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, . a ' ~ <br />~ <br />, in~the underlying lease= covering th^_ privatciy owned Coal <br /> 1 Interests, whicYi lea scs arc desig Hated as "Private Leases' <br /> on Annex I attached hereto, insofar as such rights and <br /> privileges may relate to the Coal Interests: Sections 1.1, <br /> 1. 2, 5. 4, 6, 7, 8.3, 10, 11, 12, 14; and Section 13 insofar <br /> as such rights and privileges may re).a [e to the lessors of <br /> Energy Capital. <br /> 1.3 Reserved '•tinerals. Subject to Paragraph 7.1 (e) <br /> hereof, Energy Capital expressly reserves and retains any <br /> and all rights and interests it may have under tY.e Leases in <br /> the Sublease Tracts with respect to any and all water <br /> (except as rights therein ar e~granted above), oil, oas <br /> (other than associated methane gases bled off prior to or in <br />~~ the course of coal production), sand, gravel and other <br /> minerals, metals, ore, geothermal resources and materials of <br /> whatsoever nature, other than coal (herein called the <br /> "Reserved hinerals"), and also reserves and retains the <br />• rights of first refusal granted to it under the Leases in <br /> the Sublease Tracts with respect to the purchase of rights <br /> and interests retained by the lessors named in such Leases. <br />ARTICLE II <br />PRODUCTION ROYALTIES <br />._ 2.1 In consideration of the Coal Interests granted by <br />Energy Capital to Arness herein, Energy Capital expressly <br />reserves and retains and Arness agrees to pay to Energy <br />Capital a production royalty which shall be equal to: <br />a. $.15 per ton plus 3.75e of the "Gross Procce9s of <br />Ptining" (as dcf fined in Section 2.5 below) from all <br />coal mined, produced and sold pursuant to the Coal <br />Interests except from the Coal Interests granted <br />in tlic Sublease Tract on which the State of Colorado <br />is the Lessor named in the Lca sc; and, <br />-3- <br />