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95 7/15/1996 11:45azn B:904 <br />Ro rla J. Perry,Clerk & RemrdegLogan Coun~ <br />(c) All royalties payable to Lessor pursuant to this <br />Lease shall be due and payable on the 15th day of <br />the month following the month in which the <br />materials were removed from the Leased Premises. <br />Royalties which are not paid on a timely basis <br />shall bear interest from the date due at the rate <br />of eighteen percent (18~) per annum until paid. <br />6. Records and Reports. The Lessee shall keep records and <br />furnish reports to the Lessor as follows: <br />(a) The Lessee agrees to keep a strict and accurate <br />record of all materials removed from the Leased <br />Premises and all sales thereof, and Lessor shall <br />have the privilege at reasonable times of examining <br />the mining procedures and checking the books and <br />records of Lessee for the purpose of verifying the <br />amount of materials removed or sold and of <br />royalties payable. <br />(b) Lessee shall forward to Lessor monthly reports <br />showing the quantity of materials removed during <br />the preceding month, according to load tickets, <br />with dates of loading. Such reports shall be <br />forwarded to Lessor by the 15th day of the month <br />following any month in which materials are removed. <br />The parties agree that during certain months of the <br />year it may be impracticable to remove materials <br />because of weather Conditions, and therefore, no <br />report shall be required for any month during which <br />no materials have been removed. <br />7. Covenants of Lessee. <br />(a) Lessee shall obtain, at its sole cost and expense, <br />all permits from the Board of Mined Land <br />Reclamation of the State of Colorado, and any other <br />licenses, permits, consents or approvals as <br />necessary in connection with the operations <br />contemplated by this Lease. <br />(b) Lessee agrees to cause all work, mining and removal <br />of sand and gravel and other products to be done in <br />a careful manner and to follow and abide by the <br />Colorado Mined Land Reclamation Act, its rules and <br />regulations, and the terms and conditions of the <br />bond and any renewals thereof, and of any permit <br />issued or caused to be issued thereunder. Lessee <br />agrees that mining shall be carried on in <br />accordance with all applicable state, federal and <br />local regulations. <br />3 <br />~,G <br />