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95 7/15/1996 11:45am B:904 P• "m _ Q~ _Q S"~
<br />R~ J. Perry,Clerk & Recorder,Logan Count ~ ~t/ ~ I U~ D
<br />~~ 0~ 1996 ~~.-
<br />SAND AN- GRAVEL LEASE
<br />~: ivlpitlfi d1 MIflCf81j 6 Qe010(Jy
<br />THIS SAND AND GRAVEL LEASE (this "Lease") is made and entered
<br />into this 15th day of July 1996 (but effective as of the 15th
<br />day of Ju y~ ,--1996), between VERNON CECIL, whose address for
<br />purposes of this Lease is 1639 - 35th Avenue Court, Greeley,
<br />Colorado 80634 ("Lessor"), and GALEN REESE, whose address for
<br />purposes of this Lease is 14513 C.R. 8, Merino, CO ("Lessee").
<br />In consideration of the mutual promises and covenants
<br />contained herein, and .other good and valuable consideration, the
<br />receipt and adequacy of which are hereby confessed and
<br />acknowledged, Lessor hereby leases, lets and demises unto Lessee,
<br />and Lessee hereby leases and accepts from Lessor, the Leased
<br />Premises (as hereinafter defined) for the purpose of mining and
<br />extracting sand, gravel and rock from said Leased Premises, subject
<br />to the terms and conditions set forth below:
<br />1. Leased Premises. Lessor is hereby leasing to Lessee the
<br />sand, gravel and rock in, on and under the real property described
<br />as the SE; of the SE; of Section 26, Township 7, Range 53 West, 6th
<br />P.M., Logan County, Colorado (the "Leased Premises"), provided that
<br />this Lease shall be in effect from time to time only with respect
<br />to those portions of the Leased Premises as are at any given time
<br />located within the confines of a duly issued gravel pit permit
<br />obtained by Lessee from the Board of Mined Land Reclamation of the
<br />State of Colorado.
<br />2. Lessor's Reservations. This Lease shall pertain only to
<br />the removal of sand, gravel and rock. Lessor reserves all other
<br />mineral rights of any kind or nature, including without limitation
<br />oil and qas, in, on, under and that may be produced from the Leased
<br />Premises or any portion thereof. Lessor further reserves from the
<br />Leased Premises all of the areas thereitt not being used at any
<br />given time by Lessee, and all rights to use of the surface except
<br />to the extent that such use would unreasonably interfere with
<br />Lessee's operations under this Lease.
<br />3. Term of Lease. This Lease shall be for an initial term
<br />of five (5) years from Ju)Y 15, 1996 to Ju~Y 15, 2001.
<br />Subject to the conditions set forth herein, Lessee shall have
<br />the right to renew this Lease for successive periods of one (1)
<br />year each, from the scheduled termination of each preceding term,
<br />for an additional total of five (5) consecutive years after the
<br />initial term, Such option to extend may be exercised by Lessee
<br />only upon satisfaction of each of the following conditions as of
<br />the date of notice and as of the date of commencement of each suth
<br />extended term: (a) notice of such extension shall be given not less
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