annual rentals and royalties reserved herein, to be kept and performed by Lessee, its successors and
<br />assigns, does hereby lease to Lessee the right and privilege of exploring and prospecting for, developing, and mining of
<br />and taking of Sand & Gravel minerals from the lands herein described, situated in the County of Park State of
<br />Colorado, to wit:
<br />ACRES SUBDIVISION SEC.TWP.RGE. PATENTS
<br />
<br />40.00 SW/4SE/4 7-12S-76W None
<br />FUND: Saline
<br />containing 40.00 acres, more or less, together with the right to use as much of [he surface as may be
<br />reasonably required, including the right [o reasonable ingress and egress; the right [o make excavations,
<br />stockpiles, and other improvements as may be reasonably necessary in [he mining and removal of said minerals;
<br />subject, however, to all existing easements and rights-of-way of third parties. and the rights of surface lessees and
<br />surface owners, and further subject to the terms, conditions and agreements se[ out in this lease. The
<br />above-mentioned rights may be exercised in connection with mining on other or adjacent lands only when mining
<br />on such lands is carried on in conjunction with the actual mining on the Leased Premises. The benefits, terms, and
<br />obligations of this lease shall extend to and be binding upon the heirs, executors, administrators, successors, or
<br />assigns of the respective parties hereto.
<br />RESERVING, however, to Lessor:
<br />A. All rights and privileges of every kind and nature, except as are herein specifically granted.
<br />B. The right to use or lease said premises or any part thereof at any time for any purpose, including the right
<br />to explore and prospect said premises, which use and leasing of said premises shall be for purposes other
<br />than and not inconsistent with the rights and privileges herein specifically granted.
<br />C. The right to dispose of or lease the surface where Lessor is the surface owner.
<br />D. The rght at al! times during the !ife of this lease ro go upon said premises and every oar! thereof for the
<br />purpose of inspecting said premises, and the books of accounts and records of mineraltvorkingstherein,
<br />and of ascertaining whether or no[ said Lessee and those holding thereunder by and from it, are carrying
<br />out the terms, covenants and agreements in this lease contained.
<br />E. The right at any time to grant aright-of-way upon, over or across all or any part of said premises for any
<br />ditch, reservoir, railroad, communication system, electric powerline, or pipeline, schoolhouse or other
<br />lawful purpose; but that such grants shall be subject to [he rights of Lessee.
<br />F. The right at any time to place the Leased Premises into the StewardshipTrus[ as set forth in Section
<br />l0(1)(b)(I) of Article IX, of the S[a[e Constitution. Said placement into the Stewardship Trust shall be for
<br />reasons not inconsistent with the rights and privileges of Lessee.
<br />TO HAVE AND TO HOLD The above-described premises unto Lessee, its heirs, successors, assigns, or legal
<br />representatives for the term of Ten years, and until Twelve O'clock noon on the 23nd day of February 2009 ,
<br />and, except as hereinafter stated, as long thereafter as minerals are being produced in paying quantities from said
<br />premises, and the royalties and rentals provided for herein are heirg paid, or by an; extension hereof, subject to [he
<br />following terms, conditions and agreements, to wit:
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