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form of, but not limited to, interest, fees, fines,.and/or lease.cancellation. A penalty schedule shall be prepared <br />by Permitter.and shall become effective immediately after public notice. Said schedule may be changed from time <br />to .time after such notice. <br />. .,, <br />10. 'ASSIGNMENT -Permittee, only with written consent of Permitter, may assign this lease as to the leasehold <br />interest of such Permittee in all or part of the lands covered hereby; nut less, however, than tracts of <br />approximately forty (40) acres or governmental lots corresponding to aquarter-quarter section for any paztial <br />assignment. <br />No assignment of undivided interests or retention or reservation of overriding royalties will be recognized <br />or approved by'Permitter, and the effect, if any, of any such assignments or reservations will be strictly and only <br />as between the parties thereto and outside the terms of this lease. No dispute between parties to any assignment or <br />reservation shall operate to relieve Permittee from performance of any terms or conditions hereof or to postpone <br />the time therefor. Permitter will at all times be entitled to look solely to Permittee or his assignee shown on <br />Permitter's books as being sole owner hereof, and for the sending of all notices required by this lease, for the <br />performance of all terms and conditions hereof. <br />If an assignment of a part of this lease is approved, a new lease designated as an assignment will be issued <br />to the assignee covering the lands assigned for the balance of the tetra of the base lease on the.mining lease form <br />in use at the time of assignment and limited as to term as said lease is limited. The assignor will be released and <br />discharged from all further obligations for such lands assigned, as .if the same had never been a part of this lease. <br />11. ASSIGNMENT CONSIDERATION -- The consideration for approval of assignment by Permitter shall be 10% <br />of.the value of any consideration tendered to Assignor by Assignee for the assignment. Divulgetece of the value <br />of these considerations shall be mandatory, in affidavit form, which form shall ~be presented to Permitter along <br />with the other assignment instruments in order to obtain Permitter's approval for ttte assignment. An assignment <br />does not constitute a new lease but is a continuation of the base lease. Any attempt to withhold this information <br />shall be construed as an attempt. to defraud the State of Colorado and shall render this tease mill, void and <br />nonexistent, and all moneys paid to Permitter shall be forfeited to Permitter. In addition, the current statutory fees <br />will be paid at the [ime the assignment record form is submitted. <br />12. WEIGHTS AND MEASUREMENTS <br />WEIGHTS -- It is agreed that all ores, minerals and other materials mined and taken from the leased premises <br />shall be weighed and assayed and the weight and assay thereof shall be entered in due form in weight and assay <br />records kept for such purposes by Permittee. <br />Ton means 2000 pounds. Ton shall be determined by official Colorado.State certified scales or other <br />methods approved by Permitter. <br />13. STEWARDSHIP TRUST STIPULATION--•Permitter shall specify certain stipulations with respect to use of the <br />surface if said surface is included in the Stewardship Trust prior to the issuance of this Lease. These stipulations <br />are attached es Exhibit 1 and by this reference incorporated herein. <br />14. MINING METHODS -- Only mining methods that will insure the extraction of the greatest possible amount of <br />minerals consistent within the laws and with prevailing good mining practice shall be used. <br />15. OPERATION PLAN -- All plans for exploration and mining shall' be submitted to Permitter for approval by <br />Permitter before such operations begin. These. plans will include, but not be limited to, location of additional <br />roads, location of access points to the Leased Premises, and location of any cattle guards or gates. These plans <br />shall include provisions for control of weeds. <br />16. ENVIRONMENTAL ANALYSIS -- Permitter may require that Permittee submit an environmental analysis for <br />approval by Permitter before any exploration or mining begins. . <br />17. RECLAMATION -- .Permittee shall submit all .plans far restoration and reclamation of leased premises to <br />Permitter for.Permitter's approval before submitting the appropriate, permit.or permits pursuant to the Colorado <br />Mined Land Reclamation.Act 34-32-101-101 ET Ste., C.R.S. 1973 as.amended. Final reclamation of any banks, <br />cuts or high walls shall be filled and(or graded to slopes no steeper than4 horizontal to 1 vertical (4:1). Rules and <br />regulations as set forth by the Division of Minerals and Geology for'~recovery and restoration of mined land will <br />apply where applicable to the Leased Premises. Variations from the reclamalion plan as originally submitted to <br />the Board for approval may be granted only with the written approval of Permitter. , <br />18. PERMITTER'S APPROVAL -- Whenever approval'by Permitter is required or contemplated by 'Permittee, <br />approval tnust'be in writing and shall be optional and shall be within [he sole and absolute discretion of Permitter. <br />Page 3 of 7 <br />