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619395 7/15/1996 11:ISam B:90~ P:7 <br />Rob. Peny,Clerk & Rernrder,Logan County, <br />than thirty (30) days prior to the scheduled expiration of the <br />preceding term; (b) Lessee shall have obtained, or shall have filed <br />for, and be diligently pursuing approval of, all such mining <br />permits as are necessary to Conduct operations on the Leased <br />Premises; (c) Lessee shall not be in default under any of the <br />conditions, covenants or other obligations under this Lease; and <br />(d) Lessee shall pay to Lessor the minimum royalty applicable to <br />the extended term, on or before the commencement of the extended <br />term. <br />4. Minimum Royalty. No rental or minimum royalty shall be <br />payable for the first year of the initial term of this Lease. <br />Commencing March 15, .1997, and continuing on each succeeding <br />anniversary date thereafter, Lessee shall pay to Lessor the sum of <br />$ 100.00 per year as minimum royalty under this Lease for <br />the next ensuing year. Failure by Lessee to pay any such royalty <br />to Lessor on or before the anniversary date shall not result in <br />automatic termination of this Lease, but shall remain a binding <br />obligation of the Lessee to Lessor, and shall bear interest from <br />the date due at the rate of eighteen percent (18$) per annum until <br />paid. Any minimum royalty payments made by Lessee shall be <br />credited against royalties payable on account of production during <br />that year, but shall not be credited against or accumulated for <br />future years, nor shall any such payments be refunded to Lessee in <br />the event that minimum royalties paid exceed the amount of actual <br />royalties payable for any such year. <br />5. Rovalty. <br />(a) Lessee shall pay to Lessor, as royalty, forty-five <br />cents (45p) for each cubic yard of materials <br />removed from the Leased Premises during the initial <br />five (5) year term. The term "materials" shall <br />include all materials taken from the Leased <br />Premises which are saleable or otherwise used by <br />Lessee. <br />(b) The amount of royalty payable during any extended <br />term of this Lease shall be adjusted in the same <br />proportion as the prevailing market rate in the <br />vicinity for similar materials sold as of the <br />commencement of such extended term bears to the <br />prevailing market rate in the vicinity for similar <br />materials sold on July 15, 2000. In no event <br />shall such royalty be less than forty-five cents <br />(45~.) for each cubic yard of materials removed from <br />the Leased Premises, or more than forty-five <br />cents (45 G) for each cubic yard of materials <br />removed from the Leased Premises. <br />2 <br />V,L <br />