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<br />Page Three <br />Owner acknowledges that the Company intends to provide <br />material to the project known as the Fountain Valley <br />Conduit. Owner will not grant to any other individual <br />or entity any right, privilege, or license to remove <br />material for the above mentioned project from the subject <br />property or any other property the Owner owns or has interest <br />in~for the Fountain Valley Conduit Project. <br />This Royalty Agreement preempts all prior agreements, <br />either written, verbal, or implied. <br />13. CHOICE OF LAW. This agreement shall be governed <br />by, construe an en orced in accordance with the laws of <br />the State of Colorado. <br />14. COMPLIANCE WITH LAWS. Company shall comply with <br />all state an a era aws relating to Company's operations <br />and shall save Owner harmless from any claim for damages <br />or liability by reason hereof. <br />15. INSURANCE. The Company shall maintain such <br />insurance po7 c~ as will protect Company and Owner from <br />claims for bodily injuries, death, or property damage which <br />'may arise from operations under this Royalty Agreement. <br />Company also agrees to maintain such Workmen's Compensation <br />Insurance as shall be required by law. <br />16. ASSIGNABILITY. This Royalty Agreement shall not <br />be assigns e y ompany without the prior written consent <br />of Owner. Owner shall not unreasonably withhold such <br />consent. The parties acknowledge that Company has an <br />economic interest in the Royalty Agreement. <br />17. BINDING EFFECT. The covenants, terms, conditions, <br />;provisions an un erta ing in the Royalty Agreement or in <br />any renewals thereof shall extend to and be binding upon <br />the heirs, executors, administrators, successors, and <br />,assigns of the respective parties hereto, as if they were <br />in every case named and expressed, and shall be construed <br />,ss covenants running with the land; and wherever reference <br />is made, to apply also to the heirs, executors, administrators, <br />,successors, assigns of such party, as if in each and every <br />case so expressed. <br />18. SEVERABILITY. If any provision of this agreement <br />shall.be ec are invalid or unenforceable, the remainder <br />of the Royalty Agreement shall continue in full force <br /><ind effect. <br />In Witness Whereof, The parties hereto have set <br />their hands and seals the day and year first above written. <br />_ ~-~ - -- <br /> <br />Ti e: <br />FOR PIONEER SAND CO., INC. <br />ATTEST: I <br />Secretary <br />